New research shows that benefits packages are out of step with the needs of employees:
- Employees are increasingly risk averse thanks to the recession: 77% are worried about their financial security and are prioritising long-term financial protection in benefits packages
- Over half (52%) of employers agree they have a responsibility to look after their staff
- However, employers have not responded to changing employee demands: over 50% have not reviewed their packages since 2008
Many More Want to Work but Held Back Due to Lack of Support
Today, research reveals over half a million (560,000) people with cancer are currently in the workforce, contributing £16 billion each year to the economy.
Insuring against these unplanned costs reduces cost volatility, and offers the biggest financial benefit to staff.
The average UK business is spending an estimated £620,000 every year on employees who are unable to work due to long-term illness or injury.
Long-term sick leave costs UK businesses around £3.1bn each year (that's more than the Government's annual rail budget!)
Businesses across the UK are spending an estimated £3.1bn every year on employees who are unable to work due to long-term illness or injury. This estimate increases to £6.5bn if the public sector is included.
Income protection specialist, Unum, has signalled its commitment to focusing on the employer-paid benefits market with the removal from sale of its Individual income protection products.† It is retaining its market-leading Executive income protection offering, which is an employer paid product that will be offered alongside its award-winning Group products.