Wellbeing benefits are becoming increasingly popular among employees, with 83% of businesses reporting an increase in demand for them.
As a result, more than seven in 10 (71%) of organisations have appointed a head of wellbeing, according to research revealed ahead of World Mental Health Day tomorrow (10 October).
However, the study by Zest showed that only one in five (19%) provide wellbeing allowances within their benefits provision.
The employee benefits technology firm further found that, in terms of communication, nine in 10 (89%) employers believe that their staff are now more likely to talk about wellbeing in the workplace.
Although more than four in five (82%) of organisations are increasing their investment more in wellbeing benefits, nearly six in 10 (57%) think employee wellbeing is at an all-time low.
The findings have prompted Zest to warn that employers could risk losing talent from the workforce if they refuse to invest in staff wellbeing.
Matt Russell, CEO at Zest, said: “Employers not investing in their benefits packages will struggle to keep pace as the wellbeing revolution continues to accelerate. They risk being left behind by competitors and could face a real struggle to attract and retain key talent if they don’t listen to the demands of their workforce.
“Many people struggled with their mental wellbeing during Covid and then the cost-of-living crisis took a toll on their financial wellbeing – employers need to ensure that their employee benefits packages are offering the right tools to support both.
“However, it’s a hugely positive sign that so many employers are appointing heads of wellbeing or similar roles – these individuals will be able to liaise with the workforce directly, ultimately ensuring that employees have access to the support and remuneration that they need during this challenging time.”
The study also showed that the most popular wellbeing perk is paid mental health leave, offered by almost a quarter (24%) of employers. This was followed by cycle-to-work schemes, provided by 23% of firms, and mindfulness programmes and menopause support, offered by 21% and 17% respectively.