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ABSTRACT

Employee wellness is said to be very expensive and may not have


a significant impact on the performance of employees as well as of the
organization. It has more potential of capturing wider influences related
to a person’s individual characteristics and behaviours, the social,
physical and economic environment However, studies show a
contrasting view on the benefits as outweighing the costs involved with
substantive reduction of medicare costs, limited illness-related
absenteeism, increased productivity and better quality of life. The
programs range from smoking cessation activities, prevention and
management of HIV/AIDS and related illness, provision of health
improvement exercises and activities within the workplace to Employee
Assistance programs. The intended benefits of improved employee
performance resulting from good health, enhanced morale, reduced
stress and burnout among employees as well as general increased
productivity of the organization are realistic if such programs are fully
operationalized in modern day workplaces.
CHAPTER:-1

INTRODUCTION

Startup India is a flagship initiative of the Government of India,


intended to build a strong eco-system for nurturing innovation and
Startups in the country that will drive sustainable economic growth and
generate large scale employment opportunities. The Government
through this initiative aims to empower Startups to grow through
innovation and design.In order to meet the objectives of the initiative,
Government of India is announcing this Action Plan that addresses all
aspects of the Startup ecosystem.

WITH THIS ACTION PLAN THE GOVERNMENT


HOPES TO ACCELERATE SPREADING OF THE
STARTUP MOVEMENT:

• From digital/ technology sector to a wide array of sectors


including agriculture,manufacturing, social sector, healthcare, education,
etc.; and

• From existing tier 1 cities to tier 2 and tier 3 citites including


semiurban and rural areas.
THE ACTION PLAN IS DIVIDED ACROSS THE
FOLLOWING AREAS:

• Simplification and Handholding

• Funding Support and Incentives

• Industry-Academia Partnership and Incubation

DEFINITION OF STARTUP (ONLY FOR THE PURPOSE


OF GOVERNMENT SCHEMES)

Startup means an entity, incorporated or registered in India not


prior to five years, with annual turnover not exceeding INR 25 crore in
any preceding financial year, working towards innovation, development,
deployment or commercialization of new products, processes or services
driven by technology or intellectual property.

Provided that such entity is not formed by splitting up, or


reconstruction, of a business already in existence.
Provided also that an entity shall cease to be a Startup if its
turnover for the previous financial years has exceeded INR 25 crore or it
has completed 5 years from the date of incorporation/ registration.

Provided further that a Startup shall be eligible for tax benefits


only after it has obtained certification from the Inter-Ministerial Board,
setup for such purpose.

WHAT IS START UP INDIA SCHEME?

The economy of every country depends on its countrymen. Larger


the number of employed or working people, better the economy. The
Indian Government realised that Indian people have a potential to work
hardly, all they need is a promising start up. Many people dream of
starting up their own business but due to financial or other similar issues
are unable to do so. So, Indian Government in the leadership of
Narendra Modi has decided to offer a gift as a nation wise programme.

“START UP INDIA”

Narendra Modi in his speech acknowledged that Indians have ideas


& capability , all the need is a little push.

“ Start Up India Is a revolutionary scheme that has been


started to help the people who wish to start their own business.
These people have ideas & capabilities , so the Government will give
them support to make sure they can implement their ideas and
grow. Success of this scheme will eventually make India a better
economy and a strong Nation.”

During the speech at the event, Mr. Modi said that we are trying to
make the young job creators rather than job seekers. He also said that we
are trying to the young job creators rather than job seekers. He also said
that one’s mindset should not be towards earning money in the initial
phase , it should be rather on grabbing and using the opportunities.

Technology is evolving with the pace faster than ever . This has given
birth to various new businesses like E-commerce , internet marketing
etc. So, there is a great scope of development in such areas. Those who
plan to start new business are eligible to apply.

START-UP SCHEME LAUNCH-


The event was inaugurated on 16 January 2016 by the finance
minister Arun Jaitley. Among the attendees were around 40 top CEOs
and startup founders and investors from Silicon Valley as special guests
including Masayoshi Son, CEO of SoftBank, Kunal Bahl, founder

Snapdeal, Ola founder Bhavish Aggarwal, Paytm founder Vijay


Shekhar Sharma, Travis Kalanick, founder of Uber, Adam
Nuemann, CEO of WeWork, Sachin Bansal, founder of Flipkart
and others.
GOVERNMENT’S ROLE-

The Ministry of Human Resource Development and the


Department of Science and Technology have agreed to partner in an
initiative to set up over 75 such startup support hubs in the National
Institutes of Technology (NITs), the Indian Institutes of Information
Technology (IIITs), the Indian Institutes of Science Education and
Research (IISERs) and National Institutes of Pharmaceutical
Education and Research (NIPERs). The Reserve Bank of India said it
will take steps to help improve the ‘ease of doing business’ in the
country and contribute to an ecosystem that is conducive for the growth
of start-up businesses.

INVESTMENTS
SoftBank, which is headquarterd in Japan, has invested $2 billion
into Indian startups. The Japanese firm had pledged the total investments
at $10 billion. Google declared to launch a startup, based on the highest
votes in which the top three startups will be allowed to join the next
Google Launchpad Week, and the final winner could win an amount of
$100,000 in Google cloud credits. Pradhan Mantri Mudra Yojana is
also one of the similar initiatives to refinance the micro units.
WHAT IS THE ELIGIBILITY FOR STARTUPS?
To become eligible as a startup and get a green signal from the
Inter-Ministerial Board, the entity should be the one which aims to
develop and commercialize a new product or service or process or a
significantly improved existing product or service or process that
will create or add value for customers or workflow. Products,
services or process, which do not have potential for commercialization
or is undifferentiated or have no or limited incremental value will not be
considered under the Scheme. To be considered as eligible as startup the
entity, should be supported by a recommendation (with regard to
innovative nature of business), in a format specified by Department of
Industrial Policy and Promotion, from an Incubator established in a post-
graduate college in India an incubator, which is funded (in relation to the
project) from Government of India as part of any specified scheme to
promote innovation a recommendation (with regard to innovative nature
of business), in a format specified by DIPP, from an Incubator
recognized by Government of or be funded by an Incubation Fund/
Angel Fund/ Private Equity Fund/ Accelerator/Angel Network duly
registered with SEBI that endorses innovative nature of the business or
be funded by Government of India as part of any specified scheme to
promote innovation or have a patent granted by the Indian Patent and
Trademark Office in areas affiliated with the nature of business being
promoted This eligibility criteria is presented in flowchart given below
for more understanding of readers.

HIGHLIGHTS OF START- UP INDIA

1. Self certification
The start-ups will adopt self-certification to reduce the regulatory
liabilities. The self-certification will apply to laws including payment of
gratuity, labour contract, provident fund management, water and air
pollution acts.

2. Start-up India hub

An all-India hub will be created as a single contact point for start-


up foundations in India, which will help the entrepreneurs to exchange
knowledge and access financial aid.

3. Easy Registration
An online portal, in the shape of a mobile application, will be
launched to help start-up founders to easily register. The app is
scheduled to be launched on April 1.

4. Patent protection
A fast-track system for patent examination at lower costs is being
conceptualized by the central government. The system will promote
awareness and adoption of the Intellectual Property Rights (IPRs) by the
start-up foundations.
5. Corpus Funds of Rs. 10,000 crore to support start-up.
The government will develop a fund with an initial corpus of Rs
2,500 crore and a total corpus of Rs 10,000 crore over 4 years, to support
upcoming start-up enterprises. The Life Insurance Corporation of India
will play a major role in developing this corpus. A committee of private
professionals selected from the start-up industry will manage the fund.

6. National Credit Guarantee Trust Company


A National Credit Guarantee Trust Company (NCGTC) is being
conceptualized with a budget of Rs 500 crore per year for the next four
years to support the flow of funds to start-ups.

