Insuring wellbeing: Which industries lead in employee health coverage?

Your staff is your most valuable asset. 

But how well are you taking care of their health and wellbeing?

For most people, getting medical assistance has become increasingly challenging in recent years.

A combination of factors including a growing backlog of appointments, strikes affecting NHS waiting times, and soaring demand for services has made accessing help almost impossible.

Consequently, employees are prioritising private healthcare benefits like private medical insurance (PMI) when considering new job opportunities. 

But which industries are leading the charge when it comes to ensuring the health and happiness of their workforce? 

Let's dive in and uncover the trends shaping the landscape of employee health coverage. 

Who are the industry leaders in health coverage?

Bravo Benefits surveyed 714 businesses across 18 industries ranging from IT to agriculture.  

Our plan was simple: to discover which industries lead in employee health coverage in the UK.

Let's start by examining the data. 

How many businesses are offering PMI?

Out of the 714 businesses surveyed, 33% are offering PMI as part of their benefits package. 

Which industries are leading the way?

There were 4 industries that stood out as prioritising PMI - commanding over half (52%) of the total. These were:

• Real estate
• IT & Communications
• Manufacturing
• Construction
  
  

Interestingly, some industries that are more hands-on such as agriculture, catering and early years, tended to lag behind in their provision. 

You would presume that the more physical a role, the more emphasis is placed on providing health care coverage, as the greater the chance of injury. But, this does not always seem to be the case. 

There could be several factors at play here, such as budget constraints, or a lack of emphasis on health benefits as a retention and attraction strategy. 

Let’s look at the top 4 performing industries in more detail:  

Real Estate: Commanding 15% of those offering PMI, they are among the frontrunners in prioritising the health of their employees. 

This reflects a recognition of the critical role that a healthy workforce plays in driving productivity. It might also suggest that these businesses are using PMI as a recruitment and retention strategy. 

Information Technology: Next (at 14%) the IT industry acknowledges the importance of physical health in sustaining the high levels of creativity and problem-solving skills essential for the sector. 

There may also be an acknowledgement that sedentary jobs are not naturally conducive to physical activity and that healthcare initiatives are important for long-term wellbeing. 

IT roles require a high level of expertise, so employers may be using PMI as an attraction strategy. 

Manufacturing: The next largest sector (12%). These businesses demonstrate a commitment to the physical wellbeing of employees, many of whom work in potentially hazardous and unpleasant conditions.

Construction: At 8%, this sector shows a commitment to the wellbeing of employees, unsurprising for an industry that requires its workforce to be physically fit to do their jobs.

There is room for growth.

These statistics reveal a promising trend towards the recognition and enhancement of employees' wellbeing through health coverage. 

However, there's ample room for growth and improvement across all sectors with a shocking 66% of respondents not offering any PMI for their employees.  

There’s a huge opportunity for businesses to re-evaluate their benefits packages and consider the long-term advantages of investing in employee PMI and wellness programmes.

So why is it important to offer PMI in the first place? 

Why is Private Medical Insurance (PMI) important?

With NHS waiting lists rising to a record 7.75 million, PMI provides access to timely medical treatment and specialist care, ensuring individuals receive the attention they need without the long waiting time. 

Additionally, PMI offers peace of mind by covering the costs of private healthcare and reducing financial worries during times of illness or injury. With concerns allayed, employees can focus on their work. 

What are the Benefits of PMI?

Prioritising PMI and the wellbeing of employees can lead to many benefits for your business, not just your staff.

1. Health insurance is vital for attracting and retaining top talent, with 51% of job seekers ranking it as their most desired benefit.

2. Employees see their health as a priority, and providing PMI signals that you do too. It fosters a sense of security and care, something that is crucial for retaining employees. It also fosters a positive work environment.

3. 86% of employees value medical insurance products and are more likely to stay with employers prioritising wellbeing.

4. Offering insurance reduces absenteeism. Contrary to belief, it saves costs by minimising missed workdays and preventing chronic illnesses, as employees can skip the queues and return to work promptly.

Why not download our free factsheet to find out how you can reap the benefits of PMI and stand out in your industry?

Strategies for elevating your approach to employee wellbeing

Regardless of your industry, exceeding the standard when it comes to ensuring your employee’s wellbeing can position your company as a market leader. 

This is how you can achieve it.

Step 1: Audit your existing wellbeing provision

It can be hard to know where to start if you’re not sure what you’re doing. 

An employee’s wellbeing is based on several factors, not just their physical health. You need to consider their mental, social and financial wellbeing too. 

To help you get started, we’ve created a handy wellbeing toolkit. It will help you:

• Audit your existing programme
• Understand why wellbeing is important
• Suggest how to “fill in the gaps” you uncover