More than 2/3 of South Africans Struggle with Workplace Stress - Survey Findings @YuLife

Hi Guys, 

A new survey by YuLife and IPSOS reveals interesting facts about South African employees and the challenges they face.

A recent survey conducted by YuLife, an insurtech start-up dedicated to transforming the nature of insurance, and IPSOS, found that 85% of South Africans grapple with stress at their jobs but that only 39% of employees find their wellbeing programmes “fairly effective”. Another 32% of respondents found their well-being programmes ineffective. The study’s research forms part of an enlightening new ebook from YuLife titled, ‘How to build a winning South African workforce’’, which went live on November 15th2023. By taking a deep dive into employee wellbeing management within organisations and examining how employers can create truly engaging wellbeing solutions, this ebook is set to become the gold standard for local companies looking to build high-performing teams.

Jaco Oosthuizen, co-founder and Managing Director of YuLife South Africa says, “Unfortunately, South African employees have some of the worst mental health in the world and are desperately looking for ways to improve that. Employers and HR leaders are trying their best to support their employees but don’t have a lot of concrete data at hand, so we gathered the research to assist, inform and enable employers to understand what employees in SA value at work.

One of the starkest findings was that only 28% of respondents reported feeling cared for by their employer. These findings suggest that there are opportunities that employers can take to improve their workplace wellbeing offerings and align them with what employees really need.

It is not all about money.

According to the survey, more workplace benefits like better healthcare or improved pension plans would be enough for 51% of employees to remain with their employer.

While we often think money is many employees' only motivation, the survey shows that most people want to be able to manage their wellbeing better and are likely to choose organisations that help them do that. The survey comes during Mental Health Awareness Month and during a time when holistic wellbeing, particularly mental health support has become a key focus for employers. It also helps shed light on the challenges faced by South Africans grappling with their mental health in the workplace.

YuLife is a new entrant into the insurance and wellbeing space in South Africa and has been transforming the employee benefits market by rewarding employees for healthy living. One of the ways it does this is through an innovative app that supports mental, physical, and financial wellbeing. It uses gamification mechanics, underpinned by behavioural science to encourage high levels of employee engagement.

“By turning these aspects into meaningful and positive behaviours, we have managed to create an app with the highest engagement numbers on the market. We don’t state this to amplify ourselves, but rather to express that we are tangibly helping people set, and stick to small achievable goals that lead to long-term wellness benefits,” says Oosthuizen.

How to keep employees happy

The YuLife and IPSOS study clearly highlights the fact that company culture, flexible working conditions, and training opportunities were among the most eye-catching factors for individuals looking for an employer. The ebook goes even further covering trends, how to use wellbeing data to build winning teams, how to get the best out of hybrid workforces and more.

The study found that 36% of employees considering leaving their employer would be persuaded to stay if they got a greater allowance for leave days or more training opportunities; additionally, 179 out of 500 respondents said a lack of recognition would lead them to consider leaving.

“Companies need to rethink how to engage employees’ wellbeing and get meaningful buy-in from their staff which in turn will drive productivity,” says Oosthuizen.

However, it is not all doom and gloom. Roughly 56% of employees say their employers collect feedback on employee satisfaction while just over half of employers collect information about their workforce’s physical and mental wellbeing.

Encouragingly, 72% of employees believe that their feedback regarding improvements to employee wellbeing programmes would likely be taken into consideration. That shows how employers who care are already trying to bridge the gap between themselves and their employees’ expectations. This can be extremely beneficial to businesses and the economy. Given the current economic climate, and the cost of ignoring it, ensuring that employees’ wellbeing is looked after may be one of the few steps that every organisation can take to help contribute to the country’s bottom line.

‘How to build a winning South African Workforce’ is available from November 15. To help give your organisation the edge, click here to get access to the full ebook today!

Aum Namah Shivay!

Till next time...Aashish

Thanks! Cheers!!!

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Transforming the Insurance & Wellbeing Industry in #SouthAfrica is @YuLife #InsureTech

Hi Guys, 

YuLife, leading UK Insurtech, Expands to South Africa to Transform the Insurance & Wellbeing Industry Following a successful launch in the US, the global tech-driven financial services provider is redefining insurance with well-being, engagement and rewards that inspire life for South African employees

YuLife, the tech-driven financial services provider on a mission to inspire life, today announced its launch in South Africa. Founded in London in 2016, YuLife achieved rapid traction in the UK insurance market through its flagship product, group life insurance. The company's expansion into South Africa marks a significant milestone as it seeks to redefine how people worldwide derive value from financial products.

