Research from the employee benefits experts at Everywhen reveals today that 43% of UK companies do not have a formal health and wellbeing strategy in place. The risk is that these businesses are likely to find their benefits are not as effective as they could be in their support for the employees and the company alike.
The research shows that for 18% of companies, simply offering benefits is their strategy, and a concerning 13% offer support on an ad-hoc basis according to need. The good news is that 51% of UK companies do have a documented health and wellbeing strategy, which is regularly updated.
Debra Clark, head of wellbeing at Everywhen, says: “For wellbeing support to have the most impact it must be part of a strategy that considers the needs of the workforce and the objectives of the company in offering that support.”
A strategic approach to health and wellbeing benefits will help to ensure that they are as effective as possible. This will help to support the company objectives, for example, boosting recruitment and retention of talent or addressing issues of absence. It is only by analysing the specific needs of the workforce and the company that the health and wellbeing support can be tailored to meet these requirements.
Understand employee needs
Offering support reactively, as currently happens in 13% of companies, is likely to only capture the needs of those employees who shout the loudest or who are prepared to openly ask for assistance. Many employees would rather access support anonymously and may be put off from seeking help by this ad-hoc approach.
Likewise, it is often better to survey the workforce anonymously to obtain a true appreciation of their real requirements.
Understand business needs
In practice, a formal health and wellbeing strategy will also mean having a good understanding of the needs of the business itself and how health and wellbeing support can align. It is a mistake to forget that an important aspect of health and wellbeing is actually to support the business, through supporting the employees.
Understand the options
Specialist benefits advisers will be able to keep employers up to date on trends in employee requirements, as well as the types of support available and how best to access it. The health and wellbeing market is expanding and progressing all the time, and there is now more support being offered in more tailored packages. This means the most fitting support is more available than ever but, arguably, also harder to find. Making the most of specialist advice will help to ensure that effective support is put in place and that this brings the greatest value to the employee and their employer.
Value for money
It is right that employee benefits are examined for value, and when they are part of a formal health and wellbeing strategy, they are more likely to provide real value to the company and its employees. Budgets are also more likely to achieve buy-in from the board and to be renewed if the investment can be shown to be worthwhile.
Debra Clark comments: “Everywhen urges every company to have a formal and regularly reviewed health and wellbeing strategy in place. This is the best way to ensure that the employees are supported in the most effective ways and that the company sees the benefits too.”