Speaking at the Corporate Adviser Group Risk Forum yesterday O’Donnell referred to evidence showing an increased appetite for wellbeing amongst employers, right up to finance director. He cited Unum research that showed 86 per cent of FDs believe management of employee wellbeing is a part of their role.
But this is not backed up with action, with 42 per cent of employers having insurance for assets such as printers and mobile phones, but only 10 per cent having an income protection scheme in place.
O’Donnell highlighted a wishlist of things he wanted intermediaries to bring into the conversation with employers which comprised bringing wellbeing into the conversation, highlighting the cost of offering a solution and putting the free provider help in front of the financial protection when discussing the subject.
More than half of adviser delegates polled at the event believe demand for health and wellbeing solutions will increase significantly over the next five years as Britain’s workforce ages. Advisers cited the cost of rolling out support as the key obstacle to a greater role for wellbeing programmes, with awareness of the issue also a significant factor.
O’Donnell said: “Our own survey of finance directors has found that 86 per cent of FDs believe management of employees wellbeing is part of their role. As an ex-finance director five or 10 years ago, that wouldn’t have happened. So something is happening in the workplace. And I think it is cost. People are beginning to measure the cost issue and finance directors are starting to becoming aware of this.”
Adviser poll
As Britain’s workforce ages over the next five years do you think demand for health and wellbeing products and solutions will…
Increase slightly
36%
Increase significantly
53%
Stay roughly the same
11%
What do you think are the barriers to employers doing more to support employee wellbeing?
Awareness of the issue
23%
Awareness of the support systems available
12%
The cost of rolling out support systems
53%
Confidence engaging employees on the topic
12%
There aren’t any barriers
0%