7. No Capital Gains Tax


At present, investments by venture capital funds are exempt from
the Capital Gains Tax. The same policy is being implemented on
primary-level investments in start-ups.

8. No Income Tax for three years


Start-ups would not pay Income Tax for three years. This policy
would revolutionize the pace with which start-ups would grow in the
future.

9. Tax exemption for investments of higher value


In case of an investment of higher value than the market price, it
will be exempt from paying tax
10. Building entrepreneurs

Innovation-related study plans for students in over 5 lakh schools.


Besides, there will also be an annual incubator grand challenge to
develop world class incubators.

11. Atal Innovation Mission


The Atal Innovation Mission will be launched to boost innovation
and encourage talented youths.

12. Setting up incubators


A private-public partnership model is being considered for 35 new
incubators and 31 innovation centres at national institutes.

13. Research parks


The government plans to set up seven new research parks,
including six in the Indian Institute of Technology campuses and one in
the Indian Institute of Science campus, with an investment of Rs 100
crore each.

14. Entrepreneurship in biotechnology


The government will further establish five new biotech clusters, 50
new bio incubators, 150 technology transfer offices and 20 bio-connect
offices in the country.
15. Dedicated programmes in schools
The government will introduce innovation-related programmes for
students in over 5 lakh schools.

16. Legal support


A panel of facilitators will provide legal support and assistance in
submitting patent applications and other official documents.

17. Rebate
A rebate amount of 80 percent of the total value will be provided
to the entrepreneurs on filing patent applications.

18. Easy rules


Norms of public procurement and rules of trading have been
simplified for the start-ups.

19. Faster exit


If a start-up fails, the government will also assist the entrepreneurs
to find suitable solutions for their problems. If they fail again, the
government will provide an easy way out.

HOW TO REGISTER?
Start Up India Official application is expected to be launched on
1st April 2016 for the registration of Start Up in one day.
TAX EXEMPTION ON INVESTMENT ABOVE FAIR
MARKET VALUE OBJECTIVE:

To encourage seed-capital investment in Startups.

Details:

Under The Income Tax Act, 1961, where a Startup (company)


receives any consideration for issue of shares which exceeds the Fair
Market Value (FMV) of such shares, such excess consideration is
taxable in the hands of recipient as Income from Other Sources.

In the context of Startups, where the idea is at a conceptualization or


development stage, it is often difficult to determine the FMV of such
shares. In majority of the cases, FMV is also significantly lower than the
value at which the capital investment is made. This results into the tax
being levied under section 56(2) (viib).

Currently, investment by venture capital funds in Startups is exempted


from operations of this provision. The same shall be extended to
investment made by incubators in the Startups.

STARTUP INDIA :- CASE STUDY OF WELLNESS


COMPANY

The shift of urban Indian population towards a positive approach


regarding wellness is boosting the new start-ups in the subcontinent. The
statistical study from FICCI and PWC foretold that this industry will
reach the level of INR 1 Trillion by 2015. The number has surpassed its
net worth within a year due to manifold investments in making lives
better for the stressed population.

Nowadays, approach regarding an organized fitness program or


diet consultation is easily possible as people are able to access the
expertise in their localities. The new start-ups are reshaping the wellness
platform to a considerable level. The most recognizable names in this
aspect are altering the dimensions and promise a substantial growth of
almost 30% every year.

Pankaj Gupta, founder of MyFlexipass, depicted that the wellness


industry stands at an inflection point, with high fragmentation, high
market potential and healthy growth. New models for aggregation are
emerging to disrupt this sector. The brand is doing business with 400
fitness platforms in New Delhi and Mumbai by offering a versatile
platform for gyms, dances, sports, yoga, and cross fit training. He said
that the most enthusiastic group lied between the age range of 20 and 44.
The advent of exciting elements in this aspect such as aerial yoga,
zumba, pilates, kickboxing, and MMA are making it more interesting for
the enthusiasts.

In the same context, Shailesh Ghorpade, CIO and Managing


Partner, Exfinity Venture Partners LLP, has ventured into a start-up
named Fitternity. He said ‘In India, the health and wellness market has
been growing. The sector is fragmented and there is a need for its
consolidation into an organized one. Mom and pop shops are giving way
to organized retailing when it comes to gyms, and it is felt that this
process will accelerate in coming years.’

As per a survey report conducted by Deloitte-IHRSA, a total of 4.8


million fitness enthusiasts are seeking good infrastructure only in three
major metro cities, Delhi, Mumbai, and Bangalore.

The Bangalore-based fitness brand, Truweight is doing


remarkable progress by offering paradigm-shifting weight loss programs
along with individualized nutrition counselling. This brand offers a
super food package and charges INR 18,000 for a three-month regimen.
This start-up has attracted a huge investment from Kalaari Capital and is
expecting to cross its previous mark of INR 15 Crore this year. Megha
More, the co-founder of Truweight said ‘The major drivers of the
growth are sedentary lifestyles, unhealthy eating habits and growing
disposable income.’

Apart from the fitness brands, Shakshi Wellness is a new name in


this industry that is offering rejuvenation and relaxation measures in the
form of spa and salon service. The company has adopted a natural
approach where only herbal ingredients are used. The start-up also
provides consultation regarding maintaining a perfect body mass index
to individuals.

First Eat is an app that has been developed by MICA alumni


group to provide information regarding healthy food. The app
conceptualizes on providing proper diet needed for an individual as per
his or her need. The app guides the users to find and prepare the most
basic type of nutritious food. This app aids in proper health planning.

Healthify Me is a versatile start-up that provides groundbreaking


solutions from corporate wellness programs to personalized physical
trainers. HealthifyMe is emerging as a trusted name for those who want
a customized and more personalized approach for achieving physical
and mental well-being.

The Indian market offers a huge potential for those who are
introducing innovative measures in the wellness segment. Stress and
tension are two main factors that are deteriorating the condition of the
population. Due to elevated disposable income and awareness, entering
in a wellness business can be very fruitful.
INDIA’S WELLNESS START-UPS SEEING NEW
AVENUE OF GROWTH IN CORPORATE WELLNESS
PROGRAMME

As Globalization and urbanization converge in India, corporate


sector is gradually picking Workplace/Corporate Wellness Programme
as a weapon to beat the soaring work pressure along with the
Government.

While, Indian government has created a s eparate ministry to


monitor the health and wellness of the country under AYUSH, big
corporate are opting to introduce professionally designed Corporate
wellness programmes in the organisation, making it mandatory for all to
attend.
HOW IT WORKS?

Under the Corporate Wellness Programme, big organisations/


MNCs either hire a professional organisation to set up wellness activities
for their employees or the HRs organise activities like Zumba, Aerobics,
fitness competitions among the employees, giving them awards and
recognition for their stamina and fitness quotient.

WHAT IT DOES?

Beyond increased employee’s productivity and cost saving of


medi-claim etc, visionary employers are realizing the value of their
employee health, which helps in enhancing morale and reduce
organizational conflict.

Known as an excellent device of change and life enhancement


beginning right at work, these wellness programmes are creating a
lasting impact on the employees, making them company loyal and
increase employee retention rate.

Accenture wellness program is another great corporate health


package for their employees. In fact, Accenture has been accredited with
being the healthiest employer in the U.S and is taking this ahead in India
as well. It takes care of the standard modes of treatment as well as
alternative methods like homoeopathy, etc. Basic investigations and
body scans are a routine, but employees have access to customized
websites that assess their health, coaches them to lose weight, track their
diet, etc.

START-UPS ENCASHING ON THE OPPORTUNITY

Aims to offer a quicker yet easier solution of


corporate wellness, without hampering daily work
routine of the employees, wellness start-ups
like ZooJoo.be have come up with a cloud-based
platform which uses gamification to engage people
in healthy habits.

