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Survey reveals wellbeing affordability challenges for employers

by Benefits Expert
30/08/2023
wellbeing, Affordability
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Affordability is the biggest challenge in supporting the health and wellbeing of staff, according to nearly a third (30%) of employers polled by Group Risk Development (GRiD).

However, the study also indicates that, beyond the apparent financial challenges, 89% of companies that do introduce mental health support for their employees observe positive effects on their business.

Despite this, though, only 51% of businesses assess the impact of implementing such support. Among this group, 42% see evidence that supporting health and wellbeing helps them manage absence, allowing for quicker returns to work.

“Unlike an investment in other business assets, evaluating the business benefits of health and wellbeing support can be more nuanced,” said Katharine Moxham, GRiD spokesperson. “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,” she added.

GRiD’s research also found that 39% of employers view mental health and wellness support as an integral component of their corporate ethos, aligning positively with their business objectives. 

Additionally, 36% expressed the belief that the wellbeing, fitness and engagement of their staff would make their business more likely to succeed financially. A similar percentage (35%) noted an increase in productivity when employees felt supported with their overall health and wellbeing. 

Furthermore, 30% of employers said potential clients were interested in how well they looked after staff.

“The perceived value of health and wellbeing support should not be taken for granted,” said Moxham. “It is down to HR teams and the wider business to not only provide health and wellbeing benefits for their staff, such as group risk – employer-sponsored life assurance, income protection and critical illness – but to also measure and then demonstrate the inherent value within them. 

“This doesn’t necessarily need to be undertaken by the business in isolation,” Moxham added. “Advisers and providers can also help determine how to measure success in order to build the business case.”

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The podcast from Benefits Expert, the title for HR, reward and benefits professionals.

Seasoned professionals examine the challenges and innovations in today’s employee benefits, reward and HR sector. Every episode, they will unbox a key issue and unpack what it really means for employers and how they can tackle it.

The regulars are Claire Churchard, editor of Benefits Expert; Carole Goldsmith, HR director at the Royal Horticultural Society, and Steve Herbert, consultant and rewards & benefits veteran.

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byBenefits Expert from Definite Article Media

Return-to-office mandates are a topic that’s generating plenty of heat in the media, but how closely do the headlines match workplace reality? 

In this episode, one of a three-part series of 10-minute podcasts, hosts Claire Churchard and Steve Herbert discuss data that shows remote or home working is on the rise.

We look at what this means for HR, from balancing employee flexibility with business needs, to ensuring benefits packages remain fair and accessible. We discuss the pinch points, and the opportunities, in building the new normal of work.

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