Taking multi-generational benefits strategy beyond the EAP
It doesn’t seem that long ago that the top advice to clients seeking ways to provide health and protection support across different generations was to put an employee assistance programme (EAP) in place. This would at least ensure they were meeting their duty of care obligations under law.
Since the Health and Safety at Work Act 1974, employers have been obliged to ensure - as far as is feasible - the health, safety and welfare of their employees at work and assess health and safety risks.
The definitions were expanded in the 1999 Management of Health and Safety at Work Regulations, making managers culpable if staff develop stress. Furthermore, the Equality Act 2010 stated that employers need to consider making reasonable adjustments to not discriminate against employees with mental health issues that could be considered a disability.
So, no need for a ‘wellbeing strategy’ – just put an EAP in place? Maybe not.
The changing face of wellbeing
In 2023, EAPs are the tip of the iceberg and the bare minimum employees expect. According to industry surveys, the range of benefits offered by employers continues to grow, whether they are company funded core benefits or access to voluntary plans via flexible benefit platforms.
The good news for employers starting out on their wellbeing strategies is that, thanks to a more enlightened approach to workplace wellbeing, there is an array of value added benefits embedded into all the most common health and protection products.
The benefits
The EAP has been the staple of value-added benefits for years. Modern EAPs give access to mental health support alongside financial support, especially relevant in a cost-of-living crisis for families managing tight budgets or for those starting out in a new job and looking to buy a first home.
Virtual GP services have come into their own since the Covid-19 pandemic. Initially only offered under private medical insurance schemes, they have become common under group income protection schemes and cash plans and are being extended as a standard benefit under group life assurance (GLA) schemes by more and more providers.
The current difficulty in obtaining face-to-face NHS GP appointments has made this service invaluable, from young people who would prefer to do everything via an app anyway, through to parents who can’t go to surgeries without a lot of forward childcare planning, all the way to older people just looking for some reassurance on on-going health issues.
Bereavement helplines and will writing support can help everyone (death is not exclusively for the old), but especially for the Baby Boomers who have ageing family and friends and are facing the reality of their own mortality. These benefits have traditionally been offered alongside Group Life Assurance (GLA) but are now commonplace.
A second medical opinion can be invaluable at any time when peace of mind is being sought over a less common medical condition. As people age there are inevitably weird things that start happening to us that we don’t always understand and sometimes neither do the mainstream medical profession.
Sandwich generation
Eldercare and concierge services have become increasingly complicated to manage and fund. The sandwich generation is doubly looking for support with childcare responsibilities and ageing parents.
Caring responsibilities often affect those in their 40s to 60s who are often at the peak of their career and support for these Baby Boomer and Gen X employees can help retention and reduce the impact of talent drain from an organisation.
It is estimated that 600 people every day give up work to become a carer, so access to a concierge service can often help reduce turnover due to caring responsibilities.
Many providers are now aggregating these benefits into online wellness hubs and apps where information can be accessed anywhere and at any time. There is a vast array of fitness and nutrition advice available and many providers are increasingly adopting gamification technology linked to healthy rewards to encourage engagement and healthy habits. This has become especially popular with the Gen Zs.
A lot of emphasis is being placed on online access, but most of the benefits discussed here can be accessed via telephone helpline and printable material available for distribution in the workplace. So age, or tech savviness, is not necessarily a barrier for entry.
In closing, the most important thing to get right with wellbeing strategies is having a full understanding of your workforce before you start putting together a benefits package.
If you have a staff that is above average age, some options are more crucial than others. A wellbeing survey would be the ideal place to start, giving a complete overview of the wants and needs of your employees, well before you start approaching benefits providers.
In partnership with Barnett Waddingham
Everything we stand for at Barnett Waddingham is embedded in our promise – to do the right thing. We’ve applied this meaningful principle across all aspects of our business with continued success.
