Health and wellbeing benefits like gym membership, counselling services and free healthy food are good for employees – but are they good for the business, too? Understandably, organisations of all sizes need to be able to justify the expense.
The potential benefits of investing in employee wellbeing can include increased resilience, better employee morale and engagement, lower sickness absence and higher performance and productivity, according to the Chartered Institute of Personnel and Development (CIPD). Promoting and supporting employee wellbeing helps create an environment that actively promotes a state of contentment, benefiting both employees and the organisation, the HR association says.
New research from the Association of British Insurers (ABI) confirms that SMEs recognise the impact such benefits can have on productivity. Three in five (60%) SMEs said that providing health and wellbeing benefits has a high impact on supporting the productivity of their company, and 22% rated having health and wellbeing benefits as being critical for ensuring high productivity.
So it makes good business sense to make sure new employees are aware of the health and wellbeing benefits available.
With a legal requirement to give new recruits a whole raft of information when they join, there's the perfect opportunity to do so. Yet only one in five (20%) SMEs are aware of the legal obligation to provide information on benefits to new employees from the first day of a new job, the ABI found.
The 'Day One Statement' or 'written statement of employment particulars' is expected to set out details such as hours of work and holiday entitlement as well as available benefits.
Since April 2020, this document must include at least:
Within two months of the start of employment, employers must also provide a wider written statement which includes information about:
"Keeping up to speed with new legal requirements can be difficult, especially during a pandemic," commented Charlie Campbell, health and protection manager at the ABI. "But Day One Statements are not just a legal requirement – they are an opportunity to boost wellbeing and productivity at a time when employee health has never been more important to ensuring a healthy and productive workforce."
The ABI has launched a range of online resources to help businesses navigate the new requirement and use it as an opportunity to boost staff wellbeing and productivity.
Posted on May 4th 2021