“On our platform, if someone wants to do yoga, I can connect him


to the yoga instructor that your company might have appointed to do
some traditional wellness programme. So, we do not want to create our
network as there are already existing networks and players, we look at
ourselves as an aggregator for them in terms of service. Our value as a
platform if you really look at is how a habit is formed and how people
really do that by taking virtual goals for which they also need adequate
guidance from the dieticians, doctors, nutritionists etc, for which again
we connect them with each other,” said Avinash Saurabh, CEO,
ZooJoo.be.

Similarly, another Bengaluru-based company


named Truworth Wellness offers numerous wellness
programmes for corporate hubs. Established in 2008,
the company offers general programmes that revolve
around- How to eat right? How to get fit and how to
stay happy? Its current clientele includes Infosys, Wipro, HP, Merck
Pharmaceuticals, Whirlpool, CSC and Pearson.

“Corporate Wellness business is picking up now in India. In the


last decade, we have seen the growth of jobs in our country, equipping
youngsters with better salaries that would have led to deviated lifestyle
for many. Wellness and Disease Management companies are here to stay
for long to take care of the population health,” noted Rohit Chohan,
Head -Corporate Wellness, Truworth Wellness.

SUCCESSFUL CORPORATE WELLNESS


PROGRAMMES

In India, corporate hubs like Tata Consultancy Services’ (TCS),


Apollo Life, Larsen & Toubro, Wipro and Accenture. Explaining the
benefits of the same, Accenture shared couple of programmes designed
and run successful in the organisation.
“To help employees alleviate stress, Accenture conducts Stress Buster
Sessions, which includes Yoga classes, Tai-Chi, Aerobics etc. These are
open for employee nominations and the classes are held in the company
premises. Employee health and safety is of utmost significance to
Accenture and we have set-up clinics called ‘Wellness Centres’ offering
medical help and assistance during the work timings and extends round
the clock in most of the cases,” said Parag Pande, Managing Director,
Human Resources, Accenture India.

OUTCOME
Employees are the pillars on which an organisation stands. If
happy and healthy, employees would willingly make an extra-effort to
boost their organisation’s growth. Thus, Corporate Wellness
Programmes are could be that engaging and encouraging factors which
not only brings health to the employees, but made them glued to the firm
for years leading to continuous growth. Also, it will boost the growth
prospects of Wellness Industry as a whole after getting adequate back
support from big corporate.
CHAPTER:-2

REVIEW OF LITERATURE

The study is based on two motivational theories explaining the


behavior of employees as they are provided (or otherwise) with the
employee wellness programs.
Maslow (1943) suggests that human needs can be classified into
five categories and that these categories can be arranged in a hierarchy
of importance. These include physiological, security, belongings, esteem
and self-actualisation needs. According to him a person is motivated first
and foremost to satisfy physiological needs. As long as the employees
remain unsatisfied, they turn to be motivated only to fulfill them. When
physiological needs are satisfied they cease to act as primary
motivational factors and the individual moves “up” the hierarchy and
seek to satisfy security needs. This process continues until finally self-
actualisation needs are satisfied. By Maslow this psychological needs
forms the basic need for survival and this may include food, warmth,
clothing and shelter. When people are hungry, or do not have shelter or
clothing, there are more motivated to fulfill these needs because the
needs become the major influence on their behavior. But on the other
hand when people do not have a deficiency in those basic needs
(psychological needs), their needs tend to move to the second level
where it is equally seen by Maslow as the higher order of needs. The
second level is seen as the security needs which tend to be the most
essential need to people at this level. This is expressed in safety in the
employee’s job, health and family. The third level of needs by Maslow
was the social needs. When feeling secured and safe at work, employees
will now place job relations as their focus that is trying to build up a
good friendship, love and intimacy. Next up the ladder are the self-
esteem needs which presents the recognition to be accepted and valued
by others. The highest or last level of Maslow’s need is self-
actualization needs. This was to develop into more and more what one is
to become all that one is competent of becoming (Srivastava, 2005).
According to Maslow the rationale is quite simple because employees
who are too hungry or too ill to work will hardly be able to make much a
contribution to productivity hence difficulties in meeting organisational
goals.
Herzberg on the other end suggests that there are factors in a job,
which enhances satisfaction when available. These are called intrinsic
factors (motivators) but when these factors are absent, no much
demotivation would occur. However, the hygiene (maintenance) factors
when absent demotivates employees, but when present, does not cause
any remarkable increase change in motivation. Herzberg says that if the
motivational factors are met, the employee becomes motivated and
hence performs higher. Herzberg had the notion that those factors which
cause job satisfaction are the opposite to those that causes job
dissatisfaction. Herzberg survey was carried from a group of accountants
and engineers. Herzberg in his studies came up with the conclusion that
employees are influenced by two factors that are; the motivators and
hygiene factors.
Motivators create job satisfactions which include achievement,
recognition, autonomy and other intrinsic aspects when there are
fulfilled. On the other hand he came up the hygiene factors which will
enhance dissatisfaction when they are not fulfilled. Motivators are those
factors which provide feeling of job satisfaction at work. These factors
influence the ways of work in a company; for example giving
responsibility to carry an enlarge task within an organization and
providing the person with the necessary conditions will lead to growth
and advancement to higher level tasks. Motivators are those factors
which come from within an individual that is intrinsic. These factors
could be achievements, interest in the task, responsibility of enlarge task,
growth and advancement to higher level. Herzberg hygiene factors
create a suitable work environment though not increase in satisfaction.
For instance low pay can cause job dissatisfaction which will affect
employees’ performance. Hygiene factors are essential to make sure that
the work environment does not develop into a disgruntle situation.
Typical hygiene factors are salary, working condition, status, company
policies and administration (Saiyadain, 2009) Workplace wellness
programs generally include any health promotion intervention, policy, or
activity in the workplace designed to improve healthoutcomes of
workers (Lee, Blake, & Lloyd, 2010), although we know little
empirically about various programs or their associated outcomes
(Csiernik, 2011). Common examples of wellness initiatives include
educational endeavors such as newsletters or seminars, health coaching,
health screenings, health-related fairs, on-site fitness facilities, and/or
healthy food options in vending machines (Lee et al., 2010). Often
employers will offer incentives to encourage workers to participate;
survey findings suggest that close to 73% of employers use some type of
incentives to engage employees in health improvement programs
(Miller, 2012).
Employee welfare is crucial for quality service delivery. If the
welfare programs and services are inadequate, it would negatively
impact the delivery of services and performance of the employees.
Finger (2005) argued that improvement of employee morale and spirit
can be done by addressing the issues of morale. Employee welfare
measures relates to certain additional activities which are provided by an
organization like housing facilities, transformation facilities, medical
facilities, recreational facilities, cultural facilities libraries, gyms and
health clubs among others with the hope of winning the satisfaction
index of an employee.
The components of employee wellness programs vary greatly from
company to company, but the expected benefits that are sought remain
similar, ranging from decreased health care costs (Berry, Mirabito,
&Baun, 2010; Capps &Harkey, 2008) to reduced absenteeism and
turnover (Miller, 2010; Poll, 2006) to enhanced productivity and
company image (Baicker et al., 2010; Lee et al., 2010). McGuire and
McDonnell (2008) suggested that the employee welfare facilities help
significantly in enhancing the self-confidence and intellectual level of an
employee which eventually increase employee productivity. This action
will certainly lead to improved motivation making the employee to be
challenged to take on more challenging tasks and responsibilities.
Torjman (2004) argued that welfare facilities and especially recreation
services, account for healthy individuals besides increasing among their
happiness and emotional quotient. Once employees are happy, Torjman
(2004) argues that they will have a positive attitude towards work
leading to higher service delivery within the organization. Kirsch (2009)
was of the opinion that employee welfare facilities should be flexible
and continuous innovation needs to be done to improve on these
facilities hence create a more satisfying environment for the employee
and the organization as a whole. Mathew (2011) advocated that
employee welfare measures serve as an oxygen for motivation of the
workers and increase not only the effectiveness of the workforce but also
creativity in solving unique organizational challenges, which would
eventually lead to attainment of higher performance level and high
service delivery in an organization. Welfare programs is a corporate
commitment to demonstrate care for employees at all levels,
underpinning their work and the environment in which it is performed
(Cowling & Mailer, 1992) A widely referenced meta-analysis by
Baicker, Cutler and Song (2010) reported that the average return on
investment for wellness programs was about $3 for every dollar invested
for both medical cost and cost of absenteeism. When considering only
randomized controlled trials, the savings estimates were more narrowly
bounded between $11 and $626 per year (Baicker, Cutler & Song,
2010). Osilla et al. (2012) identified eight studies on the effect of
wellness programs on health care costs, and all except one found
significant decreases (Aldana et al., 2005). Effects of these programs
included a reduction in direct medical costs ranging from $176 to $1,539
per participant per year (Naydeck et al., 2008; Milani&Lavie, 2009;
Henke et al., 2011). According to Henke et al. (2011) an evaluation of
the Johnson & Johnson worksite health promotion program for 2002 to
2008 estimated annual savings per employee of $565. Liu et al. (2012)
published an evaluation of PepsiCo’s health and wellness program and
found that disease management but not lifestyle management
interventions were associated with lower health care cost after three
years a pattern observed by Nyman et al. (2010) who looked at the
University of Minnesota’s care management programs. The authors
concluded that overall savings were lower than the program cost.
Allender, Colquhoun and Kelley (2011), in their study, found that
workplace health leads to job motivation and satisfaction despite
providing health benefits to the employees while Eaton, Marx and
Bowie (2007) in their study of various employee welfare programs in
United States institutions and its impacts on health behavior and status
of faculty and staff, concluded that employee wellness programs have
positively impacted on the health and well-being of employees
increasing on service delivery. Grawitch et al. (2007) while examining
the affiliation between diverse workplace practices which comprised of
safety and health practices and satisfaction level in terms of commitment
and turnover intention in universities and asserted that the health and
safety practices are positively related to employee job satisfaction in
terms of turnover intentions. Thus it is critical to identify and understand
the needs of human capital in order to enhance performance and service
delivery in the form of individual basis and the organization as a whole.
Haines, Davis, Rancour, Robinson, Wilson, and Wagner (2007) studied
on the effectiveness of the 12-weeks walking program in improving the
health of employees walking program in improving the health of
employees. The results emphasized that the health promotion programs
have positively impacted on the welfare of employees and service
delivery.
Menezes and Kelliher (2011) define flexible scheduling as the
working arrangement that allows employees to schedule their working
hours respectively. Schedule flexibility is an employee benefit which
aids in retaining skilled human capital. It meets the needs requirements
of human capital which boost their efforts, reduce the job absenteeism,
and ultimately enhance their job satisfaction according to the findings by
Golden (2009). On the other hand, Umur (2010) studied the
determinants of job satisfaction and motivations level as well as factors
overcoming demotivation issues among educators.
The findings found that flexible working scheduling was a positive
motivational factor to the educators in the forms of productivity and job
satisfaction. Bellamy and Watty (2003) on a study on Malaysian Tertiary
Education Institutions, examined how working conditions affected job
satisfaction among the academicians. They found out that flexible
scheduling was the most important factor to retain academic staff
besides the factor of autonomy. They further found out that with the
provision of flexible scheduling benefits, the academicians are motivated
to remain in the institutions. Froeschle and Sinkford (2009) on their part
determined the influences of positive and negative aspects in the
employee’s environment on career satisfaction. The result reflected the
flexible working schedule and categorized it as a positive aspect
contributing to the retention of the junior faculty in academic dentistry
field. It concluded that most of the dental faculty members were willing
to remain in the institutions with the provision of flexible scheduling
practices.
The majority of studies done to date show positive health and
financial impacts of worksite health promotion programs over the past
three decades; however, relatively few calculate the ROI, and the
methodological rigor of these studies varies considerably (Aldana,
2001), Pelletier, 2001, Pelletier, 2005 and Chapman, 2005) . Pelletier
(2005) examined 12 new studies published between 2000 and 2004 and
concluded that outcomes from worksite programs were consistently
positive in terms of health risk improvements and economic benefits.
Chapman (2005) also published a review that examined the economic
impacts of worksite health promotion programs.

