UK employees say they are willing to pay around £500 for healthcare benefits according to a study by Unum. With many people struggling with the costs of living, the fact that staff would be willing to sacrifice a portion of their take-home pay to protect their health needs shows how much they value such services.

In the current climate, employers are under increasing pressure to do more for their employees. A new poll of 500 HR leaders found that three quarters (75 per cent) feared the cost-of-living crisis was having an impact on employee performance.

The potential impact of this can include:

• Increased staff absences

• Poor staff retention rates

• Reduced productivity levels

• Increased presenteeism

Finding a solution that will stick is a must for successful businesses to, well, stay successful.

In this blog we've outlined the importance of prioritising employee wellbeing and some of the ways that employers can support staff and protect the smooth running of their business.

The changing face of employee wellbeing

Business owners must be aware of what's new, what's changing, and what staff need when it comes to employee benefits.

Employee benefits and workplace perks are changing all the time. For example:

• Health and protection policies are including more and more add-ons, such as virtual GP, new diagnostic tests and mental health support tools

• Mental wellbeing apps are increasing in number and features

• Each health insurance provider is working on its own innovations, some of which are made exclusive to specific policies (creating a more confusing landscape for HR to navigate!)

• Company wellness policies in general are being forced to evolve with employee and societal demand

Whilst employee needs fluctuate, many benefits on offer to staff are designed to be adaptable to different needs.

The nature of the workplace has changed massively over the last few years, with increased home-working being the most obvious example, aligned with the rise of inflation. This creates extra challenges for employers to manage, such as how to support remote workforces, and figuring out ways of assisting staff with any financial pressures they may be facing.

The scale of the above may seem a tad overwhelming, but the most effective way of supporting staff through life and work is to understand what options you have available in order to build an effective workplace strategy.

Employee benefits to help get you started

The first step to is to consider three core areas of wellbeing:

• Physical wellbeing

• Mental wellbeing

• Financial wellbeing

What does this look like in practice?

Here are a handful of tried and tested employee benefits that we recommend from years in the health and protection world:

Physical wellbeing: Group Health Cash Plans and Group Health Insurance

• Health Care Cash Plans support staff's everyday health and wellbeing needs, providing access to a wide range of services such as physiotherapy, osteopathy, diagnostic scans and counselling.

• Group Health Insurance is a form of private medical insurance covering groups of staff, giving them access to a range of health services and rapid medical care.

Mental wellbeing: Employee Assistance Programme (EAP)

• EAPs provide staff with a choice of services to help manage emotional and psychological stresses, big or small. This benefit is often included with a Health Insurance plan or within Health Cash Plans, making it incredibly easy to put in place. Alternatively, it can be purchased as a standalone product.

Financial wellbeing: Group Income Protection

• Group Income Protection provides financial support to employees in the case of a prolonged illness, beyond statutory sick pay. It also includes practical support to help get staff on the mend as quickly as possible.

• There are many small things you can do to help: support with work travel costs, lunchtime discount schemes and general retail discounts schemes to mention just a few.

Motivational benefits

• Bonuses, company away days and social events are just a few ideas to help boost the mood of the workforce and let them know they're appreciated.

Whilst appearing a lot of ground to cover, establishing a clear plan addressing areas of staff wellbeing simplifies the whole process and prevents anything from being overlooked.

Each area of wellbeing can impact on the other, so having a strategy that covers all the bases will see you in good stead.

Getting to the route of what employees want

Alongside offering a range of employee benefits to staff, there are extra initiatives to help businesses understand what employees need. Fostering a positive work environment that supports open colleague-communication is just as important (if not the first step!) towards providing staff with benefits they will actually utilise.

Budget-friendly examples of workplace initiatives:

Surveys and feedback:

• Business-wide surveys will provide an overall perspective as to what staff feel they are missing, what needs to change, and what is working well.

• Combine the feedback with one-to-one or group discussions to understand different staff priorities in more depth.

• Some areas discussed can be sensitive – staff may need a trusted space to feel supported on their mental and physical wellbeing.

Some examples of survey questions to help:

• How satisfied are you with the current benefits on offer?

• What benefits would you like to see?

• Grade these benefits in order of importance e.g., Group Health, Group Life, Income Protection, remote work and flexi-time.

• Do you know what benefits you have and how to access them?

• Do you feel listened to by your employer / management?

Monitor metrics and usage rates:

• Before rushing into the next shiny new employee benefits, it's worth taking an in-depth look at the performance of any current schemes in place. What services do they have? What's going unused?

• Monitoring of usage rates reveals what schemes are helpful and what are not, for example if there is an increased uptake of mental health services, it will show business owners what needs working on.

Turn to an employee benefits broker for extra support

Contact us at Hooray Health & Protection for FREE expert and no-obligation advice from our friendly team of AMII-accredited employee benefits brokers. We help businesses find the perfect blend of workplace perks and health insurance schemes that fit the specific needs of a company and its staff. Call 01273 222805 or email out team at hello@hoorayinsurance.co.uk.

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