Many insurance companies and brokers have embraced working from home as the new normal, and as the government is keen on restricting all personal movement, despite the Covid vaccine, that WFH situation may well remain the default option. But is it good for morale long term? New research from YuLife says that about a quarter of workers think WFH is NOT good for mind, soul or body. They could be right.
YuLife, the tech-driven insurance company on a mission to inspire life, today announced the results of a survey conducted in conjunction with YouGovwhich found that 1 in 4 UK employees believe their employer has not looked after their wellbeing during the Covid-19, and less than half (48%) feel supported in the transition to remote working. This is an alarming finding for businesses given that 87% of employees are more likely to stay with an employer who demonstrates a commitment to their wellbeing.
A clear majority of employees believe that employers need to play an active role in safeguarding their financial security beyond paying their salary: 69% of employees believe that employers have a responsibility to support their financial wellbeing. For 26% of employees, financial services such as life insurance and critical illness coverage are the most desirable workplace benefit, making them the leading option among a range of different employee benefits.
“The needs and wants of employees have undoubtedly changed since the start of the pandemic. The data shows that employees are placing a greater emphasis on wellbeing with employees overwhelmingly believing that their employers have an obligation to care for their financial and mental wellbeing. It is also clear that employers need to be supported and provided with innovative solutions for them to be able to effectively adapt and fulfill these new expectations.” said Sammy Rubin, CEO and Founder, YuLife.
Approximately 1000 British employees were surveyed to explore how the Covid-19 pandemic has impacted their wellbeing and assess employees’ evolving needs from their employers. At the end of a year which has seen unprecedented changes to our working routines, including the advent of widespread remote working, the survey results offer company executives and HR leaders vital insights into how far the pandemic has changed attitudes and expectations among employees.
Additional findings include:
· 32% of employees think that their mental health is the most important contributing factor to their general wellbeing – more than any other determinant.
· 41% of employees report being more stressed since the onset of the Covid-19 pandemic – down from 47% since June. This decrease hints at some adaptation to a ‘new normal’, but also confirms that the pandemic continues to negatively affect employee wellbeing.
· More than half of people believe mental health or work-life balance is the most important factor to their general wellbeing (32% and 20% respectively).
· 33% of people say that changes to their working routine have had a negative effect on their general wellbeing,
· 21% of employees view life insurance as more important now compared to before the pandemic – 7 times more than the proportion who think that life insurance is now less important.
· The pandemic has made people more aware of their physical and mental wellbeing, with 25% of people appreciating the value of their physical and mental wellbeing more.
· Since June, there has been a 50% increase in the number of people who now value life insurance more compared to before of the pandemic.