When comparing the four ‘pillars’ of employee health and wellbeing support – financial, physical, mental and social – employees consider financial support for the worst case scenario to be the most important when deciding which company to work for, according to new research from GRiD, the group risk industry body.
Financial support if employees are unable to work long-term through ill-health, disability or injury, and financial support for their dependants if they were to die, was considered important to 76% of employees.
Meanwhile, support for physical health and wellbeing, such as access to non-NHS GPs, medical treatment, physio and rehabilitation services, was next most important with 64% of employees agreeing.
Following closely behind was support for mental health and wellbeing, such as access to mental health first aiders and counselling, which was considered an important factor in determining where to work by 63% of employees.
Support for social wellbeing, such as team events and celebrations, was the least important (48%) of the four pillars when employees are considering which company to work for.
Group risk benefits – the collective term for employer-sponsored life assurance, income protection and critical illness – give employees and their families access to financial protection should the worst happen. These benefits also often provide additional support, in areas such as prevention and rehabilitation.
GRiD said that employers who are currently recruiting or trying to retain staff may find it advantageous to offer this type of financial support to their employees. Employers who do not offer any such support will find themselves on the backfoot compared to those who do, as employees are fairly explicit that given the cost-of-living crisis and inflationary pressures, financial support is the area that they currently value the most, it said.
Katharine Moxham, spokesperson for GRiD, said: “It’s natural for employees with dependants to be concerned about how their loved ones would cope financially should they become incapacitated through illness or injury or were to pass away. However, the cost-of-living crisis gives an added dimension to this apprehension with everything, from mortgage payments to food costs on the rise.
“Organisations that offer employee benefits such as group risk can give their employees real peace of mind that should the worst happen, their employer has taken steps to provide for them and their family.”