In a world where a deadly virus lurks over like dark grey clouds, employee healthcare in 2021 is more than just about corporate responsibility. The pre-COVID era was a different time, where employee health revolved around basic health insurance covers that fit within the cost-cutting budgets of a business. However, today employee healthcare is a business strategy that ensures a better employee experience. And millennials are very clear about how they want to live and work, making employee retention a tad bit harder.
Providing incentives and yearly perks to maximize employee productivity is great. But employee healthcare benefits tend to be more effective in attracting and retaining top talent. Here are the top five reasons to invest in employee healthcare in 2021:
Strengthens Employer Brand
A business that is synonymous with health and wellness gives you an edge over others in the industry. Employee healthcare is a critical component of a company’s benefit plan and helps create a strong foundation for the brand. Besides acquiring and retaining skilled talent, you need your business to stand out from the masses. When you offer more than just bare minimum healthcare plans, you display a greater connection and empathy towards your workforce. One of the biggest reasons to make employees believe in your business is to invest in tailor-made healthcare plans that signal you care about their well-being.
Boosts Employee Productivity
2021 brings along the possibility of new beginnings and a healthier lifestyle change for all. By offering lucrative employee benefits, you have a team that feels valued and cared for. A study by MetLife shows that 60% of employers who offered health insurance to their team saw higher productivity levels. With regular checkups and easy access to healthcare professionals, employees worry less about insurance companies draining their time and energy. Prioritizing preventive care for employees leads to greater productivity and higher quality of work. For these reasons, investing in employee healthcare beyond legally required benefits will help your business create a stable workforce that is in it for the long haul.
Increased Job Satisfaction
One of the biggest reasons to invest in employee healthcare this coming New Year is to create a work culture that breeds satisfaction. Understanding and addressing the pressing health concerns of your workforce is a natural way to increase their loyalty. In return, you will have a team that is dedicated to their job and puts their best work forward. Crafting a well-thought healthcare plan for your employees considerably affects employee morale and increases job satisfaction, in turn, helping your business thrive.
Reduces Turnover Rate
As a business that constantly struggles with hiring employees, making progress in the industry is a challenge. With employees coming and going, you will have a hard time building a team that resonates with the business’s goals. A veteran team, on the other hand, brings experience and stability to a brand. Fortunately, investing in employee healthcare is one of the incentives that can lure your workforce to stick around for the long run. It shows your business values their wellness and has their best interest in mind. A small investment made for the wellness of your employees is much lesser than the cost of a continuous turnover rate.
Healthy and Happy Employees
When you focus on the health of your employees, you reduce the chances of below-par work that is often triggered by stress or age-induced illnesses. Investing in employee healthcare can be tackled with the implementation of strategic diagnostic tools and timed wellness initiatives. A team of happy and healthy employees reduces absenteeism, leading to long-term growth for the business.
In conclusion, offering a well-curated employee healthcare plan will cost more initially, but in the long-run, it will contribute to the organization’s success. Listen to the expectations, needs, and desires of your employees to build a brand that cares.