The research marks World Mental Health Day, today, which demonstrates the growing importance employees are placing on wellbeing benefits as part of their total renumeration package as these perks become a top priority for the workforce.
Businesses are putting increasing emphasis on catering to employee demands for wellbeing benefits – over seven in ten businesses (71%) have introduced a Head of Wellbeing role or equivalent. A key aspect of these roles will be communicating with employees over their wellbeing needs – their workforce is likely to be highly engaged on this issue as nine in ten (89%) employers say that their employees are now more likely to discuss wellbeing at work.
However, despite the growing awareness of the needs of employees for more wellbeing benefits options, there is still room for improvement. For example, less than a fifth (19%) of businesses currently offer employees a wellbeing allowance as part of their benefits package.
By not investing in their wellbeing benefits packages in a challenging hiring landscape, businesses are in danger of losing out on talent which will impact growth plans competitiveness.
Despite 82% of businesses investing more in their wellbeing benefits offer, six in ten (57%) admit that employee wellbeing is at an all-time low, demonstrating a clear need for employers to develop these packages even further.
Paid mental health leave is the most popular wellbeing benefit amongst UK employers, with nearly a quarter (24%) of businesses offering this. Other popular options include:
Matt Russell, CEO at Zest, said: “Employers not investing in their benefits packages will struggle to keep pace as the wellbeing revolution continues to accelerate. They risk being left behind by competitors and could face a real struggle to attract and retain key talent if they don’t listen to the demands of their workforce.
“Many people struggled with their mental wellbeing during Covid and then the cost of living crisis took a toll on their financial wellbeing – employers need to ensure that their employee benefits packages are offering the right tools to support both.
“However, it’s a hugely positive sign that so many employers are appointing Heads of Wellbeing or similar roles – these individuals will be able to liaise with the workforce directly, ultimately ensuring that employees have access to the support and renumeration that they need during this challenging time.”
Source: London Loves Business