This review summarizes the development, evaluation framework, empirical evidence, and remaining challenges of HPM initiatives in Japan, with implications for international adoption.National programs, including the HPM Stock Selection and the Excellent Corporations in HPM Program, use a standardized survey-based assessment to recognize companies that prioritize employee health.Analysis of HPM survey data demonstrates graded associations between higher HPM scores and favorable health indicators, including healthier body weight, higher exercise prevalence, better sleep, and lower smoking rates.Although HPM-certified companies show higher average stock prices than market benchmarks, causal relationships remain unclear.Despite the dominance of small-and medium-sized enterprises (SMEs) in Japan's labor market, SME participation in HPM is limited.Evidence from certified SMEs highlights perceived benefits for organizational climate, safety awareness, and recruitment, while also revealing challenges in employee engagement and external disclosure.Future directions include strengthening causal evidence, expanding SME participation, integrating occupational safety, and emphasizing organizational culture and communication.Japan's HPM model offers a policy-driven framework with potential relevance beyond Japan.
Tomohisa NAGATA (Thu,) studied this question.