FIGURE 1: CONCEPTUAL FRAMEWORK


SOURCE: RESEARCHER (2014)
The study suggest to using a mixed design of descriptive and
correlational so as to explain what exists in the sampled organizations as
well as to test the correlation between the wellness programs
implemented and the expected results of reduced medicare costs, reduce
absenteeism, employee burnout and stress and job satisfaction. Stratified
sampling is proposed to be used to identify the categories of respondents
including managers, employees themselves at various cadres in the
workplace but use purposive sampling to identify the specific
respondents of each stratum.
WHY INDIA'S STARTUPS ARE THE INVESTMENT
OF THE MOMENT – FORBES

The draw of the startup scene in India has become rather


magnetic in recent months – in fact so powerful that it has attracted
several 5 Problems Facing Indian Startups – Tech. CoThough this
aims to stop money laundering, analysts say it will affect the investment
scenario for startups. Moreover, to register your startup takes a
minimum of two to six months. Although the road to launch and get
started with a startup company is difficult, things are progressing
interestingly. India – the world's fastest growing startup ecosystem
NASSCOM 10,000 Startups. NASSCOM has come up with an
ambitious initiative called “10,000 Startups”, aiming to scale up the
startup ecosystem in India by 10x. The program is supported by
Microsoft, Google, Intel, Verisign, and Kotak. 10,000 Startups aims to
enable incubation, funding and support for 10,000 startups in India over
the next ten years. Startup India Action Plan 2016 Highlights – India
Filings Startup India Action Plan 2016. Startup India is a flagship
initiative of the Government of India to build a vibrant startup eco-
system in India to drive economic growth and large scale employment
opportunities. The Startup India initiative was announced at the Red Fort
on the occasion of India’s 69th Independence Day. Blog – Evolution of
the startup ecosystem in India Evolution of the startup ecosystem in
India . The startup ecosystem of India is changing day by day and this
evolution Review your website to get Literature Review For
Consumer Awareness Free Essays Literature Review For Consumer
Awareness. LITERATURE REVIEW In recent days India is
witnessing a change in consumerism. The market is now
predominantly Private Equity Investments: A Literature Review |
Interal Study conducted, being exploratory in nature, is expected to
highlight private equity and its various aspects. For studying the concept
secondary source of information has been considered, analyzed and
reviewed. In depth review of the available literature has been undertaken
with a view to focus on identifying the issues and gaps that exist therein.
Economic Survey 2016: 19,000 startups in India but exit NEW
DELHI: While India's startup ecosystem continues to develop at a
rapid pace, the exit options for risk capital investors, who have poured in
billions E-Business: Issues & Challenges in Indian PerspectiveE-
Business: Issues & Challenges in Indian Perspective 13 Literature
review India has an internet user base of about 137 million as of June
2012.Startup in India, Pitch Your Business Ideas, Startup Funding
Startup Warehouse Program is a joint initiative between Nasscom 10000
Startups and the respective State governments. It is a connected network
of startup hubs across the country to help startups jumpstart their idea
with the help of infrastructure, knowledge-sharing and connections.
Blog – Evolution of the startup ecosystem in India While Indian
startup space is yet to see the true value of ESOPs, there are many who
are willing to take the leap of faith. Acceptance of the ESOPs is
increasing and it goes to show that Indians are following Silicon Valley
and are fast understanding its value.

