GRiD recommends competitive benefits beyond salary

GRiD, the industry body for group risk, anticipates more government focus on financial resilience this year. During an ongoing cost-of-living crisis, individuals find themselves paying more attention to their budgets. This has prompted GRiD to emphasise the importance of employer support in navigating economic challenges.

Katharine Moxham, spokesperson for GRiD, comments: “Employees’ finances have been squeezed for a long time and this has wide-reaching implications on all areas of health and wellbeing, and forward-thinking employers will be looking at how they can help.”

GRiD expects to see more focus from employers on employee benefits that help financially. This includes everyday discounts, help with travel costs, and benefits that actually provide financial assistance when people need it most, such as life assurance, income protection and critical illness benefits.

The war for talent still goes on and if employers want to access a wider pool of people, they will have to focus on supporting individuals with long-term health conditions. Potential solutions range from access to virtual GPs and mental health support to expedited access to physiotherapy, second medical opinions, and aid for serious illnesses.

As small and medium-sized enterprises vie with larger corporations for talent, competitive benefits extend beyond salary considerations. GRiD urges employers to provide valued benefits that include support for health and wellbeing.

In conclusion, Moxham acknowledges the rapid pace of innovations in health and wellbeing support: ‘Innovations in the health and wellbeing space have never been so fast-paced, and employers have never had to rely on their advisers so much to keep abreast of developments. The support on offer is also increasingly sophisticated, so employers are able to target benefits to the particular needs of their workforce – the more targeted the better – and they’ll look to advisers for help.’

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Emma Cockings Emma is a content editor for Claims Media. Emma is a experienced writer with a background in client-centric personal injury for a major firm. She has attended and reported on multiple brokerage events throughout her career.