Imagine for a moment you’re the Head of HR for a growing tech firm with 150 employees—a diverse roster that includes developers, customer service representatives, and administrative staff. Suddenly, one of your senior developers, let’s call her Sarah, is suddenly diagnosed with a serious illness, your company steps in to provide her with financial support during her long road to recovery. This support—known as Group Income Protection Insurance—enables Sarah to focus on her health without the constant stress of worrying about her family’s finances, and she’s able to do this thanks to the Group Income Protection (GIP) plan offered by her employer.This is what modern Corporate Social Responsibility (CSR) looks like—moving beyond community projects and environmental efforts to focus on the heart of any business: its people.As Lauren Berkemeyer, YuLife’s Chief Marketing Officer, explains, “CSR is about creating an environment where employees know their company has their back, especially when life takes an unexpected turn.”The financial impact of employee illness on companies and employeesThe cost of poor employee health to UK businesses is staggering. Recent research from the Institute for Public Policy Research (IPPR) reveals that the annual hidden cost of employee sickness has risen by £30 billion since 2018. Of this increase, £25 billion is attributed to lower productivity among people working through illness, while only £5 billion is due to rising sick days.Employees now lose an average of 44 days of productivity due to working while sick, up from 35 days in 2018. This presenteeism, where employees work despite being unwell, not only affects productivity but can also slow recovery time and increase the risk of further illness.Financial and mental health implicationsIllness or injury can have severe consequences for employees’ mental health. Employees experiencing financial stress are twice as likely to experience thoughts of suicide or self-harm, and financial pressure is the top cause of stress outside of work for 37% of employees.One in five employees reports that financial stress affects their productivity. With poor workplace mental health costing UK employers around £56 billion every year, addressing these issues is crucial for both employee wellbeing and business success.The business case for Group Income ProtectionWith 48% of employees reporting a decline in their mental wellbeing in 2022, offering comprehensive support through GIP can significantly improve both your employee satisfaction and retention.What’s more, by providing this safety net, companies like our growing tech firm can position themselves as employers of choice, attracting the best candidates for their open positions in what is an increasingly competitive job market. This aligns with the growing trend of employees seeking better work-life balance and improved benefits packages when they choose their next job.Employee wellbeing as part of CSR“Employee wellbeing is the foundation of any meaningful CSR strategy,” Lauren explains. “By providing Group Income Protection, a company demonstrates that it cares for its employees beyond just the working hours.”Financial security is a significant component of someone’s wellbeing, and addressing the mental, emotional, and financial needs of employees positions the business as a responsible corporate citizen, enhancing its reputation among employees, customers, and the broader community. According to a 2023 study by the World Health Organization, companies implementing effective health and wellbeing programmes can see a productivity increase of up to 20%.Financial security and social impactThe impact of Group Income Protection extends beyond the individual employee—it has a ripple effect that benefits families and communities. When employees are financially supported through illness or injury, it reduces stress on their loved ones and helps maintain household stability. This in turn strengthens communities, as employees are less likely to face financial hardship that could have broader social consequences.Aligning GIP with CSR initiatives means contributing to societal resilience and wellbeing, which reflects positively on the business as a driver of positive social change: a 2024 Edelman Trust Barometer indicated that 78% of consumers are more likely to trust and buy from companies that prioritise employee wellbeing.Fostering loyalty and trustEmployees who feel supported by their employer are more likely to be loyal and engaged. A strong CSR initiative, including Group Income Protection, serves as a powerful demonstration of an employer's commitment to its people. In times of economic uncertainty, the assurance that income will be protected in case of illness can make a significant difference to an employee’s sense of security. This level of care builds trust, boosts morale, and results in a more engaged and motivated workforce.Companies that take care of their employees’ wellbeing through comprehensive benefits see improvements in loyalty, productivity, and retention—all key indicators of CSR success. In a 2023 Gallup poll, 61% of employees said they considered wellbeing benefits to be a major factor in their decision to stay with their current employer. Furthermore, research published in the Journal of Business Ethics demonstrated that businesses engaged in impactful CSR saw an increase in employee productivity by up to 30%.The role of YuLife YuLife's Group Income Protection offering goes beyond financial support. “We believe in creating a culture where employees feel valued and motivated,” says Lauren. YuLife aims to enhance overall employee wellbeing through gamified wellness incentives, helping individuals live healthier lives while ensuring they are protected against the unexpected. If you’re an HR leader or a business owner, consider how Group Income Protection could strengthen both your CSR initiatives and your support for your people. Providing financial security to employees during times of illness or injury is a tangible way to demonstrate care and commitment, aligning with the broader goals of responsible business. Get in touch with YuLife today to learn more about our employee-centric insurance products and discover how we can help you make a positive impact on your workforce and community.About YuLifeYuLife is working to reimagine the insurance industry by protecting lives, rewarding living and inspiring life. We’re on a mission to transform traditional insurance into a life-enhancing experience each employee will value and use daily. How does it work?Our award-winning app uses behavioural science and game mechanics to reward your people for living well while offering protection in case of crisis. And with our top-rated employee assistance programme, your team gets access to mental, financial and social support, virtual GPs, nutritionists, life coaches and more to help them live their best lives.Because we believe that your employees should benefit from their insurance from day one — and that wellbeing should be accessible every day, for everyone.Request a demo for your team today.