GRiD (the industry body for group risk) conducted a study that found 63 percent of employers evaluate the impact of health and wellness on their business. Nearly half (47%) of those employers say their employees’ productivity increases if they are supported in their efforts to improve their health and well-being. GRiD welcomes the fact that employers are recognizing the benefits of supporting their employees’ wellbeing.
The research found that 98% employers who measured the impact of supporting health and well-being of their staff reported that it had a positive effect on their business. Additionally:
- It shows employees that their employer cares for them and this fosters loyalty and engagement.
- Supporting health and well-being holistically can help manage absence. It can reduce the length and number of absences, and result in a quicker return to work.
- 38% of business owners believe that their company is more likely to be successful financially if they have healthy and fit employees.
- 37% of companies state that their business goals are achieved by supporting their staff’s health and well-being.
- 33% of respondents have experienced a positive financial impact or return on investment.
- 32% of respondents believe that this helps them differentiate themselves from their competitors and helps to recruit and retain staff.
- 31% of respondents say that clients are interested in the way their company treats its employees, and that a good employee policy helps them to win new clients.
GRiD urges employers to measure the impact that supporting staff has on their business. They may be pleasantly astonished by the results.
Good Business Practice
It is and will always be good for businesses to support their staff, but GRiD points out that it’s fascinating that HR decision-makers report so many benefits to their organizations. The bottom line of a business can be positively impacted by supporting the well-being of employees, but good business practices are no longer just about profits. According to the employers’ responses, supporting employees also helps a company operate ethically, make a positive contribution to society and build strong relationships with its stakeholders.
Employee Benefits should Support Staff and the Business
Four pillars are involved in a workplace’s wellness – financial, mental, physical and social. Support for employees must be comprehensive and address all these aspects to meet all employee needs. Employee benefits such as group risk benefits like income protection, critical illness, and life insurance sponsored by the employer, offer employers a wide range of solutions and tools to tailor their support. Many providers offer support to businesses as well to ensure HR staff is supported and that their benefit programmes are used to their maximum potential.
Katharine Muxham, spokesperson of GRiD stated that “Supporting staff wellbeing is a virtuous cycle: staff will be more likely to stay in the company and work more efficiently.” In turn, this means the business will be financially successful and also have a positive effect in other areas. This, in turn, will attract new clients and staff. “With business budgets tighter than ever before, it is more important than ever to measure the impact of supporting employees in order to ensure that HR departments can retain their benefit budgets and take care of their people.”
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