Almost half of UK employees (45%) favour workplace benefits that support long-term finances and retirement, finds the latest research by WTW. Yet, more than half of employers have focused on providing health benefits (57%) and mental health support (56%), revealing a potential mismatch in priorities.
According to WTW’s Benefit Trends Survey, employers say their benefit priorities are being driven by a desire to meet the needs of all employees (56%) and improve employee wellbeing (46%). Until now, this has resulted in benefit programmes that focus on physical and mental health, as well as broader wellbeing initiatives that enhance employees’ careers and align with flexible work environments.
Stephanie Parton-Corr, GB Health & Benefits Wellbeing Lead at WTW says:
Poor financial wellbeing can affect an employee’s productivity and engagement in the same way as poor mental or physical health, so a balanced approach needs to be taken. Therefore, financial wellbeing is fast becoming a priority area for employers wishing to meaningfully look after their employees’ overall health and wellbeing.
Stephanie Parton-Corr, GB Health & Benefits Wellbeing Lead at WTW
With competition for talent cited by three-quarters (77%) of employers as a key issue influencing their benefits strategy, employers will do well to take heed of the growing demand from workforces for increased financial wellbeing support.
Indeed, when it comes to financial wellbeing, the research shows that 49% of employers are already looking to improve their benefits positions specifically relating to financial wellbeing and short-term finances, and 59% are showing a desire to be above market in this area over the next two years, when compared to their main competitors.
Stephanie Parton-Corr says:
Thankfully, there is a whole host of financial wellbeing solutions available for employers to offer to their workforces which can be tailored to suit any budget and workforce size. This could be about promoting existing financial information services and discounts, embedded within employee assistance programmes or other benefits, running education campaigns involving seminars and webinars, exploring digital wellbeing solutions partners who can offer whole-of-workforce apps and personalised education platforms to transform employee financial wellbeing, and much more.
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.