Almost half of those working for SMEs put recognition and flexible working at the top of their wellbeing needs.
These were highlighted in the Legal & General Group Protection’s ‘Welling at Work Barometer’.
It found that 45 per cent of employees working for smaller businesses said they wanted better recognition of work done, while 44 per cent said their wellbeing could be improved by more flexible working hours.
The survey found that while overall, feeling mentally well was the top wellbeing priority (61 per cent), it is more important for some groups than others.
Three quarters (74 per cent) of women rated feeling mentally well as an important part of wellbeing compared to just over half (54 per cent) of men.
It was also a priority in older age groups, with 76 per cent of those aged 55 and over saying it was important, falling slightly to 67 per cent of those aged 35 to 54. The younger cohort of 18 to 34 year olds had less than half (49 per cent) saying it was important.
Good physical health is often cited as a key factor of wellbeing (54 per cent) and the survey found that being in good physical health was more important for women (71 per cent) than men (44 per cent) and again was rated higher by over 55s (68 per cent) compared to under 35s (42 per cent).
Younger cohorts were more likely to cited financial issues – such as having longer term savings, and the options to develop their career as important ‘wellbeing’ factors when compared to older workers.
In contrast the over 55s were more likely to cite job security as a key part of their overall wellbeing.
L&G says the findings suggests that SME employers may need to adapt and build a multifaceted approach to reflect a variety of needs across their workforce.
Jo Elphick, marketing director at Legal & General Group protection says:
“The pandemic has accelerated the preference for more flexible working options amongst many employees. Yet with increasing diversification of workplace wellbeing options, and individuals placing importance on differing aspects of wellbeing depending on a wide range of factors, there’s never been a greater opportunity for SME employers to build their workplace wellbeing strategies to reflect those needs.
“This doesn’t mean trying to create a bespoke package for each employee, but to start thinking differently about what wellbeing means to the employees in your particular company, thinking beyond the obvious categories and considering elements such as feeling appreciated and creating clear career pathways.”
He adds that many of these elements are not costly for firms to implement. “As always, communication is key and, when reviewing benefits packages with their intermediary, employers should ensure they look at integrating protection benefits more broadly with culture, training and other dimensions that employees are saying they need.”
