Health and wellbeing benefits are a key factor in keeping employees happy and on board, according to research from Health Shield Friendly Society.
The research showed that against the backdrop of the cost of living crisis, more than nine in 10 (91%) said they are more likely to stay with an employer that offers health and wellbeing benefits.
The snapshot survey was carried out by Health Shield with Survey Monkey in December 2023 amongst 564 people in full- or part-time work; and with a cross-section of regions, gender and age.
And seven in 10 (70%) said the health and wellbeing support that a prospective employer offers was important.
While the majority of employees felt their employer did support their health and wellbeing, there were some stark differences when it comes to gender and earnings, with those on lower salaries and female workers feeling least supported.
More than seven in 10 (77%) employees who earn under £25,000 a year said their employer supported them in this way, compared to 93% of employees who earn more than £40,000 a year.
Meanwhile just 10% of male workers said their company does not support them with their health and wellbeing. That compares to 18% of female workers who said the same.
Cost-of-living crisis
With the cost-of-living crisis affecting UK workers, salaries were found to need to stretch further and further.
More than eight in 10 (84%) workers believed employers should support them with the increased cost of living in some way.
But the research also indicated that just half of employees (50%) believed their employer cares about the impact it has on them – meaning half do not think this.
Female employees were less likely to agree that their employer cares about the impact of the cost-of-living crisis. Only 45% believe they do, compared to 55% of male employees.
While 40% of employees would tell their employer if they were struggling financially, females were less likely to do so, – 34% would, compared to 46% of male employees.
The findings showed that the average employee felt they would need an extra £274 a month to make a meaningful difference and relieve the stress of rising costs.
If this was to be replicated on a national scale, it would cost employers more than £104bn.
Concerns over wellbeing
Employee concerns over their wellbeing have risen too, increasing by 88% in recent years.
Almost a quarter (24%) of employees say they often or always felt exhausted at work.
And 53% of employees have worked in their main job in the last three months despite not feeling well enough to do so, up from 46% in 2022.
Meanwhile, the number of people leaving the workforce due to long-term sickness is at its highest since the 1990s.
Paul Shires, commercial director at Health Shield Friendly Society, said: “What we can see is that despite the rate of inflation falling employees are still feeling the everyday pressure of the cost-of-living crisis.
“This day-to-day worry is clearly having an impact. There are some positive signs but there are also concerns, especially amongst lower paid workers who clearly feel the least supported and probably have the most financial worries.
“Too many employees feel their employer does not care or understand about what they are going through and understand the impact of these financial pressures.
“Employers should be helping their workforce be as mentally and physically healthy as possible.
“The results and impact speak for themselves, with so many employees saying how important a strong workplace health and wellbeing plan is to them and indeed how it keeps them working where they are.
“In 2024 these things cannot be overlooked, employees don’t just want pay rises, they want healthcare plans that will look after them and their families in the long term and prevent minor aliments turning into serious issues.
“Employers who are yet to offer access to healthcare benefits, such as health cash plans, should consider incorporating these benefits into their workplace to support their valued employees.”