SMALL BUSINESS SUCCESS: A REVIEW OF


THE LITERATURE – EQUITY NET

this review of the literature will concentrate on reasons for small


business success, which can in turn also infer reasons for failure for
those who are interested in that topic. Three categories for success
emerge in this review. They are strategic issues, demographics, and
owner characteristics. However, there Literature Review For
Consumer Awareness Free Essays Literature Review For Consumer
Awareness. LITERATURE REVIEW In recent days India is
witnessing a change in consumerism. The market is now predominantly
Economic Survey 2016: 19,000 startups in India but exit "Indian
startups raised $3.5 billion in funding in the first half of 2015, and the
number of active investors in India increased from 220 in 2014 to 490 in
2015. As of December 2015, eight Indian startups belonged to the
'Unicorn' club (ventures that are valued at $1 billion and
upwards)."Literature review on – The Write Pass Journal However,
most have focused on only limited aspects of the issue. A literature
review that aims to take a wider perspective may therefore be useful in
providing a better understanding of what may be a relatively complex
decision-making process. The impacts of E-commence on international
business and The impacts of E-commence on international business
and marketing: A literature review impacts of Internet on
International business and marketing Indian Startups: What are
advantages and disadvantages of Indian Startups: What
are advantages and disadvantages of registering a private company
before looking for investors? Indian Startups USIBC's conference call
series the "U.S.-India Startup Dialogues" will take place on the second
Tuesday of every month. Each call, the Council and its 2017 Knowledge
Partners, EY, iCreate & will rotate between highlighting a U.S. based
and India based startup or VC firm. Call in details will be sent out before
the call to all registered. Latest
CHAPTER:-3

RESEARCH METHODOLOGY

Most studies adopted a descriptive research design covering


particular samples of the target population. Stratified random sampling
was done and data collected using semi-structured questionnaires, a
technique with good results especially when the target population is
diverse and large. However, it provides challenge of having to rely on
another sampling technique in order to specifically identify the
respondents. Case study was used by RAND (2013) and recruited sites
that had well-established programs and that differ along the following
the criteria of company size, type of employer (heavy industry, retail,
services, and government), the origin of the wellness program origin
(“home-grown” versus offered by a health plan or vendor) as well as the
region of the country. This was a well elaborate technique as it studied
organizations where the wellness programs had been established and
also compared the origin of the program as to whether it was
implemented by the employer or was established by health service
providers. The case study was therefore suitable as it obtained data from
specific organizations with employee wellness programs. Data was
collected through semi-structured interviews with key informants, focus
groups with program participants, and direct observation. The
techniques were appropriate as they provided a mixture of feedback with
each approach corroborating feedback or responses from the other
approach. However, questionnaires could also have been appropriate as
to collect more responses since the target population was large.
Individual interviews with wellness program coordinators, wellness
program staff, human resource representatives, accountants, worker
representatives and senior executives were done.
organizational membership and influence (Heinen& Darling,
2009). Most of the studies on workplace wellness programs have
focused on the effectiveness of the health intervention activities (among
them promoting physical activity, controlling weight and others) (Conn,
Hafdahl, Cooper, Brown, & Lusk, 2009). Findings provided enough
evidence to suggest that there was linear relationship between safety and
health, retirement plans, flexible scheduling and service delivery.
With India’s economy on course to be the world’s fourth fastest-
growing in 2017, and under 25s making up almost half its population,
the region’s burgeoning wellness industry is full of potential.
A report published in December 2016 by the Federation of Indian
Chambers of Commerce and Industry(FICCI) in association with
consulting firm EY, predicted double industry-wide growth for the rest
of the decade, with gyms and fitness centres set to see expansion of 18
percent.
“Attitudes to wellness have changed a lot in the last five years,
partly due to Instagram, but also because India’s upper-middle class are
highly mobile, and return from travelling abroad with an appetite for
products they’ve discovered in the US and UK,” explains Rohini
Bajekal, a former Brand Manager for both RAW Pressery –– India’s
first cold-pressed juice brand, and the country’s first vegan and gluten-
free snack startup Eighty20.
A staggering 47 percent of India’s 1.3bn population is under the
age of 25, and the importance of social media in driving millennial
interest in wellness is impossible to overstate. Bollywood stars like
Amrita Arora regularly feature on the Instagram feed of luxury Mumbai
health club I Think Fitness, while actress Gul Panag is the Co-Founder
of MobieFit, a fitness coaching and motivation app.
And in a market where government support for new businesses is
limited, stars even play a role in the funding space. In April 2017, RAW
Pressery attracted a $559,000 investment from actress and model
Jacqueline Fernandez.
For multinationals intent on cracking the Indian market,
capitalising on the influence of the celebrity is key. Silvia Tallon, the
Senior Marketing Director for Reebok India, which has more than 300
stores across the country, described the region as a “key growth market”
in an interview with news site Livemint last year, following a successful
rollout of a marketing campaign featuring another Bollywood star,
Nargis Fakhri.
But, while the right marketing strategy looks like a no-brainer, the
logistical complications of penetrating a market that covers three million
square kilometres can pose too much of a challenge to all but the largest
athleisure names, which may explain the notable absence of global
leaders like Lululemon.
However, not to be deterred, Under Armour sidestepped this
problem by launching in the market through an exclusive deal with
Amazon India earlier this year. Amazon “has a strong retail presence in
the country, and the [brand’s] 340 million smartphone users give us a
young and vibrant customer base,” explained Under Armour’s Chief
Marketing Director at the time.
When it comes to young health food businesses looking to scale
across India’s top tier metropolitan areas, infrastructure poses a
challenge too, according to Bajekal. She points to the country’s lack of
high-quality cold storage and refrigerated transport as a key logistical
challenge for health-food startups whose products can go off quickly in
the country’s sweltering heat. Yet overcoming these hurdles is key for
young food brands looking to make an impact on the market.
“Offering delivery is really important for new wellness brands,
because there’s a real on-demand culture in Indian cities, with startups
like Swiggy and Scootsy delivering almond milk or healthy salads to
your door,” she explains, pointing to the growing number of healthy
tiffin box companies that will send a home-cooked Indian lunch to
workers’ desks.
Eateries in fashionable areas of the country’s big cities are also
responding to increased demand for healthy eating –– a market growing
at 10 percent a year according to Nielsen. “The almond and coconut
milk trend has really caught on, quinoa and tofu have become a staple on
many cafe menus, and there are also more interesting Indian millets and
grains being used in salads and dishes,” explains Mira Manek. The
author, journalist, and blogger –– who has previously helped London
destination cafes like Raw Press bring healthy Gujarati flavours onto the
menu –– is currently working with Pantry cafe in Mumbai’s artsy Kala
Ghoda neighbourhood, which is innovating with dishes like a quinoa
crepe filled with purple yam.
Priced on the menu at approximately $4.50, such dishes seem like
a bargain to the tourists and expats who flock to such areas, but in a
country where the median annual salary is under £500 a year, wellness is
yet to develop mass-market appeal. And the sugar-laden diets which are
still favoured by many older, poorer Indians mean over 50m people in
the country suffer from type two diabetes.
With the country boasting smartphone penetration of over 33
percent, projected to rise to almost 40 percent by 2019, tech innovators
are rising to the challenge of making fitness more accessible. Fitso, an
app created in Delhi with a mission of making healthiness affordable,
raised £150,000 of angel investment in March 2017 to expand the
nutrition and fitness platform – including funding from the founder of
Indian life insurance comparison tool PolicyBazaar, Yashish Dahiya.
Across the wellness industry, there seems to be a healthy appetite for
mass-market offerings. To take just one example, entrepreneur Darshan
Rawal founded his Zazen spa chain in 2011, with “affordability and
accessibility” being key to the brand’s mission. By 2016 the chain was
acquired for an undisclosed sum by established player O2 spa, following
the parent company’s announcement of a £12m investment in organic
growth across the country.
Elsewhere, in India’s rapidly growing wellness tourism sector ––
expanding at 22 percent a year according to the Global Spa & Wellness
Summit –– innovative travel companies like Rural Odyssey are
capitalising on the appeal of the country’s ancient wellness traditions to
help support poor rural villages, whilst attracting interest from wellness
travellers. The company offers trips including a seven-day expedition to
monasteries in the Himalayas, with food and accommodation bought
from local people.
And with increased interest in yoga and meditation showing no
signs of slowing down outside India, opportunities to build on the
country’s spiritual reputation are only going to increase.
CHAPTER:-4

