The world of employment is changing.
Among the shifts in the landscape, a growing gig economy means that businesses are having to try harder than ever to attract and, crucially, hold onto the highest quality people. If this sounds familiar, and you're looking for ways to ensure staff loyalty in your organisation, supplying highly regarded benefits is an excellent option
In this article, we'll look at one such employment benefit – corporate health insurance. As well as exploring the advantages of providing corporate health plans for employees, we'll examine how this initiative can aid the company as a whole.
Why offer corporate health insurance in your business?
Corporate health insurance is one of the best benefits you include in an employee package for a number of reasons:
1. It makes you stand out
A significant 63% of respondents to a 2018 Glassdoor survey stated that employer benefits were among the top things they look for in a job.
So, what makes health insurance so special?
63% of employees say employer benefits are important to them when looking for employment.
Premiums for private health insurance policies have been steadily increasing in recent years, putting more of a strain on your employees' take home pay. Therefore, an employer who steps up and offers to help staff with this expense shows they're in touch with the lives of those who work for them. What's more, depending on the corporate health plan you opt for, your personnel can add their families too, increasing the benefit's value further still.
From an employee's perspective, corporate health insurance can be a tangible benefit that will increase the money in their pocket, without pushing them into higher tax bands. For the business, this perk is an important attraction and retention tool that can give you the edge in bringing in (and retaining) top talent.
2. It can improve productivity
According to HR Advance, absenteeism costs the Australian economy $44 billion every year, and illness among the workforce can significantly impact an organisation's productivity.
Companies lose 6.5 days of work per employee annually due to presenteeism.
However, even when staff are in work, if they're under the weather they're likely not functioning at peak efficiency. This is a phenomenon known as presenteeism. Medibank has calculated that an average of 6.5 days of work are lost per employee annually as a result of personnel turning up to work sick. Of course, there's the additional risk that these ill people will spread germs to other individuals, causing the problem to snowball.
Corporate health insurance can help reduce the problems of absenteeism and presenteeism as staff aren't concerned about the financial implications of seeking medical treatment. Importantly, as well as faster treatment than they would get when going through the public system, your employees can also access ancillary services that allow them deal with potential health concerns before they become more serious.
3. It helps to foster a good company culture
Culture is vital to the modern business. Indeed, a Deloitte survey found that Gen Z staff named being part of a 'positive workplace culture' as the most important factor when considering accepting role in for a given organisation.
The same report also highlights the importance of inclusivity to this group, as well as to older millennials. Company wide health policies are a great way to foster a sense of group identity, as well as showing that all employees are valued in attaining the business' objectives.
You can take things a step further by including your corporate health insurance as part of a wider wellness package. Encouraging staff to participate in exercise programs together and look out for each other's wellbeing deepens social bonds and teamwork, which in turn will benefit working relationships.
4. You have a lot of options
As a business owner or team leader, you've got a lot of choice when it comes to implementing corporate health plans in your organisation. This flexibility has two important implications:
1. Costs – There are a range of different options when it comes to financially supporting your corporate health plan. These vary from voluntary plans where you simply provide access to products at a discounted rate, to fully subsidised alternatives where the business covers the entire cost of employee premiums.
2. Maintenance – You don't need to worry about extra work for you or your HR staff as a result of investing in a corporate plan. HICA can help you implement and run the policy so it can provide value for years to come – more on this in the next section.
Who can help you setup a corporate health insurance plan?
Enlisting the help of experienced health insurance consultants when researching the plan options open to you has several key benefits:
- Knowing your options – If you only go to a handful of providers before purchasing, you might miss out on great deals, or products that are a better fit for your staff. HICA can conduct marketwide research before returning to you with a selection of plans best suited to you, based on a prior conversation on your needs.
- Tailoring – Your plan should be customised to fit with your company culture, headcount and the amount you want to spend. HICA can work with you to customise every aspect directly to your requirements.
- Ongoing support – At HICA we see ourselves as more than consultants, and we take great pride in providing long tern assistance to our clients. We'll be on hand to ensure a smooth rollout, help you secure employee buy-in and answer any questions you might have further down the track. When the time comes to renew your plan, we can also help you review it to ensure there are no newer, better options available.
For more insurance on the benefits of providing corporate health insurance in your business, or to find out about working in with HICA, contact our team today.