When it comes to the health and wellbeing of their staff, employers are most concerned about stress and anxiety across most of their staff demographics, according to new research1 from GRiD, the industry body for the group risk protection sector. The baby boomer generation is the only demographic where employers believe their lack of fitness is the biggest detriment to their health and wellbeing.
As employers have so many different generations in their workforce, they need to find a way to cater to all different needs, so they must ensure that any health and wellbeing benefits they offer meet the requirements of the entire workforce.
GRiD’s research reveals the major concerns that employers have for different demographics within their workforce:
Gen Z (aged up to 26)
Employers’ biggest concern regarding the health and wellbeing of their Gen Z employees is around stress and anxiety related to finances and debt, with 29% of employers highlighting this as an issue for this group who are relatively new to the world of work.
Millennials / Generation Y (aged 27-45)
Millennials are also most on employers’ minds in relation to stress and anxiety about finances and debt, with 35% of employers believing this to be their biggest burden.
Gen X (aged 46-57)
The biggest worry employers have for Gen X is stress related to work, with 36% of employers having concerns.
Baby boomers (aged 58-76)
The baby boomer generation bucks the trend, with 39% of employers most concerned about their general lack of fitness caused by a non-active lifestyle. As many of the baby boomer generation remain committed to working for longer than expected following the removal of the default retirement age, it’s important this need is addressed.
While GRiD believes that it is important to acknowledge the differences in the generations, when it comes to employee benefits, the industry body strongly advises employers to provide support across all four areas of financial, physical, mental and social health for all generations.
In addition to individual challenges that employees face, there are constant external challenges that impact health and wellbeing, from political and economic uncertainty to pressures on the NHS, and each will affect individuals in different ways, so it’s important to support all pillars of wellbeing.
Katharine Moxham, spokesperson for GRiD, says: “It’s unlikely that even just a decade or so ago, employers would have been so acutely aware of the mental health needs of their workforce. However, it’s important that employers’ concerns around stress and anxiety on behalf of their staff doesn’t mask other health issues that also require support such as living with long-term chronic conditions or pressures relating to home life including caring responsibilities.
“Although statistics can predict generalisations for an entire workforce, they can’t forecast which issues might impact an individual employee and what support they might need. By ensuring employee benefits cover all areas of health and wellbeing – financial, physical, mental and social – no employee will be left lacking in their hour of need.
“Group risk benefits (employer-sponsored life assurance, income protection and critical illness) have long included support for all areas of wellbeing and, as they are generationally equitable, they are a great help to for employers looking at how best to support all their employees.”