L&G has today announced the launch of its fourth Chief Medical Officer (CMO) report, which centres on Sir Charlie Mayfield’s Keep Britain Working report and the role of group income protection (GIP).
New research commissioned by L&G to support the launch of this CMO report found that just over a third (34%) of SME employees say their employer does not do anything to prevent absences occurring, while 31% say they do something, but it could be improved.
Only 23% of respondents say their employer does this well. Almost 8 in 10 (78%) think that 'preventing absence occurring in the first place' would represent the most helpful part of any effective wellbeing and absence management strategy.
The CMO report looks at the role of prevention and the importance of accessibility to everyday self-help for entire workforces and their immediate families. It will also consider absence management in terms of early intervention and rehabilitation. This includes how to deliver return-to-work support that is person-centred and sustainable.
L&G says preventing absences from occurring and intervening early when they do is core to group income protection, and therefore it needs to be placed front and centre in client conversations. The CMO report is designed to help with that.
"Early intervention services are not only what the Mayfield report highlights as integral to the solution, but also what HR professionals relate to when it’s explained fully by advisers," Roy Mcloughlin, IFA and board member of the Protection Distributors Group (PDG), said.
He continued: "SMEs in particular have a hunger and enthusiasm to learn how we can help them with absence management and the positive cultural messaging of employees returning to work. The role of active financial and benefits advice has arguably never been as important in helping collaboratively communicate the impressive services that early intervention and vocational rehabilitation bring."
Barry Waring, founder, BW Consulting Ltd, added: "We know that price has traditionally dominated the GIP conversation, particularly in smaller schemes where budgets are tight, and some intermediaries are understandably focused on affordability. But the reality is that this price-led mindset is often glossing over much bigger risks and certainly missing opportunities.
"If we want to genuinely support the aims of the Keep Britain Working report, the industry has to move beyond claims statistics and premium rates, into meaningful conversations about keeping people well, in work and thriving."
Dr Tarun Gupta, chief medical officer, UK protection, L&G, commented: "L&G has consistently advocated that good work is beneficial for health. Supporting employees to remain in good work and thrive requires preventing illness where possible and intervening early when it does.
"Our latest research shows that employees want this support, yet in many cases it remains lacking. To improve key business outcomes, such as recruitment, retention and performance, we need to support intermediaries to have conversations about group income protection in the context of prevention and early intervention, focusing on value rather than just cost.
"The CMO report and associated toolkit, case studies and research are intended to equip intermediaries with practical, evidence-based resources to support those discussions."
