Employees – particularly those in London – spend significant sums of money on wellbeing products every month, according to new research.
In 2018, UK workers spent, on average, £174 per month on wellbeing products, a survey from Canada Life found. In London, nearly double this amount (£347) was spent, on average.
Wellbeing and wellness products include things like insurance cover, such as income protection, and day-to-day perks like gym memberships. Excluding London-based workers, the average amount spent on wellbeing products across the UK in 2018 was £101.
Interestingly, working millennials (individuals between the ages of 18 and 34) spent more than any other group (£380, on average), which is more than double the national monthly average. It’s a reality that highlights just how valuable wellbeing products are to this group of workers.
But while more than half (56%) of respondents said they try and look after their physical and mental health, a further 38% admitted they could do more to take care of their bodies and 31% their minds.
Workplace Benefits Boost Retention
Considering that just one in 10 (11%) workers said that none of the wellbeing benefits suggested in the survey would make them feel more positive towards their employer, the research should set off alarm bells for companies that do not currently offer anything in the way of wellbeing products/employee benefits.
Again, millennials in particular are, apparently, very receptive to workplace benefits, with only 4% of this group saying none of the offerings suggested in the survey would make them feel more positive towards their employer.
Moreover, millennials actually value gym memberships more than they do Critical Illness Cover. However, all age groups agreed that they would feel more positive towards their employer if they were offered Group Income Protection and Group Life Assurance over gym memberships.
Speaking about the findings of the research, Paul Avis, Canada Life’s marketing director for group insurance, said that employers can make an “active, positive contribution to the wellbeing of their workforce” by offering a broader range of workplace benefits, including things like Group Life Assurance and Group Critical Illness.
“This would be especially pertinent for millennials, who spend the most out of any age group on wellbeing products. But offering a range of wellbeing products would also have its benefits for employers. They would be viewed more positively by staff, which would ensure that they maintain a healthier workforce in the long run and aid retention strategies,” he said.
In terms of the workplace benefits most valued by workers, an annual bonus topped the list (cited by 40% of respondents), while more than 20 days’ holiday (excluding bank holidays) and Private Medical Insurance (PMI) were in second and third place respectively (36% and 33%).
Do you currently offer workplace benefits to your employees? If not, you could be missing a trick when it comes to staff morale and retention.
Maybe you’re not sure which benefits employees value the most. The research cited above should give you a pretty good idea, but if you’d like to discuss any aspect of Group Risk further, contact us today and get a free, no obligation quote.
I have over 15 years client facing experience in the Employee Benefits industry having worked for Mercer HR Consulting and The Willis Group in London. Bringing my expertise to mid and large corporate clients, I joined Premier Choice Healthcare in December 2015, with the aim of advising and developing a varied Corporate client portfolio.