Press release 15 August 2023.
According to new research1 from GRiD, the industry body for the group risk sector, affordability - competing with budget for other business needs - was cited as the biggest challenge in supporting the health and wellbeing of staff, by 30% of employers. However, 98% of those that measure the impact to the business in supporting staff say it is positive.
GRiD believes that ‘affordability’ does not simply mean the actual price of providing health and wellbeing support, or the cost of delivering it, but is about whether decision-makers in the business perceive the value and effectiveness of it, which is why it is so important to measure the impact.
Katharine Moxham, spokesperson for GRiD, said: “Unlike an investment in other business assets, evaluating the business benefits of health and wellbeing support can be more nuanced. 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.”
According to the research, 45% of employers do not measure the impact of supporting the health and wellbeing of their staff. However, of the 51% who do measure the impact:
- 42% say that supporting health and wellbeing holistically helps them manage absence, mitigating the number and length of absences meaning quicker returns to work.
- 39% say it is integral to their company ethos to support employees – including their health and wellbeing – which helps them fulfil their business objectives.
- 36% say they are more likely to succeed financially as a business when their employees are fit, healthy and engaged in their work.
- 35% say that when their employees know that they are supported with their overall health and wellbeing, it increases their productivity.
- 30% say potential clients are interested in how well they look after staff. Having a good policy in place helps them win clients.
In fact, of those employers who do measure the impact of their employee health and wellbeing support, 98% agree that it has a significantly positive impact on their company. It is vital that the clear, tangible business benefits are communicated throughout the business, so that those in control of overall budgets understand the priority they need to be given.
Katharine Moxham continued: “The perceived value of health and wellbeing support should not be taken for granted. 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: advisers and providers can also help determine how to measure success in order to build the business case.”
- Ends –
- The research was undertaken by Opinium from 9-22 January 2023 among 503 HR decision-makers at UK businesses.
For further information please contact:
SMUK Marketing and PR
Mob: 07747 611773
Land: 01252 843350
Spokesperson for GRiD
Mob: 07887 512508
Notes for editors
Group Risk Development (GRiD) is the industry body for the group risk sector, promoting the value to UK businesses of providing financial protection for their staff, enhancing their well-being and improving employee engagement. Our membership includes insurers, reinsurers, intermediaries and those operating in (or with other interests in) the UK group risk market. Together this forms a collective wealth of experience built over many years. Under the chairmanship of Paul White (head of technical, Howden Employee Benefits & Wellbeing) GRiD aims to promote group risk through a collective voice to Government, policymakers, stakeholders and employers.
GRiD works with government departments and regulators involved in legislation and regulation affecting group risk benefits, and with other organisations involved in the benefits and financial protection arenas. GRiD also seeks to enhance the industry's standing by encouraging best practice and by participating in industry-wide initiatives such as the professional qualification in group risk managed jointly with the Chartered Insurance Institute.
GRiD’s media activity aims to generate a wider awareness and understanding of group risk products and their benefits for employers and employees.
GRiD's dedicated spokesperson, Katharine Moxham, provides expert media comment on a full range of group risk issues.
Follow Katharine Moxham on Twitter @KMoxham