BACKGROUND OF THE STUDY

Wellness programs are designed to support employees in


understanding their health risks and adopting healthy behaviors to
decrease these risks. These programs can include health risk
management (screening for elevated cardiovascular disease risk factors
such as elevated cholesterol and blood pressure), behavioral health like
smoking cessation, substance abuse and psychological counseling, and
primary care promotion and lifestyle management especially on weight
loss, fitness and nutrition. Such programs aim for decreases in more
costly health care utilization including emergency room visits,
hospitalizations, surgeries and specialist visits as well as reductions in
absenteeism, increases in productivity and better quality of life.
Corporate and worksite wellness programs can be described as
employer’ sponsored services designed to promote or maintain the good
health of employees. Although such programs differ widely in scope,
they can be readily distinguished from corporate health care programs,
which typically focus on employee assistance and health insurance. In
contrast, corporate and worksite wellness programs focus on promoting
healthy behaviors and correcting employees’ poor health in ways that
also enhance the operation and productivity of the organization.
Worksite wellness programs can include a broad spectrum of activities,
from smoking cessation to physical fitness centers (Society for Human
Resource Management, 2008). Wellness programs have been introduced
to worksites worldwide to try and improve the health and well-being of
employees. Although the overarching purpose of worksite wellness
programs is to provide a positive return on investment by reducing
absenteeism and lowering health insurance premiums, the altruistic
benefit has been the creation of a healthier workforce, which translates
into a healthier population. While this is a successful merger between
the financial demands of corporate policy and goals of public health, not
all employees have benefited equally from this union. In particular, the
needs of employees with disabilities have not been addressed in worksite
wellness programs.
According to Amstrong (2005), any human resource management
aims at contributing towards the achievement of high level of employee
and organization performance. On the other hand, Hutchinson, Kinnie,
Purcell and Boxall (2003) contend that intangible assets such as culture,
skill, competence, motivation and social interaction between people and
teams are increasingly being seen as a source of strength in enhancing
performance which is a characteristic of firms which combine people
and processes together. Organizations therefore need to put in place
actions which are aimed at ensuring employees maximize their potential
at the work place. As stated by Hutchinson et al (2003), individual
performance is a function of ability, motivation and opportunity (AMO);
which are referred to as the fundamentals of employee productivity. As a
result, human resource development in organizations, planning and
managing employee recreation have now been appreciated.
American Council on Exercise (2000) contends that creating some
leisure time in the course of the day allows employees to recharge
themselves psychologically and emotionally which can lead to improved
job performance. Consequently, an increased involvement in leisure
activities and wellness programmes by organizations both in the private
and public sectors, in a bid to promote employees’ physical and mental
health has been witnessed across the globe. According to Taylor (2008),
the demand for man- made additional resources for recreation is greater
now than before. Though there are many mushrooming of entertainment
and sports clubs, many organizations have invested large sums of money
to provide such facilities within the workplace. Besides being inherently
beneficial to employees, such initiatives can make a significant
contribution to reducing absenteeism and raising productivity (Cohen,
1999).
In 1992, only 9 per cent of organizations in Singapore had
implemented corporate wellness programmes which focused primarily
on smoking cessation, exercise and fitness. Corporate health
programmes in the Western countries have a longer history and have
been found in many cases to be related in a beneficial manner to such
important opportunity costs as health care costs (Cohen, 1985; Conrad,
1988), employee satisfaction (Schauffler & Rodriguez, 1994), job
performance (Wolfe et al., 1994), employee turnover (Shephard, 1992),
and absenteeism (Bertera, 1990; Golaszewski & Yen, 1992). Some
companies have also enjoyed intangible benefits such as improved
employee morale, health and productivity, employee attraction and
retention, and improved image for the corporations (Connors, 1992).
Stress in organizations is a growing concern among management
practitioners because of its dysfunctional effects on organizational
effectiveness. According to the 1993 World Labour Report from the
International Labour Organization, stress has become one of the most
serious health issues of the twentieth century. In the USA, job stress has
been estimated to cost industries around US$200 billion annually, and in
the United Kingdom, stress is thought to cost up to 10 per cent of the
gross national product (Tang &Harumontree, 1992). There is research
evidence that consistently links occupational stress with certain physical
health symptoms and diseases. Heart disease, ulcers, some programmes,
which resulted in a return of US$2.51 for every US$1.00 of programme
costs (Elias & Murphy, 1986).
Job satisfaction has also become a major concern in the workplace.
Previous studies indicated that job satisfaction, because of its
consequences for the organization, affects the wellbeing of employees
and exerts a considerable impact on the organization (Cherrington,
1989). Thus, it can be suggested that a highly satisfied workforce will be
beneficial for organizations. Research has shown that employees with
improved morale are likely to be more productive as a result of an
increased sense of responsibility to the employer and an improved
overall job satisfaction (Shinew & Crossley, 1988). The question, then,
is whether having access to corporate wellness programmes would be
able to boost employees’ morale sufficiently to result in higher job
satisfaction?
Investing in employee health is not a new concept for employers.
In 1974, the Employee Retirement Income Security Act (ERISA) was
established, setting the minimum standards for most voluntarily
established pension and health plans in private industry to provide
protection for individuals in these plans. Moreover, some employers
have been offering health-related services and wellness programs to their
employees for over half a century (Owens, 2006). What is new,
however, is that in the past, the medical community led the charge to
invest in health promotion programs as a way to prevent or delay the
onset of certain chronic conditions. Today, communities of people with
disabilities educate the medical community and the worksite wellness
program industry that persons with disabilities can delay or prevent
chronic conditions by participating in health and wellness programs.
Corporations first began helping employees with health-related
issues such as alcoholism and mental health as early as the 1950s
(Owens, 2006). These programs, which were often peer-led, were initial
forms of the Employee Assistance Programs (EAPs) that we are familiar
with today. Over the years, EAPs have evolved into a comprehensive
benefit for employees, addressing not only substance abuse, risk
management and injury prevention, but broader issues such as legal
problems, elder care and other family concerns, and domestic violence.
Today, EAPs are a major employer-based benefit that helps many
employees stay productive and remain in the workforce.
Corporate and worksite wellness programs first appeared in the
literature in the early 1980s in articles discussing physical fitness efforts
at work and their effects on worker performance (McKendrick, 1982;
Shepard, 1981). As early as 1982, articles appearing in the Journal of
Occupational Health described how corporations could set up wellness
programs to reduce health care costs, reduce illness-related absences,
and attract talented employees to the company.
Researchers have found a negative association between the number
of days employees are absent from work (including the number of days
on short-term disability) and their participation in a worksite health
promotion program (Aldana, 2005; Bonner, 1990; Serxner, Gold,
Anderson & Williams, 2001). In other words, employees who participate
in health promotion programs are significantly less likely to be absent
from work. The cost-benefit of health promotion programs is harder to
measure. However, Aldana (2005) and Serxner et al. (2001) have
estimated savings to be more than $1 million over a two-year period to a
savings of $15.60 for every dollar spent on the program. The field of
worksite wellness is undergoing a fundamental paradigm shift from
individually oriented programs towards broader formulations
emphasizing the joint impact of the physical and social environment at
work, job-person fit, and work policies on employee well-being
(Stokols, Pelletier, & Fielding, 1996).
Despite methodological limitations such as self-reported
information, lack of control groups and information from one point in
time, the results in the literature suggest that, workplace health
promotion programs can increase employees' health and productivity if
designed appropriately (Blanck, 1994). Goetzel and Ozminkowski
(2008) describe the characteristics of effective programs, including their
ability to assess the need for services, attract participants, use behavioral
theory as a foundation, incorporate multiple ways to reach people, and
make efforts to measure program impact. Promising practices are noted,
including senior management support for and participation in these
programs.
According to Global Survey of Health Promotion and Workplace
Wellness Strategies by Buck Consultants (2007), 86% of companies in
the United States support some kind of wellness program, but only about
one in five employers outside United States provide wellness programs.
The components of wellness programs differ from company to company
and on geographical location. These programs have evolved over time
and now include a host of different types of activities for employees.
Additionally, most companies hire outside consultants to provide this
benefit or use the internal resources of their health insurance companies.
According to the Chapman Institute (2014) there is enormous scientific
evidence that unhealthy behavior and modifiable health risks
significantly increase health-care costs in all working populations. For
over 30 years, researchers have been studying the higher costs associated
with such behaviors as smoking, obesity, lack of exercise, poor eating
habits, not using seat belts, and excess stress, among other behaviours.
The more unhealthy behaviors and risk factors people have, the
exponentially higher their health-care costs will be (Chapman Institute,
2014). Unhealthy behaviors and modifiable health risks are very
common in all working populations and are generating more costs as the
population ages. Poor health and well-being at work leads to increased
absenteeism and can have adverse effects on significant individual,
organizational, economic and societal consequences (Boorman, 2009)
Indeed, the exposure to work-related hazards varies across occupations
and industries (Hassan et al., 2009). Encouraging evidence indicates that
there is a marked decrease in work-related injuries in industrialised
countries, due to a general change in the nature of jobs. Nevertheless,
policy makers and workers are increasingly concerned with improving
the quality of jobs overall (Hassan et al., 2009). Employees’ overall
well-being will be affected by factors such as physical security, the
extent to which their position is socially valued and the extent to which
they are given opportunities to use their skills in their job (Hassan et al.,
2009). However, job-specific well-being is not influenced only by these
key job-features. Factors at the individual level, such as demographic
variables or personality, will also have an effect on employees’
wellbeing (Warr, 1999).
There are more than 500 scientific studies that document the ability
of wellness programs to change unhealthy behaviors and modify health-
risk factors over 70 peer-reviewed studies on the economic returns of
work-site wellness programs. The studies show the average annual
Return on Investment (ROI) increased from 150% to almost 2,000%
(Chapman Institute, 2014). An independent meta-analysis from Harvard
of 44 peer-reviewed studies found that organizations saved 32.7% on
medical claims and a further 27.3% reduction in the cost of sick-leave
absenteeism. An actuarial study identifies wellness programs as
potentially affecting approximately 25% of health-care costs for working
populations.Besides health-benefit costs, wellness programs in the
workplace reduce costs related to sick leave, workers’ compensation,
disability insurance, and punctuality. Studies have found out that
employers spend more than $500 per year per employee on wellness
programs, while the average health-benefit plan cost per employee is
estimated at more than $12,000 per year. Some have estimated that for
an average company, the combined cost of health plan, sick leave,
workers’ compensation, disability insurance, and punctuality amounts to
more than $35,000 per employee per year.

