The Annual Health and Benefits Survey 2023 conducted by Global Insurance Brokers (GLOBAL) presents interesting insights into the impact of surging healthcare expenses on Corporate India in the post-COVID-19 landscape. This comprehensive survey in 2023 reveals that an overwhelming 88 per cent of corporate India is struggling primarily due to the escalating hospital bills.
Key findings underscore a stark reality - healthcare expenditures have surpassed revenue growth, economic inflation, and wage increases, intensifying financial challenges for organisations. The upswing in hospital bills and related expenses has played a significant role in driving up healthcare costs. Additionally, the increasing expenses associated with treating lifestyle diseases have further compounded the financial burden of medical spending.
Beyond financial concerns, the survey spotlights growing apprehension about employee mental health, with 46 per cent of respondents emphasising the pressing need for better mental health support in the workplace.
Prabodh Thakker, Chairman of Global Insurance Brokers, expressed his perspective on these findings: "COVID-19 has led to significant changes in workforce engagement worldwide. The customary work approaches have evolved into hybrid and remote arrangements, propelling modifications in business frameworks, and reforming the dynamics of employer-employee interactions.”
Companies now have access to a diverse range of health and wellness programs to address various facets of promoting and maintaining health. Importantly, today's employers possess a holistic understanding of well-being, encompassing physical, mental, social, and financial dimensions.
However, Puja Parekh, President of Global Insurance Brokers, believes, “Wellness must be tackled strategically and integrated into the overall organisational purpose framework. An open and dynamic workplace character can boost teamwork and mutual trust, leading to lower stress levels and improved mental health conditions, helping organisations reap meaningful business rewards”.