Businesses searching for methods of improving their bottom line and solving their problems need only improve the health of their employees. Time and time again, research has proved that doing so has countless benefits and yet it's rarely the priority.
The following problems are just a few that you could solve as a result of adopting a tailor-made corporate health insurance plan and increasing your focus on employee health.
Cash flow struggles
One of the most common pain points for Australian small to medium-sized businesses is cash flow, a Commbank report has confirmed. These cash flow struggles are often a symptom of other problems in your business – A Royal Australasian College of Physicians (RACP) report found that unhealthy employees could be at the root of many of these.
The study stated that the effects of poor worker health can multiply if unchecked – taking up the valuable time of managers and co-workers as well as increasing absenteeism and decreasing productivity.
If the cause of these symptoms is not quickly remedied they'll continue to worsen, hurting your business's bottom line and exacerbating cash flow issues. These problems may be easily solved with the help of a customised corporate health insurance plan and an increased focus on improving employee health.
Absenteeism and sick days
The effects of poor worker health can multiply if unchecked – taking up the valuable time of managers and co-workers as well as increasing absenteeism.
The cost of an employee taking an unexpected day off is difficult to measure. Some studies put it at around $300, while others such as the Ai Group's Absenteeism & Presenteeism Survey estimate that it's closer to $600. The total cost of absenteeism is more concrete – it costs the Australian economy in excess of $44 billion a year.
It's common sense that a workplace staffed by unhealthy employees would be hurt by these costs more, but research supports the claim.
In fact, the aforementioned RACP report stated that workers with physical or mental health problems are more likely to be absent and cost their employers more in the long run.
Creating and keeping a workforce of healthier employees should be a priority to fight back against absenteeism and improve your bottom line.
Corporate culture change
A healthier, more positive workplace culture means healthier employees. This means that your business's problems won't solve themselves overnight, but over a long period as you take steps to foster a culture that creates a healthier work environment.
The first step you take should be offering a corporate health insurance plan that's tailored to the needs of your business and your employees. To get started, get in touch with an insurance advisor here at HICA to discuss the solution best suited to your business.