Economic uncertainty, rising costs, and evolving workplace expectations continue to impact both employers and their employees.
Companies need to ensure they are providing balanced support; supporting employee needs as holistically as possible, whilst ensuring they are taking a sustainable approach amidst a challenging cost environment.
Aligning benefits to employee needs can help boost satisfaction, improve productivity, and support talent retention goals.
Physical Health
Despite rising awareness and support for physical health in the workplace, our research found that 30% of employees still need more support in this area [1]. This statistic mirrors our 2023 survey results, [2] showing that this is a sustained challenge for employees. Companies can help employees manage their physical health through a range of employee benefits, such as private medical insurance, health cash plans and gym memberships.
Support can also include flexible wellbeing options, such as subsidised home exercise equipment or virtual fitness classes, encouraging employees to prioritise their health. Additionally, many companies might look to invest in ergonomic workstations and conduct regular health assessments to help prevent common workplace injuries and promote a healthier approach to working.
Mental Health
Mental health support continues to be a priority for employees, our research found that 24% of employees would like additional support in this area and 33% say their mental health impacts their productivity at work [1]. These statistics underscore the impact mental health can have on both individual and workplace wellbeing.
Companies should look to embed mental health support into their culture and benefits packages to prioritise a healthier and happier workforce. Employee Assistance Programmes and mental wellbeing apps are a common starting point for employers looking to support their employees.
Implementing preventative support can help employers to mitigate some of the associated risks of poor mental health; providing training to line managers to spot early signs, introducing mental health first-aiders, and using internal communications to remind employees that support is available – benefits cannot be engaged with if employees are not aware of them.
Beyond this, companies can provide access to third party services such as counselling and mental health apps. Implementing flexible working arrangements can also help employees better balance their work with personal demands – 23% of employees reported they are currently struggling with their work/life balance [1].
Financial Wellbeing
Financial stress continues to be one of the most significant issues impacting employee wellbeing [1]. Rising living costs, increased debt levels, and economic volatility are creating a lack of financial security – a fifth of ‘family and career builders aged 35-49’ saying they are in or near financial crisis [3]. This stress, for all ages, can manifest in an employee’s performance and engagement.
Our Mind the Gap survey highlighted that 59% of employees need more support with their financial wellbeing, which is a continued crisis as reflected in our research year on year [1]. Financial wellness needs to focus both on current and long-term finances, meeting the specific needs of individuals in the workforce. A one-size-fits-all doesn’t always work as demographic factors such as age and gender might influence what employees prioritise; older generations might place higher importance on retirement readiness whilst younger generations might need support with managing increasing bills.
Effective financial wellbeing support could include offering personalised financial planning services, debt counselling, and a commitment to financial education. Offering holistic support that extends beyond traditional pensions, could reduce financial anxiety and empower employees to make sound financial decisions. Companies could also nominate financial wellbeing champions who break down stigma and encourage conversations, contributing to greater peace of mind and productivity at work.
Training and Development
In a competitive job market, continuous learning opportunities are a good way for companies to strengthen their talent proposition. Although learning and development has traditionally been a stalwart of employer support, our research found that 28% of employees would like more support with their professional development [1].
Investing in training and development shows employees that their employers are committed to their professional growth, which can help to foster better retention and attract top talent.
Supporting employees with their training and development could include online courses, certifications, or workshops in areas like digital skills, project management, or leadership.
Providing access to mentorship programs can also provide personalised guidance and nurture soft skills, enabling employees to learn from experienced colleagues and industry leaders. By adopting a culture of continuous learning, employers can help employees feel empowered, building their confidence, while also enabling a more skilled and adaptable workforce.
What can employers do now?
As almost half of employees would leave their role for one with better benefits [1], it’s important for companies to focus on ensuring their benefits are up to scratch.
> Identify employee needs
> Undertake a benefits gap analysis
> Create a plan to ensure employee needs are met
[1] Mind the Gap 2024
[2] Mind the Gap 2023
[3] Royal London: Financial Resilience Report 2024 https://www.royallondon.com/guides-tools/cost-of-living/financial-resilience-report/
[4] Money and Mental Health Policy Institute https://www.moneyandmentalhealth.org/press-release/workplace-wellbeing-press-release/#:~:text=New%20analysis%20by%20The%20Money,ability%20to%20function%20at%20work