Ever noticed a relationship between the number of employees on holiday and drops in your business productivity? You're not alone. Of course, when people take sick days or annual leave, you don't have them contributing to your operations – but they still cost you money.
You can't stop your employees from taking their annual leave (and let's face it, they often need a break to remain really productive), but you can help to reduce the cost to your business when they're ill. By offering a corporate health insurance plan to your employees, you can allow them to cut some of the costs of their private health insurance. This will help them to save money, and can result in you running a happier, healthier workforce.
What's so good about that?
Motivated employees are productive employees.
Having a happy workforce means people are going to be motivated to be there. Motivated employees are productive employees – they also might not end each week feeling so drained, and their health could improve over time, meaning they take fewer sick days.
You'll have improved employee loyalty, and greater appeal to new recruits, according to Olympia Benefits. This is seen in a study conducted by Johnson & Johnson (J&J), which recorded a significant increase in the social, mental and physical health of their employees since they invested in corporate health insurance (and reported the results) in 1995. A Harvard Business Review report from December 2010 states that J&J noted a 66 per cent drop in the number of their employees who smoked. What's more, the number of people who did no physical activity and had high blood pressure also declined by more than 50 per cent.
The investment in the physical health of their employees clearly had an impact over time, and while the results are difficult to quantify, healthier employees simply don't take as many sick days as unhealthy ones. You could be saving your business from spending unnecessarily on absenteeism, as well as lost productivity.
All you have to do is invest in an appropriate corporate health insurance plan.
How can you go about finding that for your business?
Every business is different – from the structure to the number of employees to the workload. That's why there's no 'one size fits all' corporate health insurance – you need to find the most appropriate one for your business, the one that gives you what you want, without costing too much.
A free consultation with a HICA representative will start your search for the most appropriate corporate health insurance plan on the right foot. Get in touch with HICA today.