British businesses are aware of the impact workplace health can have on staff performance but remain reluctant to invest in wellbeing initiatives, according to a report.

The study by Norwich Union found that 64% of companies agreed that employee wellbeing had a direct impact on the productivity levels of their workforce.

But 33% fail to invest in initiatives because of a lack of government incentives and 24% because they don't know where to access occupational health information. This last figure rises to 43% for small companies.

The biggest wellbeing concern for small companies was sickness absence (40%), followed by a perceived lack of incentives for small businesses (23%) and an ageing workforce (20%).