Press release 3 April 2024.

Over three-quarters (76%) of employers now measure the impact of supporting the health and wellbeing of their staff, according to new research conducted by GRiD, the industry body for the group risk sector.¹ This represents a significant increase on the 51% who measured this impact in 2023² and shows that employers are recognising the importance of ensuring both their staff and their business are benefitting from offering health and wellbeing support.

GRiD also emphasises that measuring the impact can be a very effective way for health and wellbeing benefits to be changed or tweaked to improve outcomes. Without measuring the impact, it is difficult to establish an improvement (or deterioration) in employees’ health and wellbeing.

Does support have a business impact?

Also significant is the fact that almost all (99%) employers that measure believe that supporting the health and wellbeing of their staff has a positive impact on their business too.

Of these:

• 43% cited a positive return on investment (ROI)/positive financial impact to the business in offering health and wellbeing support.
• 43% also said that it increased productivity.
• 42% believe that health and wellbeing support engenders loyalty and engagement amongst staff.
• 42% referred to the fact that offering health and wellbeing support is integral to their company ethos and that it helps them fulfil their business objectives.
• 41% said it is a point of differentiation from competitors and supports recruitment and retention.
• 39% disclosed that holistically supporting health and wellbeing helps manage absence, mitigating the number and length of absences, meaning a quicker return to work for staff.

Businesses can see the great advantages in supporting the health and wellbeing of staff on a number of different levels. That of an improved ROI and increased productivity are immediately tangible and understood in a broad business sense but HR professionals will also appreciate other measures such as having a loyal workforce and the benefits of lowering staff turnover.

Katharine Moxham, spokesperson for GRiD, said: “Businesses that are not measuring the impact of supporting the health and wellbeing of their staff are now in the minority and that could mean they may struggle to keep up with their competitors. Measuring this impact is of course about improving the health and wellbeing of each individual member of staff but there are real commercial differentiators too, and it’s great to see so many companies recognise this.”

Key challenges in supporting the health and wellbeing of staff

Despite HR professionals reporting the numerous business benefits of supporting the health and wellbeing of staff, when it comes to implementing it, 38% say that they still face affordability challenges in competing with budgets for other business needs, and nearly a third (31%) say they struggle with getting buy-in from the business that such support is necessary.

Building the business case to support staff requires both quantitative and qualitative data. Measuring the impact of existing support is therefore vital in future-proofing budget and resources.

Katharine Moxham concluded: “Our own group risk industry data shows compelling evidence that health and wellbeing support for staff is crucial to the health and wellbeing of businesses too.

“Support that offers a real and tangible difference to the physical, mental and financial wellbeing of employees, gives the sponsoring employer a huge competitive advantage on many fronts as found in our research. But offering it without measuring it makes it difficult for the business or the HR team to learn, to improve and to stay ahead.”

• Ends –

 

1.

The new research was undertaken by Opinium from 9-16 January 2024 among 500 HR decision-makers at UK businesses.

2.

2023 data was taken from research undertaken by Opinium from 9-22 January 2023 among 503 HR decision-makers at UK businesses.

For further information please contact:

Sharon Mason 
SMUK Marketing and PR
smason@smuk.org.uk 
Mob: 07747 611773
Land: 01252 843350

Katharine Moxham
Spokesperson for GRiD
Katharine.moxham@grouprisk.org.uk
Mob: 07887 512508

Notes for editors

About GRiD

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 Colin Fitzgerald  (Distribution Director – Group Protection, L&G Retail) 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.

www.grouprisk.org.uk

Follow Katharine Moxham on Twitter @KMoxham