The financial services sector is expected to boost investment in health and wellbeing strategies this year, according to data from Unum.
According to the report, 32 per cent of FS firms said they would invest “a lot more” in health and wellbeing, while 51 per cent said they would increase their investment.
However, only 25 per cent of all businesses asked indicated they intend to increase their investment in health and wellbeing initiatives this year, even though 33 per cent of them stated that their biggest problem in 2024 was promoting employee wellbeing.
The study, which indicates that workers in the financial services industry face more health-related problems than most, demonstrates the emphasis that FS organisations place on employee wellbeing.
According to the poll, 38 per cent of FS employees reported that their physical health had gotten worse in 2024, which is higher than the UK average of 24 per cent. Additionally, 37 per cent of FS employees took time off for general health difficulties, which is higher than the average of 29 per cent.
Unum UK CEO Mark Till says: “In the highly competitive, fast-paced world of Financial Services, attracting and retaining top talent with comprehensive remuneration and benefit packages has long been a priority. But with relentless pressure and stress on employees, higher rates of sickness and sickness-related absence are creating significant challenges for HR teams.
“Our research shows that businesses in the FS sector are proactively looking for ways to reverse productivity loss, boost morale, and improve workforce stability. A robust wellbeing strategy is a must-have to keep employees healthy, happy and performing at their best or risk getting hit right where it hurts: the bottom line.”
“Rising employer National Insurance contributions are placing additional strain on budgets and threatening to challenge how employers invest in their people, so it’s more important than ever that businesses maximise the value of their benefit packages.
“Providers can support in communicating the benefits available, as well as offer training to help empower line managers to recognise early signs of struggle and effectively refer employees for help before an issue escalates into sickness absence. This proactive approach helps businesses build a healthier and more resilient workforce, ensuring they remain competitive in an ever-challenging landscape.”
