Research from the Association of British Insurers (ABI) shows that 60% of SMEs acknowledge health and wellbeing benefits has a positive impact on productivity.
As lockdown in England begins to ease and many companies begin to adapt to the ‘new normal’, employee health and wellbeing will become increasingly important for businesses. Three in five (60%) of SMEs acknowledge that providing health and wellbeing benefits has a positive impact on supporting the productivity of their company – this figure rises to 69% for medium size. 22% of SMEs rated having health and wellbeing benefits as having not just a positive impact, but critical for ensuring high productivity. Health and protection benefits can also result in reduced sickness and absence, as well as improving employee retention and recruitment, another benefit to both employees and employers.
Your legal obligations
Only one in five (20%) of SME’s are aware of a legal requirement to provide information to new employees by their first day of work in what’s known as a ‘Day One Statement’ (or contract). Since April 2020, a contract has been a legal obligation; a set of written particulars which sets out details such as hours of work and holiday entitlement. While including other available benefits is not mandatory, 59% of SMEs said more information regarding this legal requirement would be helpful, and allow them to maximise the opportunity to promote the available health and wellbeing benefits to their staff.
Steps employers can take
There are five simple steps which employers can follow to boost wellbeing and productivity across their business;
- Identify workers who are entitled to a contract
- Ensure your policies are up to date in order to communicate the correct information
- Use the contract to promote your wellbeing policies and boost productivity
- Provide statements to staff every year – helping them to stay engaged
- Explore what other action you could take to support wellbeing
How advo can help
Contracts are not just a legal requirement, when presented in the right manner they can be utilised as an opportunity to boost wellbeing and productivity. advo can assist you in compiling contracts and can create employee benefits brochures for our clients. Our brochures, which can be branded, summarise all of the information employees need for all benefits provided by us; from health and wellbeing benefits, gym memberships, life insurances and discounts with retailers. All brochures are available on the advo-one system, and can be accessed anytime, anywhere.
Nadiya Gregory, Business Development Manager at advo says:
“Staff wellbeing is becoming an increasingly important topic for both our clients and their employees. SME’s are becoming more aware of the importance of providing benefits, however the next step is engaging your employees. Employee engagement in benefits is key to a healthy and productive workforce. The first step towards engagement is communication. advo work closely with our SME clients to help communicate and promote benefits whether via a day one statement, simple benefit handbook or total reward statements.”
Original article by ABI
Research conducted in October 2020 by Norstat on behalf of the ABI.
Research conducted by Cigna UK.