Iain Fox, director at Bath-based employee benefits specialist Fidelius, continues Bath Business News’ weekly Expert Panel by explaining how a New Year resolution to get healthy can be good for businesses as well as individuals.
New Year’s resolutions can become just wishful thoughts by the end of January, if not before. Many resolutions focus on improving health, and it does businesses themselves no harm to devise their own healthy resolutions for the coming year – and to stick to them.
‘Health’ can be understood here in two ways. Firstly, there is the health of the company’s balance sheet and its prospects. Secondly, there is the health and wellbeing of the company’s staff. Importantly, the two are linked, and there is much that businesses can do to ensure they benefit from a healthier and happier workforce.
Most people’s resolutions revolve around positive lifestyle choices, such as losing weight, quitting smoking, and getting fit. Not so long ago, such lifestyle issues were seen as purely the preserve of the individual with little bearing on the separate world of work. But progressive employers now recognise that a healthy employee with a positive lifestyle away from the office will tend to bring the same upbeat outlook to work and be less likely to require extended time off due to physical ill health or stress. So an effective employee wellbeing strategy that supports individuals’ positive lifestyle decisions is well worth putting on the agenda for 2013, if it’s not already.
Whether businesses are a SME or a larger concern, there are a variety of benefits that they can offer to help staff, from discounted gym membership and smoking-cessation programmes to private medical insurance (PMI) and employee assistance programmes (EAPs), the latter being a benefit that helps with psychological health. More general health and wellbeing benefits can also help staff. For example, an employee determined to look after their health in 2013 might appreciate a health cash plan to meet everyday health costs, such as dental and optical check-ups.
Health risk assessments can also be used to support employees’ health and fitness drives. These provide a snapshot of an individual’s health, showing where improvements could be made and making suggestions about any necessary dietary and/or lifestyle changes. For staff with a financial resolution, such as to save more money, employers can help individuals start a pension or get on top of debt by offering financial education, if appropriate.
Fidelius’ healthcare and employee well-being team works with firms across the South West offering expert advice on how best to use such benefits. But, whichever benefits are most relevant to a workforce, it is important that health and wellbeing strategies are fully integrated into the wider benefits package, rather than simply a ‘bolt on’ to the standard.
While the New Year may be the trigger for employers to evaluate how employees’ general welfare needs are met, it is vital that the support offered is consistent, extends throughout the year and is promoted across the workplace. At Fidelius we can do all these and help find the right mix of benefits to ensure both staff and business are on a healthy footing. For more information call us on 0845 241 6500.
