According to our latest research, affordability – competing with budget for other business needs – was cited as the biggest challenge in supporting the health and wellbeing of staff, by 30% of employers. However, 98% of those that measure the impact to the business in supporting staff say it is positive.

GRiD believes that ‘affordability’ does not simply mean the actual price of providing health and wellbeing support, or the cost of delivering it, but is about whether decision-makers in the business perceive the value and effectiveness of it, which is why it is so important to measure the impact.

Unlike an investment in other business assets, evaluating the business benefits of health and wellbeing support can be more nuanced. That’s why it’s so important that HR teams have measurements in place that demonstrate the worth of their selected employee benefits to ensure they can retain and grow their budget for this type of support in the future.

According to the research, 45% of employers do not measure the impact of supporting the health and wellbeing of their staff. However, of the 51% who do measure the impact:

In fact, of those employers who do measure the impact of their employee health and wellbeing support, 98% agree that it has a significantly positive impact on their company. It is vital that the clear, tangible business benefits are communicated throughout the business, so that those in control of overall budgets understand the priority they need to be given.

The perceived value of health and wellbeing support should not be taken for granted. It is down to HR teams and the wider business to not only provide health and wellbeing benefits for their staff, such as group risk – employer-sponsored life assurance, income protection and critical illness – but to also measure and then demonstrate the inherent value within them. This doesn’t necessarily need to be undertaken by the business in isolation: advisers and providers can also help determine how to measure success in order to build the business case.

Thank you! Your subscription has been confirmed. You'll hear from us soon.