Workplace Stress Management Market Segmented On The Basis Of Service, Delivery Mode, End Use, Activity, Region And Forecast To 2026

18/set/2020 14:05:58 Grand View Research Contatta l'autore

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San Francisco, 18 Sep 2020: The Report Workplace Stress Management Market Size, Share & Trends Analysis By Service (Stress Assessment, Yoga & Meditation), By Delivery Mode, By End Use, By Region, And Segment Forecasts, 2019 - 2026

The global workplace stress management market size is expected to reach USD 13.38 billion by 2026, expanding at a CAGR of 8.4% during the forecast period, according to a new report by Grand View Research, Inc. Rising promotion of employee health and wellbeing is augmenting the market growth. Many enterprises in different industry verticals implement employee health programs boosting market demand for workplace stress management services.

According to the American Psychological Association, 58% of the country's population claims workplace as a significant source of stress. Occupational stress resulted in a loss of USD 300 billion due to employee illness, absenteeism, and productivity.

In 2018, a survey conducted by Cigna TTK Health Insurance observed that around 89% of the Indian population suffer from stress as compared to the global average of 86%. Work and finances are the major cause of stress. However, over half of the respondents claimed to receive support and involvement in workplace wellness programs.

Workplace stress management can be set up as a brief meeting with HR personnel. The nature of the meeting should be confidential, non-threatening, and open, providing an opportunity to discuss and identify support to help the employee cope with stress. Employers conduct workplace stress management at an organizational level to incorporate a strong working culture, ensure employee retention and gain transparency in everyday business.

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Recent Developments in Workplace Stress Management Market

  • In August 2020, Fitbit announced the launch of a new smartwatch named Fitbit Sense, which is being hailed as Fitbit’s ‘most advanced health smartwatch’ – because it can help with stress management, heart rate monitoring, and even skin temperature changes. One of the things that makes it so advanced is an electrodermal activity (EDA) sensor, which is able to help manage stress by detecting electrical changes in the skin’s sweat levels. Users just place their palm over the Sense’s device face and the sensor does the work. This is a new trend that has been initiated by fitbit, now the watch will help the user assess stress levels and take steps to lower it down. This makes it a new tool to manage workplace stress management as well.
  • In April 2020, a recent poll by Kaiser Family Foundation showed that more than half of US adults surveyed reported that worry or stress related to the COVID-19 outbreak has led to at least one negative mental health effect. Also, transitioning back to the workplace is likely to further contribute to this stress. This poll shows the real picture and necessitates the requirement of workplace stress management initiatives by the companies and industries to help its employees go through this tough phase strongly.
  • In June 2020, Fitbit launched new Ready for Work program to help organizations and employees with the unprecedented challenge of returning to the workplace during the COVID-19 health crisis. The program combines key health biometrics from Fitbit devices along with symptom and temperature tracking into an easy-to-use daily check-in that provides employees with a recommendation on whether to go to work or stay home and seek medical care. This initiative is a step in the right direction to help people and organization as a whole manage stress and get accustomed to the workplace environment in these times of pandemic.
  • In October 2019, according to StressPulseSM Survey by ComPsych, 36 percent of employees say people issues cause them the most heartburn at work. In addition, 20 percent of employees say stress is causing them to miss six or more days per year. It highlights some of the never said issues causing stress at workplace which leads to reduced efficiency at work. This survey is beneficial to assess the issues at workplace which triggers stress and take active measure to address them.
  • In April 2020, PayU has partnered with ComPsych to give their employees access to professional counselling services and resources when they need it during COVID-19 through an Employee Assistance Program (EAP). The services include confidential counselling, legal support and financial information, with resources available to them 24 hours a day, seven days a week. The EAP is designed to provide short-term counselling services for employees and their dependents to help them handle concerns constructively before they become major issues.  These measures go a long way in maintaining healthy workforce and keeping their efficiency at peak.
  • In April 2020, Sun Life Asia Service Centre’s (ASC) Employee Assistance Program (EAP) launched a campaign on mental health and physical well-being for employees to manage issues and stress related to Coronavirus. Sun Life ASCI has partnered with ComPsych and is offering a digital toolkit which includes a series of webinars that guide & share best practices to help employees navigate through unique personal situations at home and in professional lives due to the lockdown.

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