As we approach 2024 with an economy in flux, 55% of HR and benefits leaders report pressure to reduce their total employee benefit spend. At the same time, companies still need to deliver impactful benefits to attract and retain talent in this challenging job market.
83% of employees believe that workplace benefits are an important factor when looking for a new job. This is particularly true for health and wellbeing benefits, with over two thirds of employees concerned about at least one aspect of their wellbeing.
Despite this, 66% of companies say reducing their health and benefits spend is a key goal for 2024. Unlocking compulsory budgets typically tied to employer regulations is a key way to maintain employee benefit standards while reducing cost.
Did you know? 80% of staff would consider leaving their job for one that prioritises employee health.
Unlocking ‘discretionary’ benefits with compulsory budgets
Health and wellbeing benefits are more important than ever, but wellbeing tools often fall into the bucket of ‘discretionary spend’, especially when budgets are tight. On the other hand, solutions for DSE compliance or workplace safety are usually a compulsory cost to meet your employer regulations.
65% of employees have musculoskeletal (MSK) issues like back pain. Traditional compliance and safety tools help you meet legal requirements, but they don’t reduce pain in your team or provide any other benefits.
Investing in wellbeing tools with a dual purpose can help your budget go much further. Vitrue VIDA is a DSE compliance, pain management and wellbeing tool wrapped into one, enabling you to pay for an employee benefit out of your mandatory compliance budget!
Top tip: Modern ISO standards like 45001 also cater for mental health and may help with the internal business case for other benefits.
VIDA provides an employee benefit and compliance tool in one
Vitrue VIDA is a leading digital DSE solution that gives you much more than just compliance. The best way to make your budget go further without having to unlock any additional spend.
With VIDA, you can give your team an ROI driven benefit with your mandatory compliance or health and safety budget:
- Instantly comply with employer regulations – VIDA allows you to send up to 10,000 workspace assessments to your team at once, making you DSE compliant in just 30 seconds.
- Reduce MSK pain with cutting-edge technology – VIDA’s computer-vision AI webcam assessment detects the position of your head, shoulders and the distance from your screen, providing instant AI generated suggestions to improve your posture and wellbeing.
- Tailored stretches and pain management programme – Pain Coach within VIDA is a personalised pain management programme with tailored exercises to help your team keep work- related pain at bay. It’s also packed with educational content to help your team learn about their pain and overall health. No need to invest in any other wellbeing or exercise tools!
For more information on how VIDA can help you unlock compulsory budgets to expand your employee benefits offering, get in touch with us at email@example.com or book a demo today!