Employers in the UK are losing out on talent due to lack of investment in wellbeing.
New research conducted by Barnett Waddingham has revealed alarming figures that demonstrate how little UK employers are doing for employee wellbeing.
Nearly all (94%) employers see wellbeing as important to their organisation yet less than a third actually have a strategy in place. 39% also believe that investing in wellbeing is too expensive, whilst 12% have no intention of building a strategy either.
The study also found that only 28% of employers feel confident enough to state levels of wellbeing are ‘high’ or ‘very high’. In fact, 60% described employee wellbeing as just ‘moderate’.
With such shocking statistics, the lack of wellbeing is affecting employee talent management. Without wellbeing strategies in place, it appears that UK companies will soon be facing a talent war.
However, despite not investing in wellbeing, it appears companies do provide other health benefits. 72% of employees receive flexible working opportunities, 70% receive private medical insurance and 62% cycle to work.
Carl Chapman, head of workplace health at Barnett Waddingham commented: “Our research suggests that wellbeing is seen as important by the vast majority of employers but there remains uncertainty in approaching it. As the links between high wellbeing and business performance become more established and evident we will see a significant rise in those companies that operate a wellbeing strategy and as the war for talent heats up, organisations will be expected to cater to the wellbeing needs of employees in order to recruit and retain an engaged, productive and happy workforce.
“Over the medium and long term outlook, it is likely that the growing impact of demographic change on the workplace will make it more difficult for employers not to face up to the importance of wellbeing in the workplace.“
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