According to the 2024 Wellbeing Diagnostic Survey, UK employers are giving more importance to mental (72%) and physical (45%) wellbeing due to the decrease in mental health among employees and a quarter of the workforce experiencing poor physical health.
However, employees are expressing that their main concern is financial wellbeing support (59%), even though it is one of the least prioritised areas for employers (24%).
While UK employers commonly provide basic financial support such as life and disability insurance or retirement/savings programs, fewer are offering essential assistance in educating employees about financial challenges they might encounter or providing personalized guidance on financial decisions related to spending, borrowing, and saving.
42% of employees are experiencing moderate to severe problems in at least two aspects of their wellbeing. Any form of poor health in the various dimensions of wellbeing can result in increased absenteeism, presenteeism, and burnout, as well as reduced work engagement among employees. The research indicates that nearly 59% of employees have stress levels above the norm, with 40% reporting signs of anxiety or depression.
Shane Julian, Director at Brancaster House Financial Planning said the rise in mental health issues made employee wellbeing a top priority for employers in recent years.
"Companies have been focusing on both physical and mental wellbeing as integral components of their human capital strategy. Organisations that excel in promoting employee wellbeing often experience positive business outcomes, such as improved financial performance and decreased employee turnover. However, there exists a gap between the areas of wellbeing that employers are investing in and the areas where employees feel they need support."
Despite some employer programmes helping employees lead healthier lives, the overall effectiveness of these initiatives has decreased from the employees' perspective since the pandemic, dropping from 38% in 2022 to 27% now.
There exists a disparity between the majority of employers (69%) who believe their wellbeing programmes are crucial in supporting employees' health, and the workforce, where only 29% of employees share this sentiment. This disconnection highlights the need for employers to enhance their support to better meet employee needs.
Nevertheless, employers are setting ambitious goals, with 35% aiming to make wellbeing a fundamental component of their human capital strategy in the next three years, up from only 8% currently. Furthermore, a significant number of employers (65%) intend to enhance communication about their wellbeing programmes and integrate wellbeing into company culture (56%) to elevate employee health and wellbeing standards.
If you’re interested in exploring the potential of an employee benefits scheme for your business, get in touch with us today. Let’s work together to build a plan that fuels success for both you and your team.
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