Why an integrated approach to employee benefits is critical 

Financial insecurity, workplace stress, and lack of meaningful support are no longer just personal issues – they have emerged as critical business risks that directly affect employee wellbeing and organisational performance. In today’s environment, it is essential for employers to move beyond fragmented, compliance-led benefit models and adopt a holistic approach to employee rewards. One that recognises employees as whole individuals with interconnected financial, physical, and emotional needs – not just workers earning a salary. 

Leading the shift to comprehensive benefits 

A modern workforce demands more than traditional benefits, and employee benefit consultants play a key role in driving change. By helping organisations design strategies that support employees’ financial, physical, and emotional well-being, consultants can boost long-term productivity and create workplaces where employees feel valued and engaged. 

The approach of prioritising operational efficiency over employee needs is no longer sustainable. Businesses must adopt a people-first strategy that not only retains talent but also actively engages employees in a meaningful way. 

Data-backed insights: Why traditional benefits no longer work alone 

The 2024 Old Mutual Workplace Benefits Primary Research, powered by LIMRA, reinforces the urgent need for a more integrated benefits model: 

• 84% of employees reported being satisfied with their benefits – but 1 in 5 still feel there is unmet demand, particularly for integrated support that spans health, finances, and emotional well-being. 
• Two out of three employees feel at least some level of financial, physical and/or emotional stress 
• Three out of four who are overwhelmingly stressed believe that their employer should offer services to help address this. 
• While 63% of employees feel their employer is invested in their professional development, fewer believe their employer prioritises their emotional (58%), physical (58%), or financial (56%) well-being. 

Driving the shift to integrate benefits 

The findings reflect a broader shift in workplace strategy: employee support is most effective when it’s integrated – combining health, financial, and emotional well-being. 

To support this transformation from a fragmented benefits model to a holistic, integrated approach to employee well-being, Old Mutual Corporate offers a comprehensive suite of employee benefits and employee wellbeing solutions designed to enhance employees’ financial resilience, emotional wellbeing, and overall stability. 

Our Financial Well-being Programme (FWP) provides free financial education, helping employees make informed money decisions, reduce financial stress, and improve their long-term financial security. Smart Salary gives employees controlled early access to earned wages, while Right Track identifies reckless lending practices that could be harming employees’ financial stability. 

Recognising the link between physical and mental health, we provide Strove, a gamified wellness platform that promotes healthy habits and rewards employees for meeting fitness goals. 

Additionally, our range of health solutions offer high-quality healthcare solutions to employees and members, such as health insurance, gap cover, medical aid, employee assistance programmes, consulting and administration. 

Beyond individual wellbeing, our retirement and risk solutions provide financial security at every life stage. Old Mutual SuperFund, South Africa’s largest commercial umbrella fund, offers cost-effective retirement savings, while our group risk solutions cover life, disability, and critical illness protection. 

Looking ahead: The case for a holistic benefits approach 

By integrating financial, mental, and physical well-being tools, Old Mutual Corporate empowers organisations to move beyond a siloed benefits approach and create a holistic employee value proposition. Companies that prioritise a comprehensive benefits strategy will see stronger employee engagement, reduced absenteeism, and long-term workforce stability. 

For more information on how Old Mutual Corporate’s integrated employee benefits solutions can support your consulting practice, visit www.oldmutual.co.za/employeebenefits. 

Old Mutual Life Assurance Company (SA) Limited is a licensed FSP and Life Insurer