There’s an inextricable link between health, happiness and workplace productivity. That’s according to a survey of more than 4,000 UK workers by employee benefits provider Unum.
The report, produced in collaboration with WPI Economics, also shows just how much employees value certain employee benefits. For example, staff would be willing to pay, on average, £500 to access a comprehensive range of health benefits.
What do the findings mean for businesses? Read on to find out!
Get FREE one-to-one advice on setting up an employee benefits scheme, with providers like Unum, by contacting our friendly experts on 01273 222805 or email us at hello@hoorayinsurance.co.uk.
The link between health, happiness and productivity
The health and happiness of each employee is crucial to the success of any business. If the mental and physical health of your employees is suffering, then they’ll fail to perform to the best of their ability. Three-quarters of employees who reported having good physical and mental wellbeing said they were also happy at work.
But how much is the workplace impacting employee wellbeing? Fifty-one per cent said that their job was affecting their wellbeing outside of work.
The link between health, happiness and productivity is made clear, with 9 in 10 employees saying they are more productive at work when they are feeling healthy and happy. This is in contrast to 31% of employees with poor mental and physical wellbeing admitting they are unproductive at work.
And the stats get progressively more serious. Unum reported how unhappy employees are taking three times as many sick days as their happy colleagues!
The scale of employee demand
Is there a big demand for wellbeing services?
The answer is, absolutely yes.
Let’s directly use the Unum/WPI research to reveal what the right employee benefits can do for your staff, and how those employees feel it would impact them.
What would having the right levels of support and employee benefits do for staff?
1. Boost retention:
- Six in ten (57%) say that health and wellbeing services provided at work would make them more likely to stay with that employer.
2. Reduce absenteeism/presenteeism:
- Fifty-eight percent (equivalent to over 16 million people) believe that improvements in the health and wellbeing services provided by employers would lead them to take less time off, as well as increasing their productivity.
- For employers, having employee benefits and wellbeing services in place could lead to a reduction in lost output from sickness absence/presenteeism worth £6.4 billion a year.
3. Improve happiness:
- Over half of employees feel a wide range of workplace health support would improve their happiness at work.
The Unum research asked UK employees about the value they place on different health and wellbeing benefits. Staff said they would be willing to pay almost £500 per year on average to access a comprehensive range of benefits like remote GP services, mental health support, cancer support, Employee Assistance Programmes and Private Medical Insurance.
A well-designed employee benefits scheme addresses all areas of wellbeing
The key to a fantastic employee benefits scheme is to provide a choice of balanced perks and services which cover all areas of employee wellbeing. At Hooray, we recommend addressing the following areas:
- Physical wellbeing
- Mental wellbeing
- Financial wellbeing
- Rewards and recognition
Ensuring each of these areas is covered will guarantee your staff will have the tools to manage their own wellbeing and help them with any health issues.
To help get things started, we’ve included some ideas from our arsenal to address each area of employee wellbeing.
Physical and mental wellbeing:
- Business Health Insurance: a form of private health insurance which covers groups of employees via a range of proactive and reactive medical interventions. Learn more about Business Health Insurance.
- Group Health Cash Plan: supports everyday health and wellbeing, through physiotherapy, osteopathy, diagnostic scans, counselling and other related services (included services vary depending on the provider). Learn more about Group Health Cash Plans.
- Employee Assistance Programmes (EAP): consisting of a range of services which helps employees deal with emotional and psychological stresses whether big or small. Often included with health insurance or health cash plans. Learn more about EAPs.
- Mental health services: including counselling sessions, online GP access (can also be included in an EAP).
- Wellbeing apps and platforms: there’s been an explosion in the number of tools which give everyday support for physical and mental health. They can be purchased as standalone apps or included in an employee benefits platform.
Financial wellbeing:
- Group Life Insurance: provides financial support to an employee’s loved ones in the vent of their death. Read more about Group Life Insurance.
- Group Income Protection/Sick Pay Insurance: Not only does it provide financial support to employees laid low by illness (beyond statutory sick pay), it also provides practical support to help employees get better sooner. Read more about Group Income Protection.
- Group Critical Illness: Provides financial support for employees suffering from a critical illness as defined by the policy. Read more about Group Critical Illness.
- Relevant Life Insurance: Essentially, a Life Insurance policy designed for a single employee or company director. More tax-efficient than taking out a personal policy. Read more about Relevant Life Insurance.
- Key Person Insurance: Protects the business against losses incurred due to the absence of a business-critical employee. Read more about Key Person Insurance.
Rewards and recognition:
- Free lunches
- Company away days
- Regular social events
- Remote working options
- Flexible working hours
- Extra holiday entitlement
- Gym discounts/fitness classes
- Employee discounts/voucher schemes
- Bonuses e.g., positive contributions/hitting targets
Need more support when building an employee benefits scheme?
Covering the core areas of health and wellbeing is the perfect place to start when building an employee benefits scheme.
And Hooray will ensure that you spend your benefits budget wisely!!
Our team of award-winning brokers will take the time to listen to your specific needs and answer any and all questions on employee benefits and health insurance. We will find the best quotes and deals from across the market, ensuring you achieve the best value for money whilst supporting your staff the best you can.
Contact us at hello@hoorayinsurance.co.uk or call 01273 222805 for FREE no-obligation advice and support.
About Unum
Unum is a leading employee benefits provider offering financial protection through the workplace, including: Group Income Protection, Life Insurance, Critical Illness, and Corporate Dental cover.
Unum is committed to workplace wellbeing for both employees and employers and have a wide range of tools designed to help businesses of all sizes create or enhance their employee wellbeing strategies. This includes their award-winning Help@hand app which offers employees fast, direct access to a total health and wellbeing solution with high quality, personalised services including remote GPs, mental health support and a fully integrated employee assistance programme.