Are you losing out on top talent in your field because your business doesn't offer the best benefits? You might not have the best corporate health insurance plan available, while competitors do. For a prospective hire choosing between your company and another, they will go for the one that benefits them the most.
The cost of absenteeism for Australian businesses is over $7 billion annually, according to the Bupa Workplace health in Australia survey from 2015. Offering health insurance benefits to employees will do more than just attract the best people to work for you. It will also reduce the amount of money you lose to sick days each year.
How does health insurance help with recruitment?
Jethro Still, managing director at HICA, believes that employer-funded health insurance plans have been of phenomenal assistance to organisations trying to bring in the best possible employees – and keep them.
"In industries where companies are competing for highly skilled employees, the growth in the provision of employer-funded health insurance plans has been amazing," Mr Still stated.
"This has been especially evident where international companies are creating start-ups and overlaying their global employee benefit plans, which includes the provision of health insurance benefits. This trend has created an environment and expectation on the local Australian employers to financially support private health insurance when recruiting in industries with small talent pools.
"Employers tend to focus on costs and overlook the broader health and wellbeing aspects which improve productivity and employee retention."
What do employees look for
As stated in the Aon Employee Insured Benefits Benchmarking Study from 2016, the cost of medical care in Australia rose by more than three times the amount of global inflation throughout 2015. It's becoming more and more important for employees to have support from their employer in reducing the costs of their own healthcare. The right corporate health insurance plan will help.
With an ageing world population and declining health based on poor lifestyle habits, the cost of private healthcare is going to continue to escalate. Your prospective employees will be looking for something that sets your business apart from a competitor. Corporate health insurance benefits really do make a difference.
To make sure you have an employee benefits program that gives your business, and your employees, the best corporate health cover available for your needs, you'll need a broker that understands how your business operates. HICA can help you, so get in touch with the team today.