Client
Portal

Rising demand for health cover

Back to News & Views

Grappling with a workforce sickness epidemic and long NHS waiting times

With 2.81 million people in the UK now away from work due to long-term sickness, ensuring employers offer comprehensive health benefits is becoming increasingly critical. This approach is essential for preventing employees from becoming too ill to work, as well as for attracting and retaining staff in a competitive job market. By providing the right health coverage, companies can support their workforce’s wellbeing, leading to higher productivity and job satisfaction.

Young employees, mainly those aged 18-34, drive the increasing need for workplace health support. Research indicates that 78% of young workers find health cover crucial, and 64% consider it their most significant benefit, starkly contrasting with the 46% of those over 55 who feel the same[1].

Moreover, 71% of younger workers would hesitate to switch jobs if health coverage wasn’t provided, highlighting its importance in career decisions. Additionally, 66% of this demographic believe that having health benefits would reduce sick days by enabling quicker access to healthcare professionals, thus promoting a healthier, more resilient workforce.

Impact on employee wellbeing and productivity

Including comprehensive health benefits can significantly enhance employee wellbeing and overall productivity. By facilitating easier access to medical care, employees are less likely to experience prolonged periods of illness, allowing them to maintain consistent work attendance and performance.

This support is particularly crucial for younger employees who place high value on health benefits and are more likely to consider these benefits when evaluating job opportunities. Consequently, employers who invest in comprehensive health cover demonstrate their commitment to employee welfare and position themselves as attractive employers in the talent market.

Expectations and employer response

Employers are beginning to notice this shift in expectations. Three out of ten firms report that job candidates’ expectations for health cover are rising. When health cover is provided, employers observe a 37% increase in satisfaction and a 33% boost in productivity. The data clearly highlights the significant impact health benefits have on both employee morale and overall business efficiency.

Mental health a growing concern

Mental health has emerged as a crucial element of workplace wellbeing, particularly for younger workers. Research shows that 76% of younger employees believe that health insurance improves their productivity, and 71% have taken time off for mental health reasons, compared to just 32% of older workers. Alarmingly, 71% of younger UK workers reported experiencing anxiety in the previous year, compared to 32% of those over 55.

Addressing the mental health challenge

As a result, 33% of employers now see rising mental health days as a major challenge. Younger workers no longer view health benefits as a bonus; instead, they expect them as a standard part of their employment package. This shift in perception underscores the urgent need for comprehensive health benefits in the workplace.

The need for accessible health cover

The UK continues to grapple with a workforce sickness epidemic and long NHS waiting times. In this context, providing affordable and accessible health cover at work has never been more important. Employers who wish to attract and retain top talent, maintain a healthy workforce and enhance business productivity must recognise the importance of offering health cover.

Source data:
[1] Opinium research on behalf of Simplyhealth throughout May and June 2024. The first surveyed 500 HR decision makers across UK businesses, while the second surveyed 2,000 employees with a minimum of 100 respondents across business services, construction, manufacturing, professional education, hospitality and leisure, transport, retail, food and drink, and healthcare. 2.81 million not working due to long-term sickness in the UK in July 2024, according to ONS figures. 

 

THIS ARTICLE DOES NOT CONSTITUTE TAX, LEGAL OR FINANCIAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. TAX TREATMENT DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF EACH CLIENT AND MAY BE SUBJECT TO CHANGE IN THE FUTURE. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE.

Book your FREE, no obligation discussion today. Schedule Appointment

Sign Up to our mailing list - Receive regular news, tips and financial commentary from the Gemini Team.

Latest News

  • Dividends represent the portion of a company’s profits distributed to its shareholders. When you own shares in a company that declares a dividend, you receive a share of those profits. Dividends are pivotal in enhancing long-term stock market returns, offering a reliable income stream that can help mitigate short-term stock price volatility. [...]

  • In today’s fast-paced world, many individuals have multiple pension plans collected over their working life. Whether through changes in employment or setting up personal pensions as a self-employed professional or contractor, managing these pensions can become challenging. Not only does this involve significant administrative effort, but the financial implications of juggling numerous plans are also considerable. Some pension schemes may suffer from uncompetitive pricing and underperforming investments, eroding retirement savings. [...]

  • As you enter your 50s, retirement looms larger on the horizon, making it crucial to ensure your finances are optimally positioned. This stage of life demands a coordinated and joined-up approach to financial planning to enjoy retirement on your terms. An essential step is to clarify your retirement goals. [...]

  • What we do collectively this decade – including how we invest – could mark the difference between starkly different futures. Our actions now will determine whether we face a future plagued by environmental degradation or one where we have successfully mitigated some of the most pressing ecological concerns. [...]

  • New research has revealed that five million childless households in the UK currently lack life insurance, pensions or savings[1]. This alarming statistic underscores a broader shift in how families are structured and how financial priorities are set across the nation. [...]

  • Legacy planning holds different meanings for different individuals. For some, it is about ensuring their loved ones are financially secure; for others, it involves safeguarding cherished possessions or supporting charitable causes. Central to this process is drafting a Will, a pivotal legal document that allows you to dictate the distribution of your money, property and possessions after your death. [...]

  • 2 weeks ago

    Saving can bring you a level of financial freedom that transforms your life. By putting money away regularly, you create a financial cushion that can support you through emergencies, help you achieve significant milestones or provide peace of mind. [...]

  • First and foremost, let’s explore how your pension operates. When you contribute to a personal or defined contribution workplace pension, your payments are invested in various investment funds. As you continue to contribute, your pension pot should grow. However, it’s important to remember that the value of investments can fall as well as rise and is not guaranteed. [...]

  • Investing is an indispensable tool for building wealth and achieving financial goals. By allocating resources to various investments, individuals can accumulate wealth over time through capital appreciation, dividends and interest. For example, investing in a diversified portfolio of stocks can yield significant returns, enabling you to grow your wealth far beyond what traditional savings accounts offer. [...]

  • In what some call ‘The Great Unretirement’, many retirees are re-entering the workforce. The reasons for this trend are as varied as the individuals themselves, but the rising cost of living has driven many to seek ways to bolster their financial security. [...]

  • With life expectancy rising and more people starting families later, around 1.3 million individuals in England and Wales now have caring responsibilities for older and younger dependents. If this sounds familiar, you’re likely part of the ‘sandwich generation’. [...]

  • If you are in your 40s or 50s, you have likely contributed to a pension for quite some time. Over the years, you may have accumulated multiple employer workplace pensions. However, when did you last thoroughly examine your pension and retirement strategy? Having a documented retirement plan can help you feel more prepared for this stage of your life, ensuring you have a sufficient income when you stop working. Here, we explore several factors to consider when reviewing your savings. If you don’t yet have a plan, in this article, we consider a helpful starting point. [...]

Gemini Wealth Management Ltd is Authorised and regulated by The Financial Conduct Authority Registered in England & Wales No. 5919877 Registered Office: Gemini House, 71 Park Road, Sutton Coldfield, West Midlands B73 6BT The Financial Conduct Authority does not regulate tax and trust advice, will writing and some forms of buy to let mortgages. The guidance and/or advice contained in this website is subject to regulatory regime and is therefore restricted to those based in the UK.

Website by Mellow Marsh Software
© Gemini Wealth Management Ltd
Important Documents | Cookie Policy