Financial services sector to boost investment in employee wellbeing – Unum UK

Financial services companies are set to increase investment in employee health and wellbeing benefits, according to data from Unum UK.

The data revealed 51% of financial services employers plan to invest more in these areas, with 32% of those planning to invest ‘a lot more’.

In contrast, only 25% of all surveyed employers planned to increase such investments, although 33% said supporting employee wellbeing was their biggest challenge in 2024.

The financial services sector showed a greater focus due to higher health-related issues among its employees.

Of those surveyed, 38% reported a decline in their physical health in 2024, compared to a UK average of 24%.

Additionally, 37% took time off for health reasons, above the average of 29%.

Mark Till (pictured), CEO of Unum UK, said: “In the highly competitive, fast-paced world of Financial Services, attracting and retaining top talent with comprehensive remuneration and benefit packages has long been a priority.

“But with relentless pressure and stress on employees, higher rates of sickness and sickness-related absence are creating significant challenges for HR teams.

“Our research shows that businesses in the FS sector are proactively looking for ways to reverse productivity loss, boost morale, and improve workforce stability.”

Till added: “A robust wellbeing strategy is a must-have to keep employees healthy, happy and performing at their best or risk getting hit right where it hurts: the bottom line.

“Rising employer National Insurance contributions are placing additional strain on budgets and threatening to challenge how employers invest in their people, so it’s more important than ever that businesses maximise the value of their benefit packages.”

He said: “Providers can support in communicating the benefits available, as well as offer training to help empower line managers to recognise early signs of struggle and effectively refer employees for help before an issue escalates into sickness absence.

“This proactive approach helps businesses build a healthier and more resilient workforce, ensuring they remain competitive in an ever-challenging landscape.”