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.
Benefits afford benefits
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 wellbeing of 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.”
Talking healthcare and Group Risk
People often say to me, “What do you mean when you talk about ‘healthcare’ and ‘Group Risk’?” And it’s actually a pretty good question because the two terms would not immediately lead you to think about the exciting and mutually rewarding world of EMPLOYEE BENEFITS.
When people hear the term ‘healthcare’, they think of nursing, care homes and the NHS. But in the world of employee benefits, when we talk about healthcare, we’re referring to employee health and wellbeing, including:
- Health Insurance
- Health Cash Plans
- Dental Insurance
- Travel Insurance
- Employee Assistance Programmes (EAPs)
While Group Risk is usually broken down into:
- Employee life assurance
- Employee long-term sick pay, or, Group Income protection
- Group Critical Illness cover for employees
In other words, protecting your employees when the worst happens and making sure that they and their families are looked after financially and practically.
Interested in getting greater ROI from your employee benefits spend? If so, contact me today.
I joined Premier Choice Group as a Healthcare & Protection Consultant in 2017, where I now look after the needs of over 200 clients nationwide. Prior to joining the Premier Choice Group, I worked for a large Private Healthcare Insurer, VitalityHealth, and managed SME and Individual clients across the country.