Press release 11 June 2024.
When asked which benefits employers are most likely to offer, only 49%* said they consider benefits which support all employees. GRiD, the industry body for the group risk sector, says it would like to see this figure significantly increased.
Katharine Moxham, spokesperson for GRiD said: “Employees are a company’s biggest asset, and all need to be supported. It makes good business sense that employee benefits are targeted at the needs of the masses and not the few.”
Employee Benefits were once seen as a perk, traditionally focused on rewarding senior management. Indeed, thirty-one percent1 of employers said they look at benefits that focus on their management teams, however, the support inherent within benefits has widened, and is designed to be offered to all staff.
Anyone can be affected by physical, mental or financial ill-health: it doesn’t discriminate by level of seniority, so all need to be supported. Levels of absence and long-term sickness are at a record high, and this is reflected in increased utilisation of support within employee benefits: the need to provide access for support to all has never been greater.
Moxham continued: “As an industry, we see the difference that support for physical, mental and financial health makes: from early intervention and prevention, helping employees to continue to work, to supporting people if they’re unable to. Of course this benefits the individual, but it’s a great benefit to the business too.”
Group risk insurers provide a wide range of health and wellbeing support which can be accessed without a claim being made. These are all designed to help a company provide support for health and wellbeing, and can be used daily by employees, line managers, HR and business owners alike.
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*The research was undertaken by Opinium from 9-16 January 2024 among 500 HR decision-makers at UK businesses.
For further information please contact:
Ali Cort
SMUK Marketing and PR
Acort@smuk.org.uk
Mob: 07887 484247
Katharine Moxham
Spokesperson for GRiD
Katharine.moxham@grouprisk.org.uk
Mob: 07887 512508
Notes for editors
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 well-being 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 Colin Fitzgerald (Distribution Director – Group Protection, L&G Retail) 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.
www.grouprisk.org.uk
Follow Katharine Moxham on Twitter @KMoxham
