SMEs are investing in health and wellbeing benefits but research shows they do not offer some of the services rated most effective by peer employers.
A survey of 550 HR decision-makers at companies with 1 to 249 employees showed that 82 percent provide access to one or more insurance-based health and wellbeing benefits.
But the research, from Canada Life, found that a number of employee benefits services that get strong positive feedback for reducing absence and supporting health and wellbeing have low take-up among SME employers.
For example, 90 percent of the respondents that offer virtual mental health counselling and online self-help stress management tools agreed they are effective. Yet less than a third (28 percent) offer these benefits to staff.
Online nutrition and fitness programmes were deemed to be effective by 96 percent of SMEs that offer them. But just 10 percent of SMEs surveyed make them available to staff. Among respondents that offer phone and video GP appointments, 92 percent agreed that these benefits help to manage employee sickness absence and wellbeing. Just 12 percent actually offer them.
Further research data shows that private medical insurance is valued by 92 percent of SMEs that provide it, with just 27 percent including it in employees benefits, and 90 percent agreed that occupational health services made a difference to staff health, while only 16 percent offer it.
Group critical illness benefits and group income protection were both rated highly, valued by 88 percent of SMEs that offered them. However, just 20 percent offer GCI and 14 percent offer GIP.
Chris Morgan, head of proposition and product strategy, protection, at Canada Life, said: “Small businesses depend on a healthy workforce – when employees are unwell, the impact on productivity can be significant. It’s encouraging to see some SMEs are investing in health and wellbeing benefits, but it’s vital they regularly assess whether these benefits are effectively supporting their employee’s health and workforce productivity.”
