Health and Financial Wellbeing Programmes – Are they An Essential Part of the Employee Value Proposition?
23 April 2020
16.30 – 19.30
What is the point of employee beneﬁts? When the majority of people worked for a single employer for most of their working lives, it was natural to assume that their employer would undertake some responsibility for retirement income and protection against ill health. Nowadays, with far greater employee mobility, career changes, varied working patterns and forms of employment, some of the traditional employee beneﬁts appear less relevant.
So what is the nature of the ‘value proposition’ in the area of beneﬁ ts that is more likely to attract and retain our employees in future?
• Is it more likely to focus on ‘ﬁ nancial wellbeing’ throughout the working life – rather than just building a pension?
• Is it more likely to focus on maintaining good health (and a healthy life-style) than on private healthcare to get employees back into work as quickly as possible?
• With the greater focus on mental health, how far do employers’ responsibilities extend into this area?
• What should employers do to make the working environment more conducive to productive work?
• How should the employer respond to societal changes affecting, for example, child-birth, elderly care, and so on?
With the beneﬁt of a PARC Report, we will examine the practical implications (and costs) of taking a greater interest in the ﬁnancial, health and mental wellbeing of our employees – and the extent to which this contributes to greater organisational performance and to a compelling beneﬁts proposition to attract and retain critical talent. Critically, do such beneﬁts contribute to a more or less agile reward structure?
On the broader health side, we will address active interventions made by employers to improve mental and physical wellbeing, such as the use of mental health ﬁrst aiders, coaching, EAPs, app-based interventions, and broader changes in culture and leadership.
On the ﬁnancial side, we will address areas such as employee debt, money management, savings and investment (both products and costs), and the role of nudge theory.