Round-up of latest benefits research

Round-up of latest benefits research 

A quarter of employers have increased spending on their existing EAP, extending the range of services to help staff through the fall-out from the pandemic.

The survey by the Reward & Employee Benefits Association (REBA) found that more employers were either introducing (13%) or increasing availability of virtual GP services (8%).

Employers have also been looking to provide support around financial wellbeing. 62% of survey respondents are offering financial education, 31% financial advice. A number of employers have reported they are looking to set up a hardship fund for staff affected by the harsh economic climate.

New research by Willis Towers Watson [https://www.wtw-healthandbenefits.co.uk/news/news-releases/employee-benefit-programmes-covid-19] backs up the argument that benefits strategies in general will be affected for the long-term. It found that 42% of companies have made or plan to make changes to benefits offerings as a direct result of Covid-19: 60% want to enhance their wellbeing programme, 58% their mental health and stress management offering, 26% are aiming to improve annual leave entitlements. 

Employers pointed to the importance of benefits communications in the coming year – with EAPs being flagged as the biggest priority for awareness-raising activity (79%).

At the same time, a minority are looking at reducing benefits. The most likely to be negatively affected in the wake of the crisis are annual leave (8%) and retirement benefits (5%).

Eugene Farrell, EAPA chair, said: “The new focus on EAPs isn’t a blip. All the evidence from employers and their conversations around needs for now and the future reflect a fundamental, lasting change. Mental wellbeing across the huge number and variety of people affected by the pandemic needs professional support. Employer awareness of psychological health has become a pillar of organisational stability and performance. 

“But, as the Willis Towers Watson research shows, there continues to be an issue around the awareness of EAPs. Many employees haven’t considered using the service before, they’ve let information pass them by as ‘not for them’, and aren’t aware of the full spectrum of expertise and support available to them and their family members. Now’s the time for EAPs as a sector to come together to build understanding for the new era to come.”