Employees love benefits. More than a six-figure salary, they want appreciation and recognition for their hard work and opportunities that fit into their lifestyle.
If you want the cream of the crop to be a part of your organization, you need to look at what you bring to the table. Here’s where employee benefits come into the picture. Benefits are a critical piece of an employee compensation package, and employee health benefits are the crown jewel.
Offering health benefits creates a supportive and positive work environment, shows you care about your employees’ health and their lives outside the office and helps you stand out in the job market.
With the rising medical costs, having a sizable portion of medical expenses paid through an employer’s medical coverage is comforting.
Amidst the “Great Resignation,” retaining and hiring employees is challenging. But guess what? Half of the working population makes job decisions largely based on employee health benefits.
You know it’s important. Now, let’s learn more about health care benefits for employees.
1. What are employee health benefits?
Employee benefits are different non-wage compensations. Companies give their employees these benefits over and above their regular salary.
Some benefits are mandatory, like group health insurance. Other than health insurance plans and medical cover, some perks include paid time off, parental leave, work from home, retirement benefits, etc. Benefits can be literally anything to incentivize employees.
Happier and more secure employees are more productive. According to Warwick University, happy employees show a 12% better performance, while dissatisfied or stressed workers perform 10% worse.
2. Why should companies offer health care benefits for employees?
The importance of health and wellness benefits for employees is simple. They need to feel rewarded for their work and need more ways than one to support their lifestyles and families. If your organization is reviewing the current benefits or thinking of implementing new ones, here are a few reasons generous benefits will help pay dividends to your business.
1. Attract the most talented employees
For a company to succeed, you need motivated, talented workers. A solid employee health benefits package is a great place to start. Whether big or small, all businesses offer benefits to employees. Offering health benefits along with a host of other benefits, makes your organization stand out and not lose candidates to other businesses that offer a better benefits package.
2. Minimize employee turnaround
It’s excellent to keep an eye out for fresh talent, but don’t forget the ones you have on board. After hiring, you want your employees to stick around. Again, benefits come in handy.
The right benefits stop people from putting out their resumes or getting swayed by other job offers.
The end result? Lower employee turnover and higher employee retention for your business.
Besides saving money on training and hiring, you can build a knowledgeable team. This team can swiftly and expertly tackle all sorts of problems that will trip up a younger team. All thanks to the employee loyalty you’ve built with benefits.
3. Keep a healthy workforce
The better you feel, the better you work. You can turn to benefits to instantly boost your employee productivity, especially employee health benefits.
With the proper medical cover, a minor cavity will not become a complicated root canal that causes distraction and forces employees to take a few days off. The same applies to medical and vision insurance.
And with proper care, your workers focus on healing and getting better. So when they return, they’re refreshed and ready to meet their goals. Thus, healthier employees result in a healthier business.
4. Boost employee focus and productivity
Until now, you read how a strong employee health and benefits plan can get you talented workers, help them stick around long term, and ensure your workforce is healthier. The natural result of all those things? More productivity and focus.
Think about it – your motivated and talented employees can buckle down and get things done. Employees have been around long enough to develop good workflow and processes. And by offering health benefits, they’re healthy, leading to better productivity. Plus, they’re in a better headspace. There’s minimal worry about the healthcare costs, caring for their family, saving for retirement, or other concerns that benefits address. If employees are worried about these things, they aren’t focused on work.
All this results in more motivation and brainpower to put into your organization’s work. It’s a pretty good trade-off!
5. Enjoy better worker morale
Lastly, health and wellness benefits for employees improve morale, causing a better overall workplace.
Benefits show your employee your care about their personal and professional lives and needs. This, in turn, can boost employee satisfaction and loyalty. There’s nothing like it when employees bring their A-game to work. It makes your job as a boss or manager, so much more satisfying.
It’s an advantageous cycle, really. Loyal and happy employees praise your business, which makes it easier to attract talent, and the new employees will stay back because of the health benefits. You see where this is going?
All in all, employee health benefits and morale go hand-in-hand.
How to select an employee health benefits partner?
Besides a few mandatory benefits, for the most part, you have the freedom to decide which benefits you want to offer. While customization is excellent, sometimes the choices can leave you overwhelmed. Here’s an easy and quick lowdown on how to select the right employee health benefits partner, so you end up with great benefits.
- Analyze the benefits – While most health insurance companies offer medical coverage, you need to look for a partner with a little more. A holistic group insurance policy offers a lot more than just insurance coverage. Does your plan cover dental, vision care, and other special services you might need? Don’t forget about lab tests and prescriptions, too. Loop Health offers all these benefits when you sign up with them for group health insurance policies. You also get more – free teleconsultation with medical experts, dedicated medical advisors for every employee, discounts on purchasing medicines or booking lab tests, and a host of wellness sessions like mental health consults, fitness classes, diet, and nutrition sessions, and more.
- Flexible and comprehensive coverage – Rigid plans only make things difficult. Look for providers who offer customizable and flexible plans that you can tailor to your needs. Ensure the coverage includes pre and post-hospitalization care, coverage for pre-existing illnesses, maternity cover, room rent, hospital beds, specialists fee, a large network of hospitals, and more. This, along with the added benefits, will give you extensive cover that will ensure you’re well protected.
- Super-convenient claims system – The claims process involves several stages – from filing to settling claims. Now, no one wants huge piles of paperwork. So look for an insurer that has digital processes in place with a streamlined and automated process. Whether at midnight or mid noon, they should handle your claims in a hassle-free manner. With your minimal intervention, things should seamlessly take place in the background. So you can focus on what matters.
- A human touch – During onboarding, you’ll get to hear all about an insurer’s positives. How great their technology is or how quick they complete claims. That’s great, but don’t forget that it’s important to follow through with the claims. Customer support needs to be there throughout your journey to answer queries and help you make better decisions. Ensure providers don’t skimp in this area.
The initial cost of employee health benefits may seem high. However, the long-term advantages greatly outweigh those costs and contribute to the overall success of your business.
You can take a learning lesson from Google, who offers everything from employee health and wellness to Google extras, and everything in between.
Like Google, in every industry, there is a company that thinks and does things differently. With group health insurance, that is Loop Health.
Loop Health offers corporate insurance to companies large and small. The plans are extensive, with comprehensive cover for everything you’re looking for. The added benefits and wellness sessions add to the cover to make it well-rounded. Their team of in-house doctors, like a family doctor, ensures you stay on top of your health and achieve better health outcomes.
If you want to reap the rewards of a healthy, productive, and satisfied workforce, contact Loop Health. They’ll help you put together a policy with employee health benefits that both the employer and the employees are happy with.