YuLife’s Group Risk Protection (Life, Income Protection, Lump Sum Disability, and Funeral Cover) includes everything in a traditional group insurance policy – but also adds a globally award-winning well-being app and trusted support services. YuLife harnesses the latest trends in behavioural science and game mechanics to encourage employees to make proactive lifestyle changes, while also prioritising prevention by de-risking individuals through healthy activities.

Gamification ensures that YuLife attracts unrivalled levels of engagement which is valued and enjoyed by all employees. The YuLife app enables employees to complete everyday wellness activities, such as walking, meditation, and cycling, in order to earn YuCoin, YuLife’s virtual well-being currency. Members can then use their YuCoin to buy vouchers for groceries, data, fuel, clothing and more from leading brands, or to improve the world through donating meals, planting trees, or cleaning the ocean. By incentivising healthy living, YuLife provides employers with a way to simultaneously boost retention rates, improve employees' standard of living, and safeguard their loved one's financial future.

In addition to day-to-day well-being, YuLife provides critical well-being tools and services to further prevent illness, both mentally and physically. All employees with YuLife get access to a virtual GP service through Kena Health, counselling and advice through ICAS, alongside access to multiple well-being apps like Meditopia and Fiit. 

“South Africa has the second highest insurance penetration globally, making it a perfect market for YuLife to expand into and showcase its innovative approach to insurance,” said Jaco Oosthuizen, YuLife Co-founder and Managing Director of YuLife South Africa. “There has been a big shift toward health and wellbeing in the workplace, with more and more companies adding new initiatives and resources to their employee benefits packages. YuLife is launching in South Africa to offer companies an easy way to provide extra protection - we’re looking forward to providing South African businesses and employees tangible value on an everyday basis in an accessible, engaging, and deliverable manner.”

YuLife South Africa’s policies are underwritten by Guardrisk Life, SA’s largest life cell captive insurer and the market leader in tailored risk solutions. “We are excited to be working together with YuLife to bring cost-effective insurance solutions to customers in South Africa,” said Herman Schoeman, CEO, Guardrisk Life. “As a company rooted in innovation, partnering with such a forward-thinking company like YuLife that shares our commitment to meeting customers’ needs makes good business sense. We look forward to developing our relationship with YuLife and providing our solutions to its customers while also empowering them to have a more thorough and holistic relationship with their life insurance and protection provider.”

YuLife has achieved rapid traction in an industry traditionally lacking in innovation. The company recently expanded into the US, and now covers >600k group policyholders across small to large businesses, with over $50bn of coverage in place. YuLife has seen more than 5x growth in premiums year-on-year, and in July 2022 raised a $120M Series C led by Dai-ichi Life with participation from T. Rowe Price, bringing the company’s total funding to $206M.

About YuLife

YuLife is a tech-driven financial services provider on a mission to inspire life and turn financial products into a force for good. By harnessing the power of technology and the latest behavioural science, YuLife’s insurance model focuses on risk prevention, not just claims compensation. The company is transforming the employee benefits market by rewarding employees for healthy living, supporting mental, physical and financial well-being and helping foster healthier, happier and more motivated teams. Founded in 2016, YuLife is headquartered in London and backed by global insurers and venture capital. https://yulife.com/za/

About Guardrisk

Guardrisk is South Africa’s largest cell captive insurer. We pioneered the cell captive concept in 1993 and provide tailor-made risk financing and insurance solutions for corporates, small enterprises and municipalities. The option of a third-party insurance offering lets clients sell insurance coverage to their customers, boosting their business’ earning potential and building their brand. Essentially, a cell captive facility gives clients all the benefits of owning their own insurance company without the inherent cost and administrative implications. Cell captives provide underwriting, reinsurance, claims management, investment, actuarial and accounting functions for clients (cell owners), which keeps costs down and gives clients access to a broad base of insurance skills. Guardrisk is a subsidiary of Momentum Metropolitan Holdings Limited, one of SA’s largest insurance-based financial services groups. The company is listed on the Johannesburg Stock Exchange in South Africa and on the Namibian Stock Exchange in Namibia. 

Till next time...Aashish Thanks you Cheers!!!

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