A study by Towers Watson and the National Business Group on


Health in 2005 shows that organizations with highly effective wellness
programs report significantly lower voluntary attrition than do those
whose programs have low effectiveness (9% compared to 15%). At the
software firm SAS Institute, voluntary turnover was just 4%, thanks in
part to such a program; at the Biltmore tourism enterprise, the rate was
9% in 2009, down from 19% in 2005. According to Vicki Banks,
Biltmore’s director of benefits and compensation, “Employees who
participate in wellness programs do not leave.” Nelnet, an education
finance firm, from exit interviews, indicates that the exiting employee
will miss the wellness program the most.

When PM Narendra Modi announced the $1.5 Bn Fund of Funds


for Startups (FFS) in January 2016 as part of his ambitious his Startup
India Plan, for many it was just another promise on paper. But, the hopes
and aspirations of several young entrepreneurs of India got an uplift,
when on June 22, 2016, the Union Cabinet actually approved the fund
and designated SIDBI for the disbursement of the Fund of Funds’ corpus
to eligible startups through AIFs (Alternative Investment Funds)
registered with the SEBI.
According to October 2017 status report by DIPP on the Startup
India website, about $92 Mn (INR 605.7 Cr) from the fund has already
been released to SIDBI, and 75 startups have received funding from 17
AIFs so far. The entire Fund of Funds corpus has been earmarked to get
allocated across two finance commission cycles (2015-2020 & 2021-
2025).

We have listed down the total funding AIFs have received from
SIDBI under Fund of Funds as part of Startup India plan. Apart from
fund details, we have also included the number of startups that have
been funded by each one of them below.

As one can observe, while Chiratae Trust has been sanctioned


the maximum corpus, while, Kae Capital Fund II has made the
maximum investments in startups, as of September 2017.

HOW THE FUND OF FUNDS FOR STARTUPS WORK

Although it’s unlikely, yet for the novice, here is a brief rundown
on how exactly the SIDBI-AIFs association work to impart designated
corpus to the startups, as part of Startup India plan.

In order to avail funds, an eligible VC fund first makes a detailed


presentation before the Venture Capital Investment Committee (VCIC).
The VCIC has been created by SIDBI and includes external experts like
Mohandas Pai, Sanjeev Bikhchandani, Saurabh Srivastava, H.K.Mittal,
Prof. Vaidyanathan, Kiran Karnik, and more. Going ahead, the
following process needs to be followed by an AIF:

POINTS TO BE NOTED BY AIFS

 Generally, commitment period of an Alternative Investment Fund


(AIF) should be for a period of four to five to years from the date
of its First Closing.
 The AIF’s shall invest at least twice the amount of contribution
received from FFS ineligible and selected startups. The tenure of
the AIF supported under FFS will be initially upto 12 years.
 There is no minimum investment limit prescribed.
 The investment in any investee company shall not be more than
25% of the size of AIF or as may be prescribed by SIDBI from
time to time.

Now that we understand the allocation process, here is a brief


overview of startups selected and funded so far under Fund of Funds. It
is to be noted that though the Startup India website claims to have 75
startups, however, we found just 70 unique startups. Information about
two startups was repetitive and names of three startups were missing
from the list mentioned on the Startup India website.

*The information about the startups has been collected majorly from
available public sources and has been collated in an alphabetical manner.
CHAPTER:-5

ANALYSIS

Today, the Indian population is moving towards fitness and overall


well-being as a means to de-stress themselves from hectic work
pressure, and combat unhealthy eating habits and sedentary lifestyles.
With the profound changes in the lifestyle and income levels of people,
the wellness industry in India has become a sunrise sector, and is set to
grow by 20-30 per cent year on year. Currently, the market is estimated
at Rs 490 billion, of which wellness services contribute 40 per cent.
However, a large chunk of the Indian population is not aware of the
fitness options available to them.

