Health and wellbeing: what employee benefits providers can learn from the technology sector
Earlier this summer PWC published a report showing that, given an average UK salary of £25,000, absenteeism is costing the economy at least £32bn a year – and once lost productivity is factored in, the overall sum is likely to be even higher. We sought to better understand what benefits providers and intermediaries can focus on in tailoring their offers to the challenges surrounding health and wellbeing at companies today.
Totalling far more than previous estimations, UK businesses are looking to take measures against absenteeism by tackling wellbeing at the source, and implementing wide-reaching benefits strategies to combat sickness and stress. Dame Carol Black’s 2008 report into workplace wellbeing has seen a rise in health-based employee benefits policies at a range of levels across different sectors.
The technology sector boasted the lowest absence rates, with staff taking only 7.6 days a year on average, whereas absenteeism proved a significant problem in retail, coming in second last behind the public sector with 11.5 days. We looked to get a picture of how companies at both ends of the spectrum tackle the problem, how wellbeing forms part of their overall employee benefits policies, and the challenges faced in the process.
We spoke with decision-makers at:
Colt Technology Services
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