Just over half (51 per cent) of firms in the financial services sector plan to significantly boost investment in health and wellbeing strategies this year, according to data by employee benefits provider Unum.
The research, conducted in August 2024 with 500 employees and 503 key decision makers in employee health and wellbeing, showed 32 per cent of firms are planning to invest ‘a lot more’ towards this.
In contrast to this, only a quarter (25 per cent) of all surveyed employers plan to invest more this year, despite one third (33 per cent) saying that supporting employee wellbeing was their greatest challenge in 2024.
Mark Till, chief executive officer of Unum UK, said: “In the highly competitive, fast-paced world of financial services, attracting and retaining top talent with comprehensive remuneration and benefit packages has long been a priority.
“But with relentless pressure and stress on employees, higher rates of sickness and sickness-related absence are creating significant challenges for HR teams.”
Till said Unum’s research shows that businesses in the financial services sector are proactively looking for ways to “reverse productivity loss, boost morale, and improve workforce stability”.
“A robust wellbeing strategy is a must-have to keep employees healthy, happy and performing at their best or risk getting hit right where it hurts: the bottom line,” he said.
Employees working in the financial services sector experience more health-related issues than most.
Of those surveyed, 38 per cent of employees in this sector said their physical health had become worse in 2024, versus a UK average of 24 per cent, whilst 37 per cent took time off for general health issues versus an average of 29 per cent.
Till added: “Rising employer national insurance contributions are placing additional strain on budgets and threatening to challenge how employers invest in their people, so it’s more important than ever that businesses maximise the value of their benefit packages.
“Providers can support in communicating the benefits available, as well as offer training to help empower line managers to recognise early signs of struggle and effectively refer employees for help before an issue escalates into sickness absence.”
He said this proactive approach helps businesses build a healthier and more resilient workforce, ensuring they remain competitive in an ever-challenging landscape.”
sonia.rach@ft.com