Study shows employee wellbeing is top worry for UK businesses
One of the most important elements to running a successful business, is staff welfare and wellbeing. A recent study by Marsh has uncovered that 31% of UK companies are losing sleep at night over the health and happiness of their employees.
Mental and physical health is more important than ever, and it’s great that UK businesses are taking note by trying to work out how to better support their employees. There are some amazing options available for employers to implement, such as access to the right resources. Also, additional employee training around subjects like mental health and even insurance policies to support their workers who need time off due to sickness, injury, or accidents.
Many UK business owners are starting to offer private health insurance as an employee benefit to help their employees with their physical and mental health concerns. These policies often include additional benefits, such as access to online GPs and return to work support to help keep employees at their optimum levels.
QUICK SUMMARY – Employee Wellbeing is Top Concern for UK Businesses
A growing number of UK businesses are becoming more concerned about the health and wellbeing of their employees. This is something to celebrate, with more attention in this area helping to drive positive changes for UK workers.
- 1 in 3 UK businesses are now prioritising employee wellbeing with 47% developing enhanced health and safety policies and 51% working toward improving employee mental health and wellbeing
- Other concerns for UK businesses include financial uncertainty, supply chain disruptions, rising costs due to inflation and energy prices.
- We’re happy to see UK business owners stepping up to help support their workers with some even providing policies like health insurance to keep their employees at their best. If you’re considering something like group health insurance for your business, you may want to speak to a health insurance expert for some guidance.
What did Marsh’s UK Business Risk Report 2023 find?
Here’s a roundup of all the main findings from Marsh’s Business Risk Report 2023:
- You Matter Most: Your health and wellbeing have skyrocketed to the top of the list of employer’s business worries. In fact, 1 in 3 UK companies are now working to ensure you’re feeling your best while at work.
- They Want to Keep You: Attracting and retaining top-notch talent is a dance 22% of businesses are taking very seriously. They want to make sure you want to stick around and they understand keeping you happy will be a big part of this..
- Safety First: Staying safe is a shared priority. 21% of businesses are making sure their workplace is a safe haven for both you and the public by prioritising good health and safety practices.
- They’re Proactive: Over the past year, nearly half of businesses (47%) have taken steps to ramp up health and safety policies. Over half (51%) are enhancing mental health and wellbeing offerings, showing that employee comfort is a priority.
- Culture and Leadership: One in three businesses are planning to mix things up in the leadership and culture department to make positive change in the workplace.
- Green, Social, and Governance: They’ve got their eyes on the environment, society, and good governance (ESG). More than half (55%) of businesses understand what it takes, and 50% have woven ESG into their business plans.
- What Else Worries Them?: Besides your welfare, businesses are also very concerned over financial uncertainties (34%) and supply chain glitches (23%). High costs, inflation, and energy prices are giving them sleepless nights.
Surprisingly, while financial uncertainty tops their worry list, only 34% of businesses see it as a major issue marking the lowest figures for this in three years.
Alistair Fraser, the head of Commercial & Corporate at Marsh UK, believes that
“The UK risk landscape has been shaken by big economic changes and global events. No matter how big or small, every business in the UK is doubling down on risk management to keep you happy and safe.”
How can businesses support their employee’s health and wellbeing?
Many business owners (whether a larger corporation or a smaller family run business) are starting to consider private health insurance as a way to better support their employees.
Business health insurance policies offer some great perks to help workers (and reduce employee sickness, which I’m sure employers will be more than happy about).
This includes policy features like:
- Cancer support services that can help from diagnosis through to treatment and recovery
- Online 24/7 GP services to help your employees with their health worries from the comfort of their own homes
- Additional perks like gym discounts and free items to help boost employee morale and increase employee retention rates
There’s a massive range of options for health insurance in the UK so it can feel pretty confusing or daunting if you’ve not bought it before. The importance of choosing the right policy is even more amplified when it effects not only you but also your business and the people who work for you.
If you’re not sure if health insurance is the right move for your company well you just like to know a bit more about it, I’d recommend getting some free advice from a health insurance specialist.
More health and wellbeing news
Here’s some of the latest MPO news and guides that affect health and wellbeing in the UK.