While the vast majority of asset managers do not have a formal wellbeing strategy in place despite offering private medical, life insurance and income protection, according to Howden Employee Benefits and Wellbeing.
Howden surveyed more than 160 asset management firms to benchmark their current employee benefits, wellbeing and reward programmes in its Employee Benefits & Wellbeing in the Asset Management Sector report.
The top three benefits provided among asset managers were PMI which was offered by 99% of firms, life insurance (88%) and income protection (73%).
Other popular benefits were cycle to work schemes (59%), dental insurance (43%) and critical illness cover (36%).
Perhaps most starkly, the findings showed that 88% of firms had no formal wellbeing strategy in place despite offering this wide array of benefits.
And half of firms were found to be failing to collect any data on employee wellbeing benefit satisfaction levels.
However 35% said they planned to address this by creating a wellbeing strategy in the next 12 months.
Mental health focus
Employee mental health and building resilience were identified as key priorities as firms planned to return to the workplace post-lockdown.
The research showed the number one provision for employee mental health support was through employee assistance programmes (EAPs).
The report also showed email was the preferred method of communicating staff benefits for 23% of large firms, 32% of mid size firms and 10% of small firms.
The next most popular methods of communication were at the employee’s induction followed by the staff handbook.
Howden executive director for asset management and workplace savings Robbie Weston noted employees in the sector have rich and comprehensive benefits packages, particularly when compared with employees in other industries.
“They expect high quality and comprehensive benefits as part of their overall remuneration package,” he said.
“While the asset management industry clearly invests in high value benefits for their staff, many have been overlooking employee wellbeing.
“There is a recognition that employees will need greater support for their physical and mental wellbeing post-pandemic and a third of firms plan to step up their wellbeing programmes.”