The old business adage goes that it's much more costly to find and train new staff than it is to keep a current workforce happy. Consequently, casting an eye over turnover and retention is a must for business leaders who want their operation to be successful in the long term.
However, while many are aware of why they should keep employees happy and productive, few have a distinct plan in place to do so. One such arrangement that can ensure the wellbeing of the workforce, and make them want to stay in their jobs for longer, is the right kind of corporate health plan.
Nearly every second person considers a corporate health plan as a key factor in why they stay in their jobs.
Positive employee health and wellbeing = better retention
In fact, research collated by Towers Watson suggested that nearly half of the workforce is happy with their current employer due to the health benefits they offer.
The findings covered several years, with 48 per cent of employees in 2010 explaining that health insurance was one of the reasons why they will stay in their job. That number rose to 55 per cent in 2011, before dropping back down to 47 per cent in the 2013 results.
The relatively stable numbers show just how important the right corporate health plan can be in retaining the best talent, with pretty much every second person considering it as a key factor in why they stay in their roles.
What are the business advantages to a corporate health plan?
So, while there can be little denying that supporting employee health and wellbeing can help in retaining staff, what are the tangible business benefits from following this practice? Well, Harvard Business Review contributor John Baldoni pointed out that top-performing companies tend to have lower absenteeism and employee turnover figures.
Consequently, it's relatively safe to assume that a company that offers the right kind of perks and keeps its wider workforce happy will find it easier to build a framework for success going forward.
While engagement and retention are no new concepts, getting them right can be tricky. However, companies that have the right benefits package in place can better motivate employees, and keep them doing their jobs to high standards in the long term.
HICA is here to help
The world of corporate health insurance can prove to be complex at times, especially if your company has little experience in offering such a benefit to its employees. Fortunately, HICA is here to help and can guide you through the process of starting and maintaining a corporate health plan that's the perfect fit for your organisation.
For more information, call one of our experts on 1300 44 22 01 today.