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Wellbeing in the workplace has never been more important. Over the last two years, employers have faced significant challenges in supporting their staff throughout the pandemic, but also implementing best practices to support them over the longer-term.
Particularly now as we emerge from the pandemic and enter a more hybrid working model, many employers are starting to realise the impact of not having a well-structured wellbeing strategy and proposition. This is prompting employers to take a closer look at the benefits they provide to their workforce, as well as their families.
At the same time, the relationship between employees and their employers has been redefined. We are seeing greater employee demand for the types of support and benefits they expect their employer to provide, much of which has been driven by their experiences during the pandemic. And, as the Great Resignation continues to impact the UK workforce, it’s even more vital for employers to consider the benefits they are providing, as this will ultimately help them to attract and retain talent.
First and foremost, we, as an industry, must provide employers with the information they need to make an informed choice about their protection benefits. We must demonstrate the role these services can play in providing financial and wellbeing support as well as peace of mind during difficult times. This will ultimately enable employers to understand the value that group protection can offer to their workforce.
But there is an onus on employers too. Research from GRiD found that over two fifths (42%) of employees do not know about or understand their employee benefits. As such, a large part of employer responsibility will be reeducating their workforce on the types of solutions they can use, such as the support services on offer, which seek to improve employee wellbeing. The value of these services goes well beyond the traditional financial benefit, with some solutions placing no limitation on the number of times they can be accessed. Simple steps such as creating targeted factsheets about the types of support available will go a long way in helping ensure employees fully understand what is within their benefits package.
However, at a time when the budgets of many organisations are being squeezed, employers will look to maximise return on investment from existing policies. The good news is that group protection policies tend to be an area where employers can make sure their staff get the wellbeing support they need at no additional cost. And, with research from Deloitte showing that poor mental health costs employers £45 billion each year , supporting employee wellbeing will be, and should be, more important than ever.
While many employers may be looking for the cheapest price now in the context of the cost of living crisis, this will not necessarily be the best and most sustainable option over the long-term. As such, it’s vital for employers to think about the value these services will provide to their employees and look beyond the bottom line of cost.
At Canada Life we believe that market experience really counts. There are lots of things to consider. Benchmarking data and claims insights built over many decades of market exposure, strong terms and conditions, support services, great service and a sustainable price point that offers budgetary certainty should all be considered when recommending a long term provider partner. Advisers that know our market well do a great job in ensuring employers make informed choices when reviewing or implementing group risk policies, it’s well worth taking this time to make the right choice for the employer, after all, the wellbeing and financial security provided by these products is key to forming a strong bond between employer and employee.
Over the past two years, the group life market, with its great range of products, has fulfilled its promise to customers and will continue to do so throughout uncertain and challenging times. The challenge that lies ahead will be ensuring that employers are listening to the wants and needs of their workforce and communicating the benefits on offer to their staff. Those employers who embrace flexible benefits, build strong partnerships with their provider for the future, and put their employees first, will be the ones with the best chance of keeping a happy and healthy workforce.
