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Recent research published by GRiD, the industry body for group risk protection, highlighted that a fifth of employees do not know how their employer would support them if they were absent through ill-health or injury. This highlights the need for…
Blog26th Aug 2021
By Richard Petrie
Recent research published by GRiD, the industry body for group risk protection, highlighted that a fifth of employees do not know how their employer would support them if they were absent through ill-health or injury. This highlights the need for employers to ensure information is provided in an easy, accessible manner, but that a communication campaign can also provide real value for awareness.
From conversations with clients, we are aware that a sector paying increased attention to this is Energy. We are well aware that the level of support is very different across the energy sector. Employers with enhanced support should make sure they shout about it to their employees, not just for the reassurance it provides, but because this could be a major differential if they are to consider roles in another firm.
The familiar phrase ‘cash is king’ still rings true and salary will undoubtedly remain the most common driver for career change, however with raised awareness many employees are more likely to consider the bigger picture. Enhanced protection and a feeling that their employer will support them through any long-term illness may prove a deciding factor even above simple salary comparison.
Private Medical Insurance is proving to be a fast-growing employee benefit that is being added by many energy businesses in 2021. The pandemic has led to a significant increase in delays of treatment and of course this can then lead to employers having a reduced workforce as they wait for treatment or are sadly forced into extended sick leave.
Many recent reports in the press are highlighting the massive increase in NHS waiting times. Public Health Scotland for example revealed that in March 2021, a total of 94,781 patients were waiting for inpatient or day case treatment, with 61,901 having been on the waiting list for 12 weeks or more. That was an increase of 120% from the total of 28,118 recorded as waiting 12 weeks or more at the end of March 2020.
Figures from the NHS in England are shocking; 5.3 million are now on waiting lists with real fears that this could increase above 10 million when people actually start seeking treatment again.
It’s no wonder then, that many employers are looking to introduce private medical insurance to their workforce for the first time or review and enhance existing plans if affordable. There are clear benefits from an employee obtaining treatment at the earliest opportunity:
Key benefits of providing a private medical insurance scheme include:
Points for energy employers to specifically consider are wide ranging and not really able to be covered off in a single article. However, as a starting point they should be around the following:
As we’ve mentioned, salary will always be a leading factor in attracting and maintaining a quality team. However, the world is changing, since the events of 2020 people have new concerns, new priorities and a new outlook, and the startling NHS waiting times are just a fraction of this. People are looking at their overall ‘work life’ in a completely new light and businesses can’t be left behind when it comes to the care they provide to their employees.
To discuss private medical insurance and other employee benefit options please contact Richard Petrie or your usual AAB contact.
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