‘Prioritising health benefits for staff will be key in 2023’, says GRiD

Health benefits for staff will be a key factor to reduce long-term sickness at workplaces this year, experts have warned.

Group Risk Development (GRiD) believes employer-sponsored life assurance, income protection and critical illness will become a top priority for employees during 2023 and will help reduce the number of sick days.

The group risk protection industry body said the rise of enquiries about group risk benefits is a result of the long-term effects of the Covid-19 pandemic, more widespread knowledge about preventative health benefits and rising NHS waiting lists.

Katharine Moxham, spokesperson for GRiD, said: “It’s unfortunate that the need for our benefits tends to correlate with the periods when employees are most struggling in their lives.

“However, as more people become aware of the benefits of group risk and the trend continues for increasing numbers of companies to take up employer-sponsored protection, we are able to do more to support employees and their families.”

GRiD, which has 25 years’ experience, said the Covid-19 pandemic’s wider impact on health is thought to be an important factor in increased long-term sickness which companies are currently experiencing, as are long-term chronic or progressive conditions, musculoskeletal issues and mental illness.

It believes employees will be more aware than ever of the need for financial support in the event of death, serious illness or accident – for themselves and their household – meaning there will be increased appreciation of group risk benefits in comparison to other employee benefits during the next calendar year.

Katharine also believes the preventative support available to employees is becoming more comprehensive and more widely understood, so will be better utilised this calendar year.

And with untold pressures on the NHS over the winter period, employees may be looking for financial support if they need to wait for treatment, prevent a condition from worsening or manage symptoms during the wait.

GRiD said these factors, coupled with the government target to boost the numbers of disabled people of all ages in employment in 2023 and beyond, means companies need to look more closely at their group risk benefits.

They believe employers have a greater responsibility to ensure everyone can benefit from being in work and is supported rather than on long-term sickness.

Katharine added: “Multiple catalysts point to 2023 being an important year for companies offering group risk benefits.

“Employees are going to need more support and most are going to be in a weaker financial position meaning that many will be less able to manage on their own.

“Employers are equally going to be looking to do more for less, acknowledging their employees’ needs but also trying to balance their own books.

“In 2023, it’s quite possible that group risk, often the unsung hero in many an employer’s employee benefits arsenal, may get better acknowledgement for the all-around support it delivers.”

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