A pool of startups have emerged in the last couple of years, to


bridge this gap, and address the requirements of fitness enthusiasts. With
these embarking on journeys into the wellness space, the space is
expected to hit an inflection point of growth.The industry is currently
dominated by weight loss and beauty treatment services.

Pankaj Gupta, Founder, MyFlexipass, says,

"The wellness industry stands at an inflection point, with high


fragmentation, high market potential and healthy growth. New
models for aggregation are emerging to disrupt this sector".
Flexipass has tied up with more than 400 fitness centres across
NCR and Mumbai, covering a large variety of activities, ranging from
gyms, crossfit, yoga, and various dance forms to sports.

GROWTH OPPORTUNITIES

In India, people have realized the importance of staying healthier.


In the last couple of years, the industry has witnessed a major
transformation, with the age group of 20-44 trying out exciting things
like Zumba, aerial yoga, Pilates, MMA and kickboxing.

Shailesh Ghorpade, Managing Partner & CIO at Exfinity Venture


Partners LLP (which has invested in a wellness startup, Fitternity) says,

In India, the health and wellness market has been growing. The
sector is fragmented and there is a need for its consolidation into an
organized one. Mom and pop shops are giving way to organized
retailing when it comes to gyms, and it is felt that this process will
accelerate in coming years.

A Deloitte-IHRSA report indicated that there are 4.8


million fitness seekers across Mumbai, Delhi and Bangalore.

Megha More, Co-founder, Truweight, says, The major drivers of


the growth are sedentary lifestyles, unhealthy eating habits and
growing disposable income.
Bengaluru based Trueweight offers comprehensive solutions for weight
loss, and customised nutrition counseling, along with a Super Food kit.
Its three-month package is priced at Rs 18,000.

The startup has raised Series A funds from Kalaari Capital. In


terms of revenue, it is expecting to touch Rs 15 crore this fiscal year.

Amaresh Ojha, Co-Founder, Gympik.com, says, There is a huge


opportunity in training for trainers. This will lead to better results
for individuals and will increase the retention rate for fitness
centers.

Bangalore-based Gympik raised $135k in seed funding from a


group of angel investors. Gympik.com is an online marketplace for
fitness and wellness services. It has had 1000 unique visitors. The
startup is expected to generate a revenue of Rs one crore in the next
fiscal year.

Sahil Kukreja, Founder, Fiticket, says, Convenience is a key


missing element, in terms of wellness and fitness, in most people’s
daily routines. Thus we have made gyms and fitness studios more
accessible by putting them on smartphones.

Fiticket has tied up with over 450 gyms and fitness studios across
Mumbai alone. The Fiticket app is currently available on the iOS
platform and for Android. The app witnessed 500 bookings per month in
its beta version. Currently, it has over 1500 users each month, and its
monthly subscription package is priced at Rs 2499.

Neha Motwani, Founder, Fitternity.com, says, Cumulative efforts


and positive changes in consumer outlook, coupled with improved
infrastructure, make the industry’s prospects look very positive.
The Indian wellness industry is successfully making the transition
from remedial care to the more holistic preventive healthcare.

Mumbai-based Fitternity operates in 16 categories in Mumbai,


Pune and Bangalore. Their website and app are hyper-local search
engines that provide detailed information, such as photos, videos, rate
cards and user reviews, on all fitness related services, like gyms, yoga,
zumba, pilates, crossfit, marathon training, personal trainers, and healthy
tiffins, among others.

It has 7500 unique visitors daily, and an active user base of more
than 50,000. It has raised a pre-series A investment of USD one million,
led by Bengaluru-based Exfinity Venture Partners.
Supportive role PM Narendra Modi has shown immense interest
in the wellness industry, especially Yoga. He recently formed a separate
Ministry named AYUSH, which will have a Department for YOGA.
Moreover, Yoga has been exempted from service tax.
Investors and incubators are also playing a big role by supporting and
mentoring startups in the wellness space.

Rajesh Raju, MD of Kalaari Capital, which has invested in


Truweight, says, We believe that wellness is the next frontier for
tech-led disruption. Startups that are using technology to attain
scale in addressing a large space like wellness will provide for great
investment opportunities. Moreover, startups who build a trusted
brand for the masses can generate outsized profits and ROI.

FUTURE PROSPECTIVE
According to a joint study by FICCI and PWC, the Indian wellness
industry will touch Rs 1 trillion in 2015.
Amaresh says, "With the increase in the disposable income of
people in tier 1 and tier 2 cities, wellness is going to be a major
expenditure of the common man."
Going through the other side of the coin, the industry is highly
unorganised, with poor service levels, renewal rates, a lack of trained
manpower and information, etc.

Shailesh says, As with any consumer business, engagement and


repeatability are key business drivers. Fitness startups that can
solve the periodically repeated problems that fitness services face
will succeed. The use of technology is the only way to ensure
uniform service quality and increased reach.
CHAPTER:-6

CONCLUSION

Consistent with published evidence, there is solid evidence that


well-run programs operated by committed employers can meaningfully
improve the health-related behaviors and health status of participating
employees. However it is not clear at this point whether improved
health-related behavior will translate into lower health care cost, but
there is reason to be optimistic. The sustainable improvements in health
status ought to translate into a lower rate of chronic disease and thus
long-term reductions in health care cost. But the effect size of lifestyle
management may not be as large as previously estimated. Mecer (2010)
estimates health-care savings of below $378 per employee per year or
about 7 percent of cost of coverage when wellness programs are
implemented. In other words, participation in lifestyle management
interventions is associated with a reduction in direct medical costs of
below 7 percent among participants. The employer level depends on the
share of employees participating in such programs and on program fees.
The implementation of these wellness programs are thought, from
various studies, to help in enhancing employee job satisfaction, boost
morale and motivation and ultimately enhance employee performance
and productivity. However, the studies have not been able to provide
substantive perspectives of these wellness programs. In Kenya, little
work has been done in this area with most studies focusing on employee
welfare including Kemboi et.al (2013) and Mokaya and Gitari (2013) on
Employee recreation. Many organizations though have sought to
implement wellness programs within their workplace including Kenyatta
University, Safaricom, Deloitte and Touche, Serena Hotels, Sameer
Africa among others.

Unlike medical schemes which address curative healthcare by


paying for treatment costs, staff wellness programmes to a large extent
encourage preventive healthcare. This is because wellness programmes
ensure that prevalent health risks are avoided. An integrated employee
wellness management programme comprises of, among other
components; health risk assessments, employee assistance programmes,
chronic disease management, and occupational health management.
According to FaizaDevji, the AON Kenya research and product
development manager, Kenyan companies are adopting such staff
wellness programmes and employers are becoming conscious about the
health of their workforce. To ensure that corporate goals are achieved,
most employers have recently turned to welfare programmes that
address financial needs of employees as one way of catching their
concentration at work. Other than taking care of staff finances,
companies and management have realised the need to engage in
counseling programmes and stress management services argues the
Sameer Africa human resources manager Irene Muinde Apart from the
day-care centre enhancing mothers bond with their infants while at
work, a wellness programme that features counselling and health
education has been adopted at Safaricom. Contrary to the existing
workplace health programmes that lay much focus on those infected and
affected by HIV/AIDS, wellness programmes are expanding to include
addressing other chronic illnesses. Local companies now pay for their
employees’ basic clinical assessments such as obesity, blood pressure,
and cholesterol levels. The Serena Hotel Wellness Program is designed
to respond to the health and lifestyle related challenges faced by the
Serena fraternity and the communities surrounding their establishments.
The program profiles work and health-related challenges facing
employees and proactively seeks ways of dealing with them through a
participatory approach. promotion model, sometimes also referred to as
employee wellness, has more potential of capturing wider influences
related to a person’s individual characteristics and behaviours, the social,
physical and economic environment (determinants of health, WHO,
2012).
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