More than a benefit: Targeted wellbeing as a core workforce strategy

Employers can take a more active role in ensuring benefits help to attract and retain top talent with targeted support that goes beyond just paying a salary.

Statistics show that a strong benefits package can be a key factor in employee decision-making when thinking about jobs and can lead to higher loyalty and reduced turnover rates.

Studies show that around 70% of employees are more likely to stay with a company that offers comprehensive benefits.

A strong rewards package can significantly improve employee engagement and help team members feel valued and therefore more motivated and productive.

Having these in place can also boost morale and help contribute to a better work-life balance.

Effective rewards

Costs towards childcare or commute costs are useful money-saving initiatives, although not everyone will need to use these.

A generous pension scheme beyond the basic requirement can encourage employees to stick around for longer, particularly for employees who are slightly older.

Holiday pay and time off to enjoy life outside of work is also important.

In recent years benefits that focus on health and wellbeing have become particularly pertinent and are a growing focus for employers.

Most businesses have measures in place to support employee health and wellbeing but, despite this, we are still seeing high rates of economic inactivity and an increasing level of absence due to health conditions.

Employers and intermediaries are starting to request a more ‘joined up’ approach where an organisation can really identify whether the benefits they put in place are delivering the required return.

It is no longer enough to address a health issue in isolation.

Often the traditional clinical interventions provided within benefits such as sickness absence, occupational health, EAP and private healthcare are driving costs to a potential unsustainable level.

Often the answer lies with helping individuals to take control of their own health and reduce the costs of the benefits provided.

Having an impact on wellbeing

The challenge for employers is knowing what they should invest in most to have the greatest impact.

Last year support for mental health continued to be high on the agenda.

While complaints around musculoskeletal (MSK) disorders increased with statistics showing this was the likely cause of 10.5% of workplace absences or 22% of long-term absence.

More employers are looking to help employees access interventions to enable them to remain at work and reduce unnecessary absence.

For HR leaders, providing such support needs also to be cost effective given the national insurance increase.

The government recognises this as a key issue impacting employees and employers with the implementation of its ‘Back to Work’ agenda.

The 4% National Insurance increase which comes into effect next month is to help fund the NHS to tackle these issues.

Meaningful impact

For benefits to be successful and affordable the interventions offered need to follow a stepped or matched care model which encourages individuals to participate in self-help and guided self-help to help people improve their quality of life.

Understanding the causes of ill health is a key requirement.

It is about understanding the underlying factors that are causing these issues, whether these are at work or home.

It also includes what needs to be provided to ensure that employees are being supported.

The biggest focus we are seeing from HR teams this year is the need to have effective health and wellbeing benefits in place to support their current workforce.

We need to improve activity levels during work hours and at home if we want to improve MSK and mental health conditions.

More informed decisions

Employers need to help employees with diet with the right nutritional support.

Nutritional support and more regular exercise should also help employees improve their overall health and wellbeing and will help lay the foundations for the rest of their lives.

Achieving behavioural changes is a slow process. It takes time.

It’s imperative that employees make health and wellbeing their top priority when it comes to benefits this year.

If not, these problems will continue to worsen and further impact the organisation.

There are ways employers can support their workforce that are hugely effective and can provide them with the tools to improve their health in a very easy to consume manner.