Marvin OnumonuUnum UK has found a growing gap in wellbeing support across small and medium-sized enterprises (SMEs) ahead of the Autumn Budget.
IT and telecoms firms led the way, with 85% providing comprehensive wellbeing benefits.
Financial services and health providers followed at 77%.
Retail firms provided 51%, with hospitality and leisure at 49%.
Mark Till, CEO at Unum UK, said: “SMEs are the backbone of the UK economy, employing nearly 17 million people.
“But our research shows a widening gap in the wellbeing support they are offering their workforces.
“Higher-margin sectors such as professional services are able to invest more, while retail, hospitality and leisure firms are struggling to keep pace – a divide that threatens the UK’s economic resilience.”
Two-thirds of hospitality and leisure businesses and 60% of retail firms said increases to the National Minimum Wage and National Living Wage are affecting their investment in employee benefits.
71% of SMEs offer at least one wellbeing initiative, but uptake drops among smaller firms due to limits on time, resources and expertise.
Till added: “Rising costs and economic uncertainty are making it harder for SMEs to prioritise wellbeing, but ill-health is now the biggest driver of economic inactivity.
“If we don’t act soon, millions of workers will be left behind at a time when businesses need to be more competitive – and productive – than ever before.”
Unum UK has called on policymakers to act to prevent the wellbeing gap growing and to support the UK’s economic recovery.
