In a significant boost for workplace well-being, a combined 43% of employers have pledged to increase their investment in employee benefits within the next year, according to recent research conducted by GRiD, the industry body for the group risk sector.
Commitment to employee well-being
This move underscores a growing recognition among businesses of the critical importance of providing robust support for their staff. Parallel to this, Towergate Health & Protection’s research highlights an evolving employment landscape where 59% of employers have expanded their workforce last year, with a substantial number planning to continue this trend.
Talent acquisition and competitive advantage
As competition for talent intensifies, especially among medium and large companies, the provision of comprehensive health and wellbeing support emerges as a key differentiator. Towergate’s findings reveal a clear shift in recruitment strategies, with 68% of large companies looking to recruit, making the robust promotion of health and wellbeing support a crucial element in attracting and retaining the best talent.
GRiD raises a pertinent concern regarding the direct funding of support by 37% of employers, advocating for the investment in structured support from established employee benefits providers to ensure consistency, quality, and equity. The organisation stresses that ad-hoc approaches may lead to inadvertent inequalities, whereas predetermined and contracted support ensures equal access for all employees without bias.
Structured support for equity and quality
The research also indicates a promising trend towards inclusivity, with 44% of employers aiming to extend support to a broader segment of their workforce. This approach not only enhances staff well-being but also contributes to reduced turnover, improved retention, and increased productivity.
Effective communication about available benefits is crucial for maximising their utilisation. Over the next 12 months, a significant proportion of employers plan to enhance engagement and accessibility to support and benefits, through innovative solutions like apps and online platforms. This strategy addresses the challenge of ensuring employees are aware of and can easily access the support they need when they need it most.
Innovative engagement and inclusivity trends
Katharine Moxham of GRiD emphasises the positive outlook for employee support but advises employers to consult with experts to navigate the rapidly evolving industry landscape effectively. Debra Clark from Towergate Health & Protection echoes this sentiment, highlighting the importance of a comprehensive support program that addresses all facets of health and well-being, including physical, mental, social, and financial aspects.
In the post-pandemic era, employee expectations have risen sharply, with potential recruits seeking employment packages that offer more than just financial remuneration. Employers must adapt to these changing needs, providing support that addresses the diverse requirements of their workforce, including gender-specific support, neurodiversity, addiction, eldercare, nutrition, and fitness.
As businesses vie for top talent in a competitive market, it becomes increasingly clear that offering a full spectrum of health and wellbeing support is not just beneficial but essential. This comprehensive approach to employee benefits is poised to redefine the employment landscape, making companies that prioritise the well-being of their staff stand out as employers of choice.
Research
The research by GRiD was conducted by Opinium from 9-16 January 2024 among 500 HR decision-makers at UK businesses. Towergate Health & Protection’s research was also conducted by Opinium in January 2024 among 500 HR professionals.
Joanne is the editor for Workplace Wellbeing Professional and has a keen interest in promoting the safety and wellbeing of the global workforce. After earning a bachelor's degree in English literature and media studies, she taught English in China and Vietnam for two years. Before joining Work Well Pro, Joanne worked as a marketing coordinator for luxury property, where her responsibilities included blog writing, photography, and video creation.
