Need To Retain Your Employees? Workplace Health Benefits Are Critical
A survey conducted by The Conference Board of Canada found an up to 83 per cent gap between the health benefits Canadian employees have and what they want when it comes to extended health and wellbeing support. This gap is significant enough to create employee disengagement and can cause organizational turnover at a time when hiring and retaining employees is increasingly challenging.
Employers need to consider more personalized and flexible workplace health benefits plans that offer preventive health services and allow employees choice and ways to stay healthy.
It Is Hard To Retain Top Talent Without Offering A Great Benefits Package
Providing flexible health insurance coverage gives you a competitive advantage that differentiates, sustains, and builds your employees’ appreciation of protection against out-of-pocket healthcare costs like prescription drugs, dental care and therapy for themselves and their family every day.
Employees with specialized knowledge and skills are influenced to stay based on the competitiveness of your benefits package. New hires strongly consider the benefits you offer. The most qualified employees can choose between jobs, and a great health benefits package increases your chance of both attracting the best talent and keeping it.
Employee retention is critical. Replacing an employee creates expenses for your organization. Your municipality will pay for recruitment, training and managing new employees; for an entry-level position it may cost 30-50% of the annual salary, and for mid-level it could cost over 150% of the annual salary.
Many employees will take a lower paying job with the possibility of advancement as long as the company offers a great health insurance package, and they will stay with that role when they know they have a health plan safety guard against out-of-pocket healthcare costs for themselves and their families.
Include Individual Health Insurance Options
One health benefit design strategy employers are embracing is to provide funds directly to employees to enable them to get an individual health insurance policy on their own. This option can be a cost-effective way to provide flexibility in benefits design that delivers desired benefits like virtual healthcare and telemedicine. Employees can fill in coverage gaps they have or increase their maximum benefit coverage.
Purchase health coverage with its terminology and many different options, can be confusing. Connecting employees to an experienced insurance broker helps them figure out what plan to choose and what coverage they may need, based on their budget.
Health Insurance Helps Keep Your Employees, Healthy
Healthy employees perform better at their work – and deliver more consistent service to your customers. If you are not offering adequate health insurance, your employees will only seek medical care in case of an emergency, experience more sick days, spread illness and be less productive.
Offer access to supplemental health insurance to your staff by connecting them to a broker like SBIS – it will impact your retention and performance.