Only 7% of employers say they are likely to increase their benefit spend in 2016 and one in ten believe they need to work more closely with staff to ensure adequate provision is made for employees’ personal protection, particularly in the context of welfare cuts. These are the findings of new research from Group Risk Development (GRiD), the trade body for the group risk industry. However, 6% of employers are struggling financially and do not foresee being in the position to review benefit provision in the near future.
Katherine Moxham of GRiD said:
‘Fully supporting staff includes being aware of, and showing concern for, their financial welfare. To do this most effectively and simply, businesses can introduce group risk protection products which provide additional support services – such as employee assistance programmes, HR and legal advice, second medical opinion services, online health assessments, mental health first aid training, absence management, occupational rehabilitation and fast track access to counselling and physiotherapy – as well as financial protection. These services can be used every single day – even if a claim is never made – and can drive engagement, releasing money to spend elsewhere.’