In 2016, when a junior banker working late for Goldman Sachs collapsed, the company responded by urging staff to prioritize their health. However, some employees were dissatisfied with this response, as they believed the incident was a result of the high-pressure work culture. This incident occurred three years after the death of a Bank of America intern who suffered an epileptic fit after working through the night.
Goldman Sachs, along with companies such as Morgan Stanley, Google, and Meta, has taken measures to prioritize employee health and well-being by providing on-site medical care at their UK offices. The City of London headquarters of Goldman Sachs, which opened in 2019, houses a purpose-built medical center staffed with doctors, osteopaths, and psychiatrists. Employees have access to a range of healthcare services, from minor injuries to comprehensive check-ups. Additional services, including fertility treatment and flu vaccinations, are also available.
According to a spokesperson for Goldman Sachs, this practice has been in place since 2009 and is now common among companies as part of their employee wellness strategy. However, the spokesperson does not comment on specific actions taken in response to the 2016 incident. It is important to note that several policies have been implemented over the years to address working hours for junior bankers.
Employees at JPMorgan Chase also appreciate the on-site healthcare services provided. Asset managers note the convenience and quality of care available, stating that it makes their lives easier. While these benefits are not the primary reason for their loyalty to the company, they do contribute positively.
The concept of on-site healthcare emerged in the US during the 1980s as a response to increasing healthcare costs and health scandals. Companies such as Gillette, Southern California Edison, and Goodyear Tire and Rubber hired in-house doctors to ensure employee health and productivity. This approach was seen as a business efficiency since these physicians had no financial incentive to provide unnecessary medical care.
In the UK, the situation differs due to the availability of state healthcare through the NHS. Private companies providing on-site medical care do not necessarily offer more healthcare services than the NHS. However, there are indications that the UK is moving towards a similar model. For example, Morgan Stanley offered on-site coronavirus testing during the pandemic. Setting up a private general practice inside an office is technically feasible, but it would require a significant financial investment from companies.
Most large UK companies still prefer to offer private health insurance instead of hiring in-house doctors, given the associated expenses and procedures. For example, Sidley Austin, a City of London law firm, provides access to private GPs without bringing these services in-house, as there are many private clinics nearby.
However, there has been an increase in employees utilizing company healthcare benefits in recent years, especially due to dissatisfaction with NHS services and the financial challenges of accessing private treatment. Some companies contribute a monthly sum for employees to access private healthcare providers, while others offer 24-hour digital GP appointments through online healthcare companies.
Critics argue that bypassing the NHS system may exacerbate healthcare inequalities, as those who can afford private healthcare receive better services, while others rely on the NHS. Some employees at blue-chip companies find private healthcare to be a significant incentive, particularly if they have had negative experiences with the NHS. However, there are also skeptics who believe that companies may offer these benefits to minimize employee time away from the office or as a competitive measure to keep employees healthy and present at work.
Overall, on-site healthcare services in the UK have gained traction, with companies recognizing the importance of prioritizing employee health and well-being. While there are various approaches to achieving this, the goal remains the same: to attract, retain, and care for employees.
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