Employers need to respond to employee challenges through their wellbeing programmes in 2024, according to Iain Laws, EO of Towergate Health & Protection CEO.
Laws set out his predictions for health and wellbeing programmes this year and what employers need to do to best support their staff.
He highlighted that all companies should have some sort of wellbeing and benefits spend allowance this year in their budgets.
He said: “It can’t be assumed that 100 per cent of employees will be 100 per cent fit for 100 per cent of the year; it’s good business practice to have a plan in place if they’re not.”
Finances
Inflation continues to place pressure on many households with FCA figures predicting that 1.5mn homeowners will be affected by their mortgages coming to the end of their fixed rate deal this year.
Laws suggested this will impact employee choices when it comes to pension contributions and contributions to company-paid benefits as they attempt to balance their budget.
Due to these financial pressures employees are becoming more risk averse and not seeing new employment, according to Laws, meaning employers wishing to attract talent will have to maintain competitive pay and benefits.
As well as consider offering financial coaching services in support programmes.
In terms of physical health, Laws predicted that demand for private medical insurance will continue as the NHS continues to battle with long wait times and staffing issues.
Therefore, he warned that employers need to be careful to not make the insurance unusable by setting excesses too high and instead should look to manage costs of the benefit in other ways.
Meanwhile early identification, intervention and support for those struggling with their mental health will also be vital as Laws predicts burnout will continue to be prevalent.
He also suggested incorporating preventative care into programmes, through lifestyle benefits and screening.
Demographics
In order to avoid overlap and creating unnecessary costs for employers, Laws recommended seeking consulting advice to create a well functioning wellbeing programme that takes into account the specific needs of the different demographics that make up the workforce.
Rather than just having a generic app for employees to use for wellbeing support, he said employers need to look for genuinely useful user-interfaces and services which can be reached by all personality and learning types.
alina.khan@ft.com
