Five reasons to get more women covered

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Five reasons to get more women covered

Employers, per new regulation, are under scrutiny to talk publicly about their plans to close the gender pay gap.

But what most advisers don’t realise is they play an important role in equalising the workforce.

How? Companies look to advisers to recommend employee benefits packages that engage and support their workforce, while providing a return on investment.

According to The World Bank, women make up nearly half of the UK workforce, so helping employers pull together an employee benefits package that best protects this group of workers makes good business sense.

Here are the top five reasons advisers should get more women covered:

Women are under protected

Although women make up a large portion of the UK labour force, group income protection data from Unum shows that women are unprotected compared to men.

In fact, Unum’s data reveals that men are one-and-a-half times more likely to have income protection than women, leaving thousands of females without protection and at risk should they fall ill and be unable to work.

Aside from the risk this presents for those lacking cover, this gap also has consequences for employers.

An annual Capita employee insight report tells us that 66 per cent of staff say they would be more likely to stay with an employer that offered good benefits. This shows a strong, relevant benefits package can help employers get the pick of employees at recruitment.

Helping employers with a competitive benefits package so they can recruit strong talent will add to the value you bring as a broker. Your work will be even more meaningful if you can help employers improve take-up rates to keep their workers retained and committed.

This may mean tailoring communications or checking to see whether non-covered workers are getting cover elsewhere – perhaps through a spouse or partner.

Leaving employees without cover is too risky in the war for talent.

The pipeline for future leadership

We can all recognise the pipeline issue; the lack of women in senior leadership or top-earning positions can lead to huge gaps in pay.

And since women represent a large, productive population of the UK workforce that is uninsured, brokers who can get more women covered will make a big difference for businesses’ bottom lines.

They’ll also be aiding in the quest for better gender equality since comprehensive benefits packages are effective at keeping women engaged in the workforce, allowing them the opportunity to stay at work and advance in their careers.

Women claim more consistently throughout their working lives

Unum’s data reveals that while women are under protected, compared to their male counterparts, they make up nearly 45 per cent of the total claims.

They also claim earlier and more consistently throughout their working lives than men and, according to the Scottish government, long-term health problems are more common in women than men.

Claims data tells us loud and clear that women use - and need - the cover.

Knowing women are frequent claimers, brokers can help employers better manage employee absences, which can hit companies hard.

The direct costs of absences add up quickly – statutory sick pay, occupational sick pay, paying overtime and for temporary cover.

The indirect effects can take a toll, too, like lower staff morale if they’re covering for absent colleagues or experiencing increasing workloads. It can also lead to mistakes if staff are having to cover other people’s jobs.

Advising on products that keep staff at work, or help them return to work quickly, can be tremendously cost-effective for employers.

Also, lower productivity is a risk if employees are constantly calling in sick.

Advising on products that keep staff at work, or help them return to work quickly, can be tremendously cost-effective for employers.

Younger women are more likely to have mental health claims

Mental health conditions seem to be a particular problem for younger women. A recent Office for National Statistics study says that younger women are more likely to report suffering from anxiety or depression than their male counterparts.

For those dealing with mental health conditions, finding the right support is imperative.

This can include emotional support, prevention, early intervention, medication, or return-to-work after a leave of absence – all services that employee benefits can provide.

As mental health climbs up the corporate agenda, brokers can help employers harness resources to safeguard mental health, so staff can stay engaged and have a better chance at managing their mental health before it becomes a bigger crisis.

The care factor

Lots of working people also have caring responsibilities at home, whether for children, siblings, spouses or ageing parents. According to Carers Trust, women make up 57 per cent of working-age carers.

The emotional toll that caring responsibilities have on an employee can be difficult to manage, especially when balancing a career. Fortunately, there are several benefits that can help workers navigate the stress of caring responsibilities.

Maternity and paternity leave provides time off and financial assistance to new parents, and enhanced parental leave is especially beneficial.

Employee Assistance Programmes, or EAPs, provide counselling services, emotional support and practical advice on a range of issues pertaining to work/life balance, including care-taking responsibilities.

Beyond this, services such as Mercer’s AgeingWorks connects employees with eldercare experts.

Providing resources for working carers is another way employers can support their female staff. Since many of these services are available with group risk products, brokers can help companies get the most out of their benefits, while attracting and retaining workers who might otherwise have dropped out of work to care for family members.

Liz Walker is HR director at Unum UK