Because… Employee Benefits, Show Them You Care
The vast majority of employers believe employee benefits are good for business, as well as staff. That’s the key finding to come from research by Group Risk Development (GRiD), the industry body for the group risk protection sector.
According to the GRiD poll, over four-fifths (81%) of businesses believe that looking after the mental, physical, financial and social wellbeing of staff is beneficial for all parties involved.
The study of 500 HR decision-makers, published in May 2020, also found that more than three-quarters (78%) of employers believe offering physical wellbeing benefits to their staff has a positive impact on business. Almost the same number again (77%) said they believe it’s good to look after the financial wellbeing of employees too. Just under three-quarters (73%) believe it’s important to look after their employees’ social wellbeing.
When it comes to the benefits afforded by employers, just under half (48%) said that supporting staff wellbeing shows care for employees, which leads to loyalty and engagement. Just over two-fifths 41% cited increased productivity as a positive outcome of supporting staff wellbeing, while 40% said it can help decrease the number and length of absences.
Furthermore, 38% believe that supporting employee wellbeing is integral for improving organisational culture, while more than one in four (28%) says it helps them differentiate themselves from competitors, which aids with recruitment and retention.
Supporting the nation
Despite the fact the research was carried out before the coronavirus outbreak, the current pandemic has served to underline how big a role employee benefits can play in supporting the wellbeing of the nation. With a significant number of employees currently furloughed and self-isolating at home, with very few other people around them, many will be looking towards their employer for support.
Speaking about the findings of the report, Katharine Moxham, spokesperson for GRiD, said: “Today, employers appreciate much more fully the link between supporting the wellbeing of staff and the benefits to their business. It’s really heartening that businesses understand that kindness doesn’t cost – in fact, the opposite is true. Employers see that looking after the health and wellbeing of employees can result in very real benefits for the business.”
healthcare & Group Risk
The HR Personnel we meet are a caring bunch, with genuine concern for the good of their workforce, which also just happens to be an organisations most valuable asset. Until recently, Health and Wellbeing benefits have sometimes been overlooked by employees, until the time of need. At that point, appreciation for the benefits on hand and what their employer has chosen to provide for them, receives much adulation. In our experience, over time this cycle creates a host organisational advocates, which is a priceless asset.
Typical Health and Wellbeing benefits include:
- Private medical insurance and virtual GP services
- Group Risk plans – life cover, income protection, critical illness
- Employee Assistance Programmes (stress counselling/mental health support)
- Cash Plans
- Occupational Health
- Plus others
We can ensure existing cover is relevant and competitive, or design new arrangements tailored to specific requirements. We would welcome your contact.