When it comes to attracting, retaining and getting the most out of workers, businesses have two paths to take. They can either keep their capital investments low and their place of employment relatively uncompetitive, or spend a little on offering employees an incentive to arrive, stay and work to a high standard.
Of course, that's a rather simplified view, but it's also one that all employers struggle with. After all, money in the bank is more easy to monitor than productivity gains from a highly engaged workforce.
If your workers feel like they're in a factory farm, they're unlikely to feel valued. A health plan aims to reverse this sentiment.
It's a conundrum that constantly raises its head, as employers turn to corporate health plans and other incentives to get the best out of their teams.
According to a report by Forbes magazine, who used Bureau of Labor Statistics, 60 per cent of companies with fewer than 100 employees offered health benefits. Of these, 80 per cent covered premiums for individual policies and two-thirds also provided family health insurance.
So, what are the benefits that are encouraging so many employers to build a corporate health plan?
1) Boosted morale
Few things can improve team morale than when a member of staff knows their employer sees them as more than just an asset. When that employer takes an active role in improving their healthcare benefits, it certainly gives the right message.
Conversely, if your workers feel like they're in a factory farm, they're unlikely to feel valued. A health plan aims to reverse this sentiment.
2) Increase retention
Health insurance premiums are rising, and people know it. If an employer offers to pay for part or the entirety of their health benefits, it provides food for thought should another employer offer them a change of scenery.
3) Reduced absenteeism
The advantages of a health plan don't merely extend to improving the employer's image; there are tangible benefits, too, such as reducing the number of sick days. When the well-reported public health waiting list is too long, employees will typically spend more time out of the office. By providing access to private healthcare, they have a quicker, smoother transition through their recovery period.
How HICA helps
Of course, as an employer, you'll want to make sure you're offering an attractive health plan without breaking the budget. You also won't want your plan to take time out of your calendar, as you or your staff try to stay on top of any admin and legislative changes.
HICA not only helps find the right benefits to build an effective, tailor-made policy, but we also play a role in its ongoing administration and regulatory compliance. Call us on 1300 44 22 01 to find out how we can help you.