ClosePress release 12 July 2022.
Loyalty and engagement top at 43%
GRiD, the industry body for the group risk protection sector, today reveals the significant positive impact that employers see across the whole business by providing health and wellbeing support to employees.
In a survey of over 500 HR decision makers in companies across the UK1, nearly half (48%) of employers said they measure the impact on their business of providing health and wellbeing support to employees. This rises to 72% in companies with 250+ employees.
Benefits of providing health and wellbeing support:
43% of employers believe it increases loyalty - supporting health and wellbeing demonstrates to employees that the company cares about them and this engenders loyalty and engagement.
42% of employers believe it helps with absence management - health and wellbeing support can mitigate the number and length of absences and mean quicker returns to work.
40% of employers say it increases engagement - knowing they are supported improves engagement among staff.
37% of employers say it helps them fulfil business objectives - providing employee support is integral to the company ethos.
36% of employers say it contributes to financial success - the business is more likely to succeed financially when employees are fit, healthy, and engaged in their work.
36% of employers say it helps improve productivity - knowing they are supported increases employee output.
28% say it supports recruitment and retention - health and wellbeing support differentiates the company from its competitors.
27% say it supports new business - potential clients are interested in employee welfare, and want to work with companies that look after their staff.
The survey results show that health and wellbeing support offered within an employee benefits package, including group risk (employer-sponsored life assurance, income protection and critical illness) has great advantages not just for employees but for the business too.
Katharine Moxham, spokesperson for GRiD, says: “It’s great to see so many employers measuring the impact of the support they offer, and seeing such positive tangible results. We hope the findings of the research will help employers to make a business case for health and wellbeing support, and we would like to see more companies measuring the impact of their benefits provision. These results show the impact is likely to be impressive.”
-Ends-
- The research was undertaken by Opinium during January 2022 among 501 HR decision-makers.
For further information please contact:
Sharon Mason
SMUK Marketing and PR
smason@smuk.org.uk
Mob: 07747 611773
Land: 01252 843350
Katharine Moxham
Spokesperson for GRiD
Katharine.moxham@grouprisk.org.uk
Mob: 07887 512508
About GRiD
Group Risk Development (GRiD) is the industry body for the group risk sector, promoting the value to UK businesses of providing financial protection for their staff, enhancing their wellbeing and improving employee engagement. Our membership includes insurers, reinsurers, intermediaries and those operating in (or with other interests in) the UK group risk market. Together this forms a collective wealth of experience built over many years. Under the chairmanship of Paul White (head of technical, Howden Employee Benefits & Wellbeing) GRiD aims to promote group risk through a collective voice to Government, policymakers, stakeholders and employers.
GRiD works with government departments and regulators involved in legislation and regulation affecting group risk benefits, and with other organisations involved in the benefits and financial protection arenas. GRiD also seeks to enhance the industry's standing by encouraging best practice and by participating in industry-wide initiatives such as the professional qualification in group risk managed jointly with the Chartered Insurance Institute.
GRiD’s media activity aims to generate a wider awareness and understanding of group risk products and their benefits for employers and employees.
GRiD's dedicated spokesperson, Katharine Moxham, provides expert media comment on a full range of group risk issues.
Follow Katharine Moxham on Twitter @KMoxham
