As Livi’s Jamie Griffin explained for the Sunday Times recently, while many companies offer private medical insurance (PMI) as an employee benefit, it can be cost prohibitive for small-medium sized businesses (SMBs). Enter Livi’s on-demand video GP consultations, health and wellbeing content, prescriptions, fit notes and referrals for onward care and treatment. It complements existing PMI schemes, and helps businesses attract and retain talent – all while offering employees greater flexibility and convenience in accessing healthcare.
Human resources (HR) teams, business owners, and employee benefits consultants agree, the flexibility of the Livi online GP appointments allow for early intervention, better work-life balance, and reduced in-person appointments, boosting productivity and minimising staff absences. Employees get to skip the 8am appointment rush and have a video consultation at their 24/7 convenience, whether at home, on the go, or in the office.
Talent attraction and retention
This is important because employee retention is a critical concern for SMBs in the UK. The average employee turnover rate for UK workers is currently 35 percent, with 26.9 percent moving to another employer and 8 percent leaving for reasons such as study, retirement, or career breaks. And SMBs can feel the effects of people churn acutely. The average cost of turnover per employee earning £25,000 or more is £30,614, encompassing recruitment, training, and lost productivity expenses.
Comprehensive health benefits have long been a differentiator in the job market. So, services such as Livi's digital healthcare solution are increasingly appealing to current and prospective employees alike.
Wellbeing and productivity
Employee absence through sickness imposes significant financial burdens on UK SMBs. According to the Federation of Small Businesses (FSB), the average cost of sickness absence, including expenses related to finding cover, is over £3,000 per year for small employers, amounting to a total of £5 billion annually across the small business community.
A report by the Institute for Public Policy Research (IPPR) highlights a rise in the average number of sick days taken by UK workers, increasing from 3.7 days in 2018 to 6.7 days in 2023. This escalation has contributed to an additional £5 billion in annual costs for businesses. Furthermore, "presenteeism," where employees work while unwell, results in a loss of 44 days of productivity per employee each year, costing businesses an estimated £25 billion annually.
Investing in quality healthcare not only boosts employee satisfaction and reduces absenteeism but also cultivates a culture of well-being that drives overall organisational performance. This not only aligns with corporate social responsibility (CSR) and environmental, social and governance (ESG) commitments, but importantly, also allows SMBs to make provision for an ageing workforce and/or employees with long-term conditions.
The future of work
Hybrid working has become a significant aspect of the UK workforce, particularly among SMBs in certain sectors. So, it’s important that employee benefits such as digital GP services evolve in tandem to support a hybrid and remote workforce. Research from Workplace360 in 2024 indicates that 44 percent of UK employers have adopted a structured hybrid model, compared to 28 percent of US-headquartered companies for example. Notably, smaller firms demonstrate greater flexibility, with 76 percent of businesses with fewer than 500 employees offering fully flexible work arrangements, versus just 17 percent of companies with over 25,000 staff.
Leading with simplicity
Livi's digital healthcare solution not only provides an affordable way for SMBs to implement healthcare perks without extensive costs, but the services are easily integrated within existing employee benefits frameworks. Activation methods are as simple as voucher codes and technology platforms can be incorporated smoothly.
