Prioritising employee wellbeing has never been more critical. As we approach World Mental Health Day on October 10th, it’s evident that employees are increasingly seeking wellbeing benefits as part of their workplace experience.
The Rising Demand for Wellbeing Benefits
The recent study reveals a compelling trend: 83% of businesses in the United Kingdom have experienced a surge in requests from employees for enhanced wellbeing benefits. This surge in demand is not just a passing phase but rather a reflection of the evolving priorities of the modern workforce.
As the dialogue surrounding mental health and wellbeing continues to gain momentum, employees are becoming more vocal about their needs. This is a testament to the changing landscape of work, where employees increasingly value holistic wellbeing, both mental and physical, alongside traditional benefits.
The Emergence of “Head of Wellbeing” Roles
In response to this growing demand for wellbeing benefits, the study found that more than seven in ten businesses (71%) have introduced a “Head of Wellbeing” role or its equivalent. These designated positions play a crucial role in engaging with employees to understand and address their wellbeing needs.
An overwhelming 89% of employers reported that their workforce is now more inclined to discuss wellbeing matters at work. This shift signifies a positive change, where employees feel comfortable opening up about their mental health and wellbeing concerns. It also highlights the role of “Head of Wellbeing” positions in fostering these discussions.
Opportunities for Improvement
While the study highlights the growing awareness of wellbeing benefits, it also reveals areas where businesses can improve. Shockingly, less than a fifth (19%) of businesses currently offer their employees a dedicated wellbeing allowance as part of their benefits package. This reluctance to invest in wellbeing benefits is a missed opportunity for both employees and employers.
In an increasingly competitive hiring landscape, failing to meet the demands of the workforce and enhance wellbeing benefits packages can lead to losing out on top talent. As businesses strive to attract and retain the best professionals, offering comprehensive wellbeing benefits can set them apart.
The Urgent Need for Enhancement
Despite 82% of businesses increasing their investments in wellbeing benefits, the study reveals that 57% of employers admit that employee wellbeing is currently at an all-time low. This disconnect underscores the urgent need for employers to further develop their wellbeing packages to better address the evolving needs of their workforce.
Investing in wellbeing benefits is not just a checkbox; it’s an ongoing commitment to the health and happiness of employees. While many businesses have taken steps in the right direction, there is still work to be done to bridge the gap between demand and supply in the realm of wellbeing benefits.
Popular Wellbeing Benefits
Among the wellbeing benefits offered by UK employers, paid mental health leave stands out as the most popular, with nearly a quarter (24%) of businesses providing this benefit. This is a significant step in acknowledging the importance of mental health support.
Other frequently offered options include cycle-to-work schemes (23%), mindfulness programs (21%), and menopause support (17%). These benefits reflect a holistic approach to employee wellbeing, addressing physical health, mental health, and life stage-related needs.
Prioritising Wellbeing to Attract Top Talent
It’s clear that wellbeing benefits are no longer just a nice-to-have; they’re a must-have in the competitive world of talent acquisition. Employers who invest in the physical and mental wellbeing of their workforce not only attract top talent but also create a workplace culture that fosters productivity, satisfaction, and loyalty.
The research underscores the importance of listening to employees and adapting benefits packages to align with their evolving needs. By doing so, businesses can create an environment where employees feel valued, supported, and empowered to thrive.
In this dynamic landscape, PSi Talent is committed to partnering with organisations to identify and attract professionals who value and contribute to a culture of wellbeing. Our approach goes beyond filling positions; it’s about creating sustainable, successful, and fulfilled teams. Contact us today to explore how we can help you build a workforce that thrives. Together, we can champion wellbeing and attract the best talent in the market. Visit our website at www.psitalent.co.uk to find out more. And don’t forget to follow us on LinkedIn, Facebook and Twitter.
