By: Sara Warden
2 min read February 2020 — A study from the Macrothink Institute suggests that 8.7% of all payroll costs are tied to absenteeism, and when the bottom line is at stake, this makes business owners sit up and pay attention. This is perhaps the biggest reason why the global wellness industry has blown up in recent years and is now worth $4.5 trillion, according to the Global Wellness Institute.
When thinking of wellness, often fitness comes to mind. But wellness is an overarching industry that encompasses various sectors, including personal care, beauty and anti-aging; healthy eating, nutrition and weight loss; fitness and preventive medicine. The U.S. ranks No. 1 globally for its wellness industry, at a value of $52.5 billion.
One novel technology in the wellness industry is cryotherapy. It may sound like a technology of the future but iCRYO Cryotherapy is a leading company in the field, offering services that include whole body cryotherapy, cryo facials, infrared saunas, IV infusions, compression therapy, body sculpting, and localized cryotherapy. Launched in October 2015, the company now has an estimated annual revenue of $11.4 million.
iCRYO has 11 branches across New York, South Carolina, Alabama, Florida, Kansas and Texas, with another 12 coming soon. The Fort Lauderdale location will celebrate its grand opening next week, on Feb. 22.
It’s another in the series of developments as Fort Lauderdale quickly jumps on the wellness bandwagon. In fact, at the end of this month, the Riverside Hotel on Las Olas Boulevard will host the Employee Wellness Summit for Legal and Professional Services, a 1.5-day event that attracts sponsors such as insurance provider Cigna and healthcare company Optum.
FINN Partners, a public relations company with offices in Fort Lauderdale, also recently launched the FINN Wellness Collaborative, an initiative to elevate brands that support employee and consumer wellness. “Brands are seeking to secure a value-based loyalty connection to their customers,” said Cathy Chon, managing partner of CatchOn Communications, a FINN Partners affiliate, in a press release. “From safer home-cleaning products to clean-beauty cosmetics to sustainable fashion, consumers are making wellness a decision at check-point – and these brands need to be recognized for their contributions toward personal care and wellness.”
A 2016 Gallup poll showed that highly engaged workplaces can claim 41% lower absenteeism, 40% fewer quality defects, and 21% higher profitability. And in a period of extremely low unemployment, companies need to offer greater flexibility to retain the best talent, as 54% of office workers reported in the poll that they’d leave their job for one that offers flexible work time and 53% of employees say work-life balance and personal well-being are “very important” to them when considering a new job post.
“This new global data stream is meant to encourage business leaders and policymakers to see physical activity as a comprehensive sector, and one that’s critical in supporting lifestyles that are crucial to good health,” said Ophelia Yeung, one of the co-authors of the Global Wellness report.
To learn more, visit: