Grid is expecting increased focus from the government on financial resilience and urges employers to be prepared.
Grid says people need to be mindful of their spending due to the high cost of living. Employers are encouraged to go above and beyond in providing financial incentives such as travel assistance, discounts, life insurance and critical sickness benefits, as well as support during difficult times.
Employers will assist those with long-term health concerns in returning to work to attract talent. This might include assistance for critical illnesses, fast access to physiotherapy, mental health support, second opinions, and virtual general practitioners.
The emphasis on enhancing assistance for health and wellness—including digital access and help for critical illnesses—will not waver. This assistance will come from different service providers or as part of advantages like private health insurance and group risk.
Grid spokesperson Katharine Moxham says: “Employees’ finances have been squeezed for a long time and this has wide-reaching implications on all areas of health and wellbeing, and forward-thinking employers will be looking at how they can help.
“The support needed for those with long-term health conditions is wide and varied, and employers would do well to look at the comprehensive support that can be embedded within other employee benefits which will tick a lot of boxes for them and make offering support so much easier.’
“As SMEs compete with larger corporates for talent, they appreciate the need to offer competitive benefits. It’s no longer enough to just compete on salary, and they’ll need to offer benefits that employees really value which will need to include support for health and wellbeing.
“Grid says it’s likely there will be more visible communication on the benefits offered, which will help employers with their recruitment. Employers are also likely to be more creative in the way they communicate benefits to existing workforces as they seek to retain their employees.”
“Innovations in the health and wellbeing space have never been so fast-paced, and employers have never had to rely on their advisers so much to keep abreast of developments. The support on offer is also increasingly sophisticated, so employers are able to target benefits to the particular needs of their workforce – the more targeted the better – and they’ll look to advisers for help.”
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