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Specific, tailored wellbeing support for each individual employee will be vital to build a resilient business this year, health experts have warned.
Iain Laws, CEO of Towergate Health & Protection, believes employers can use wellbeing support to aid staffing issues and meet differing generational requirements.
He believes the need for more specific health benefits for individuals in a business will be driven by the scramble for talent, to both recruit and retain staff.
Iain said: “Employers will need to become more agile in their approach and commitment to non-financial benefits.
“They will have to be prepared to tailor their provision to offer the right support, to the right employees, in order to keep the business buoyant and resilient, and they’ll need expert help to guide them to the right solutions at the best value.”
Iain believes 2023 will be a key year for wellbeing benefits because of the limit to the salary increases that can be offered – and instead clever use of health and wellbeing support can help to ensure a strong offering to existing and new employees whose expectations of employer support will continue to increase.
He thinks benefits will become more tailored, and more advice led, de-risking the business by providing preventative care, which can reduce sickness absence.
Creative use of private medical insurance, cash plans, employee assistance programmes and a mix of offerings can also be a way to help reverse ‘the great resignation’, according to Iain. He said the cost of living increases mean people will return to employment not only for the salary but also for the benefits and wellbeing support.
Another focus this year, according to the Southampton-based company, will be the differing demands of generational employees – either priortising swift access to treatment (for generation X, born 1965 – 1980) or support for nutrition and fitness (for generation Y, born 1981 – 1996).
Because of this, Iain believes risk profiling across employee groups’ health and wellbeing will become more common and more important.
This will help to offer appropriately tailored support, a more tactical approach and a company-aligned strategy.
According to the independent intermediary company, the current pressure on the NHS also means employers may need to plug the gap if they want employees to be able to stay healthy and at work.