Workplace Wellbeing Made Simple: Part Two

Having explored how to start your organisation's journey into creating an employee wellbeing strategy by embedding it into your culture, it’s time to break down the three core pillars of wellbeing.

Financial wellbeing benefits

We’ve created many resources to help employers support their employees’ financial wellbeing, particularly during the cost-of-living crisis. Naturally, the key theme is how we can help stretch employees’ salaries to meet the rising cost of daily living. 

However, the narrative expands beyond times of financial uncertainty.

Employees are telling us what matters to them. They’re in the driving seat, expecting employers to care about their wellbeing and provide more than an annual salary.

Businesses need to be thinking long-term. What provides a helping hand today will become the norm tomorrow. In essence, employee benefits and employee wellbeing aren’t buzzwords or a reaction to the current climate. They’re shaping the workplace landscape of tomorrow.

Food for thought: what matters tomorrow...

Referring to part one of our 'Workplace Wellbeing Made Simple' series, we highlighted the need to define your goals. Given the ever-growing importance of retaining your talent, your employee benefits implementation roadmap needs to focus on what your employees need now and how to support them in the future.

However, you must also apply this thought process to the next generation of workers yet to join your business. In our blog, Bridging the Generational Divide in the Workplace, we explore in more detail how to provide a financial wellbeing offering that supports the entire employee lifecycle, from the moment they enter the workplace to when they plan to retire.

This means offering the following:

• Financial education tools for those new to or needing support managing their money.

• Salary-stretching employee benefits that provide employees with discounts and cashback, so they can do more of what they enjoy.

• Retirement planning and will writing services.

Providing something for every need is an inclusive approach and the best way to build an employee wellbeing and benefits offering that will stand the test of time.

Physical wellbeing benefits

Physical wellbeing benefits encompass different areas, from helping employees get physically active to providing them with a way of taking better care of their health.

Once again, we need to loop back to your people and the importance of making your physical benefits inclusive of all ages and abilities. At this point, it would be helpful for you to read our blog - Are Your Fitness Discounts Inclusive? – since it goes into depth about the inclusivity and versatility of our corporate gym membership employee benefit.

As we’ve said, physical wellbeing also covers employee health. Many businesses may think Private Medical Insurance (PMI) is the only way to help keep employees healthy. This isn’t the case. As popular as it is, some generations are less inclined to opt for PMI coverage, and some businesses only offer PMI to their higher earners.

This exclusive approach should be avoided, and it can be when you embed an alternative option into your offering. Online GP is an inclusive digital health platform that provides your people with access to appointments - 24 hours a day, 365 days a year, from anywhere in the world, for a fraction of the cost of PMI.

Food for thought: Ages, interests & abilities...

By including questions on physical wellbeing in your initial employee survey outlined in part one, you can discover what fitness and physical employee benefits your people will engage with.

Pluxee UK has a solution for all interests!

Gym enthusiasts can earn up to 25% off their annual membership. Under that same employee benefit, those who prefer to exercise from the comfort of their home can access digital fitness brands and virtual programmes.

Avid cyclists can get the bike of their dreams, spread the cost, and make tax and NIC savings with our Cycle to Work salary sacrifice scheme. Horse riders, skaters, movers and shakers can get the kit they need to feed their passions and hobbies with access to discounts from top-name sports retailers.

Mental wellbeing benefits

There are laws and regulations regarding mental health and workplace stress that employers must adhere to – known as a 'duty of care'. However, they’re the bare minimum.

52% of our HR respondents in the 18 - 24 age range ranked mental health as the highest must-have employee benefit. That’s not to say that only younger employees care about mental wellbeing benefits since working women aged 55 and over are at an increased risk of burnout.

Our Employee Assistance Programme gives your people access to BCAP-accredited counsellors face-to-face, by phone and email, 24 hours a day, 365 days a year, and includes an online counselling, live chat facility for those who aren’t comfortable making a call.

It’s also home to essential wellbeing resources designed to help employees help themselves and provide managers with the tools they need to do their best for their teams.

Food for thought: Leading by example...

We may be in 2023, but many people still feel a stigma around mental health. That’s why so few are willing to talk with their employers. With the mental wellbeing pillar, leading by example could be considered more critical than with physical and financial wellbeing.

Employees need to see that it’s OK not to be OK. They need to believe they won’t be judged or penalised for suffering from mental ill-health. Empathy and understanding must be forthcoming for employees to be open, honest and work their way back to health.

Securing business buy-in

You must secure business buy-in if you’re to get your employee benefit and wellbeing initiative off to the best start. We don’t just mean getting the budget signed off. We mean embedding employee wellbeing into your core values - living and breathing the messaging.

Our Wellbeing Strategy Pack includes a six-step process, starting with education and awareness, then ending with launching your kick-off event. Download your free copy for more.

Stretch budgets with sustainable strategies

A big part of securing business buy-in is getting clever with your budgets and presenting how to get more for less.

Have a read of the resources below for more information on making your employee benefits offering cost-effective:

• The Ins & Outs of Employee Benefits

• Cost-Effective Employee Benefits: How to Get More for Less

• The Shared Benefits of a Salary Deduct Scheme

When you’re ready to take the next steps, arrange a call with one of our employee engagement and benefits experts. They’re ready and waiting to open up a world of opportunities for your business and people.