Employees struggle with affordability of employee benefits
Research taken by GRiD – Group Risk industry Body has shown that one third of employers struggle with the cost of supporting employees health and wellbeing. Nearly half (45%) of employers surveyed did not measure the impact of their health and wellbeing support. Of the 51% of employers that did, 98% said the health and wellbeing support it offers had a positive impact on the business.
Of the employers that measured health and wellbeing support, 42% said that supporting health and wellbeing holistically helped to manage absence, and mitigate the quantity and length of absences so employees returned to work sooner.
Over one third of employers (35%) also reported increased productivity when their employees knew they were supported with their overall health and wellbeing in the workplace.
Additionally, 36% of employers stated they are more likely to succeed financially as a business when their employees are healthy and engaged in their work, and potential clients were interested in how well employers looked after staff (30%).
Katharine Moxham, spokesperson for GRiD, commented that HR teams and the wider business should not only provide health and wellbeing benefits for their staff, such as employer-sponsored life assurance, income protection and critical illness, but also measure and demonstrate its value. Advisers and providers can help determine how to measure success in order to build the business case. Unlike an investment in other business assets, evaluating the business benefits of health and wellbeing support can be more nuanced. That’s why it’s so important that HR teams have measurements in place that demonstrate the worth of their selected employee benefits to ensure they can retain and grow their budget for this type of support in the future.”
BDHL are an experienced employee benefits broker that can create a tailored employee benefits package to meet your businsses requirements and budget. Give us a call today on 01892 891900