Q3 2024 Data Reveal Round-Up

24 Oct 2024

Published in: Black Country Chamber of Commerce News
Following the Q3 2024 Quarterly Economic Survey Data Reveal on October 17th, see what the results mean for business on a regional and national level.

How are employers using staff benefits to promote employee wellbeing? Our guest speaker Anthony Burns – CEO of health cash plan providers, Paycare – spoke about trending staff benefits, post-covid wellbeing and Paycare’s own strategy. You can read more about the live event here.

Staff Benefits Data from the Black Country

As taxation remains a primary concern, fewer companies are looking to increase their investment plans.

51% of the companies surveyed said they have a wellbeing strategy (twice as many as 2019).

The main challenge facing employers is mental health – with the expectation of resources and training indicating a changing culture. Reports of stress, anxiety and depression have almost doubled compared to 2019.

Hybrid working, tech plus recruitment/retention are the next biggest challenges.

Currently, the most popular benefits for employees are:

  • GP services
  • Mental health support
  • Flexible working
  • Private medical insurance

Panel Discussion

Different benefits being offered include: ‘duvet days’ twice a year, designated mental health first aiders, a holiday flex programme where employees can buy/sell/carry over five days a year, offering a fulltime salary for a four-day week, health care plans and overall flexibility in work hours.

Likely benefits of the future:

  • Help with retirement planning for an aging workforce: unlike the transition into the workforce, there is often less conversation about what options are available when it comes to retirement. Companies offering advice on pensions, and expertise on early / semi-retirement can better support their often long-serving employees.
  • Upskilling younger employees: offering training to boost the personal development of staff early in their career allows them to see that their work is being invested in, and their skills nurtured.
  • Different forms of leave: e.g. pet bereavement days / paid time off for childcare or other caring responsibilities give employees the chance to maintain better work life balance. For equal opportunity employers, it is vital to understand what responsibilities your employees have around the clock. This way, more talent can be retained as staff feel truly valued within the organisation.

Key takeaway

Organisations who do well at wellbeing will be in constant communication with their staff and tailoring their offerings to suit employee needs rather than business needs.

Our Policy & Impact Officer, Gemma Edwards said:

“It was great to see so many people attend to hear the latest data for the Black Country, as well as an engaging and informative presentation on employee wellbeing and a panel discussion.

“The range of employee benefits offered is wide-ranging and shows the level of innovation that employers are using to offer value to their employees. We will wait to see how the Government will help businesses in the Budget next week to help employers attract and retain staff.”

Looking for mental health support? Visit https://hubofhope.co.uk/

If you have any further questions about policy, please email gemmaedwards@blackcountrychamber.co.uk

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