` How employee health benefits improve financial wellbeing | Reward and Employee Benefits Association (REBA)
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26 Mar 2018

How employee health benefits improve financial wellbeing

Financial wellbeing is a huge factor in improving the overall wellness of your employees. Employee benefits focused around health and finance can boost engagement through helping staff with insurance and private treatment.

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A changing social environment

The scale of the ageing population is changing. This is already causing an impact on workplaces in the UK, resulting in increased working ages, changing pensions legislation, and financial implications as a result of increasing health needs.

As people are getting older, their health needs are affecting their financial wellbeing, meaning support through employee benefits is needed now more than ever.

By 2020, the Office for National Statistics predicts that people aged over 50 will constitute one third of the working population. This will inevitably put further strains on the speed and access to NHS services, affecting employees’ return to work, recovery and engagement.

The effects of poor financial wellbeing

Employees who are struggling financially as a result of health issues may be struggling with increased levels of stress. This is likely to have an effect on the individual's sleep, concentration and subsequently their productivity and motivation.

Stressful situations can also be detrimental to the employees’ health and wellbeing, potentially further increasing length of absences, days off sick and recovery time, inevitably having a knock-on effect on their time at work when they return.

Distractions such as worrying about a payment or having to make personal phone calls during work hours mean that an employee is less likely to be focusing on work and may be more focused on financial issues at home. These distractions can impact performance as well as potentially put a strain on working relationships with colleagues.

Improve financial wellbeing through health-focused employee benefits

By implementing programmes that support employees with health costs, employees can be benefited through receiving support with private medical treatments. As well as this, simple and affordable health insurance can boost employees’ financial wellbeing through support with everyday health needs.

Health-focused benefits that can help to cover the cost of healthcare and private medical treatment can reduce time spent on lengthy NHS waiting lists and, in turn, support your employees in a quicker return to work.

With less distractions, employees are more likely to be focused on their work. The workplace is uniquely positioned to improve the financial wellbeing of employees, meaning it’s an important investment that serves to improve productivity, motivation, and most importantly, the health and wellbeing of your staff. 

This article was supplied by Busy Bees Benefits. 

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