7% of businesses plan to increase benefit spend
Over one in ten (11%) employers believe they need to work more closely with staff to ensure adequate provision is made for their financial protection, according to new research from Group Risk Development (GRiD).
With the Chancellor’s Budget just over a week away, GRiD says employers will be looking at how potential cuts and changes may affect employees’ financial wellbeing and how they can support staff through these changes.
The research found that, in line with this awareness of the need to support staff, 7% of businesses said they are now likely to increase their benefit spend despite the uncertain outlook. A further one in ten (11%) said that while life is still tough, they might review benefits provision in the near future.
One in twenty companies (6%), however, said they were still struggling financially and so did not foresee being able to review their benefits provision in the near future.
Katharine Moxham, spokesperson for Group Risk Development, said, “It’s very encouraging to see employers still recognise the value of working closely with their staff to ensure provision is made for financial protection, especially in light of potential cuts and changes in the Budget which may affect their employees. Despite not all businesses being able to review what they offer due to their own financial challenges, the awareness is there.
“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."