When businesses offer a competitive benefits package, they attract top talent, offer current employees a better quality of life, and develop mutually beneficial relationships with workers. We offer four recommendations on how businesses of any size can put together a benefits package that suits diverse employee needs.
Health coverage is a key part of the investment companies makes in their employees.
Some of the research findings from across the globe state that:
• Paid vacation time (65%) and health insurance (62%) are the most commonly-offered benefits.
• Nearly quarters (23%) of full-time employees do not receive any benefits from their employers.
• Over half (55%) of employees say that health insurance is the most important benefit in terms of their job satisfaction.
• Childcare benefits are rare, with only 21% of full-time workers receiving paid parental leave. Just 8% receive some kind of childcare stipend.
• Millennials are more likely than other generations to prioritize paid vacation and overtime, and less likely to prioritize health insurance, indicating a generational divide on how benefits are valued.
• 52% of employees who aren’t satisfied with their benefits want more of a benefit they already have, and 14% want different benefits altogether
Happier and more secure employees are more productive. According to research from the University of Warwick, happy employees perform their jobs 12% better, while stressed, dissatisfied workers are usually distracted and don’t perform up to their full potential.
The top three benefits that make employees the most satisfied, according to Glassdoor’s study, are:
Health insurance
Health benefits are a top priority for employees, it should be a top priority for you as well. Offering it can help with recruiting and entice them to stay longer at your company.
Savings for employees
When employees buy health insurance on their own, they have to use post-tax dollars to buy it. That is, they make money, the government taxes that money, and then they take the remaining amount to buy what they need.But when employees buy health insurance through a group plan, they pay for the insurance with pre-tax money. That can save them on their health insurance premiums.
Providing health insurance helps boost employee productivity
A study from MetLife has found out that 60% of employers say offering health insurance has led to higher productivity levels.
As an employer, you want your employees to focus on being their best productive and successful selves at work. Worrying about health insurance drains their energy and time. As you know, health insurance can be a big if proper knowledge and information are not available.
Providing benefits for full-time employees shows that employers are invested in their employees’ health and their lives outside the office. For employees, benefits provide the springboard they need to do their jobs well.
Offering a quality Health Insurance plan is Key to Employee Job Satisfaction, as when they are being awarded facilities for their pain points and have fewer things to stress about the employs tend to perform better with more passion and dedication since their family is secured.
For instance Companies in the United States with 50 or more full-time employees must provide health insurance, according to the Affordable Care Act (ACA). However, businesses with less than 50 employees are not legally required to offer insurance, due to which 38% of full-time employees don’t have a health insurance plan through their employer.
According to a survey, over half (55%) of full-time employees say that health insurance is the most important benefit they receive.
It’s not a surprise that so many employees prioritize their healthcare benefits, since an average visit to the emergency room costs over) PKR. 2500 to PKR. 3000 per visit, imagine the cost of any emergency procedure or an accidental cost if the inbound hospital care is needed in a certain scenario.
Stated below are the views which people have on the importance and impact of health insurance being provided by the employer to its employees, which indirectly acts as a catalyst to their better performance.
“Employees are concerned because both medical treatment and health insurance are so expensive,” said Chris Wolpert, managing member of Group Benefit Solutions, a group of health insurance and benefits consultants in Seattle.
Companies should provide comprehensive health coverage, though, even if they’re small enough that they’re not legally required to do so. Lisa Oyler, human resources director at Access Development (link is external), a private discount network popular with employers, asserts that health coverage is a key part of the investment companies make in their employees.
“If you offer health insurance, it will benefit you because you’ll have more productive, healthier employees,” she said. “People are a valued asset. Offering these benefits and educating employees on how to utilize them is an investment in workers and their long-term health.”
The questions that you should be asking/having the information about health insurance provider to maximize the value you receive for the money you have to spend and ensure the health insurance you purchase meets requirements. Also, be prepared to share your business goals for sponsoring employee health insurance.
Questions important to get answered before finalizing your insurance policy and the areas to cover with each provider when considering your options:
Cost: What is the cost per employee, including service charges and account fees?
Customer service: What kinds of support with you get as the health plan administrator?
Employee support: How much and what kind of support will they provide for your employees? Will they answer questions about healthcare coverage options?
Benefits of enrollment: Will they help you manage open enrollment paperwork? Do they have a website for employees to sign up?
Accessibility: Will you have a dedicated rep, or do you get the feeling they’ll disappear once the contract is signed? What support can you expect from the company?
Reliability: Do you see any complaints online about the company? Do the online reviews concern you?
Steps to acquire employee health insurance hassle-free
Compare prices: If it sounds too good to be true, it probably is. How quick was the insurer in paying claims? Are the claim processed as promised by the insurer? Do the services and hospital list include all the desired requirements? Employers can get to know all this much other important information by visiting Smartchoice.pk, the company primary aim is to provide information that is clear and unbiased so the procurement of insurance is transparent and the decision making in informed and at the same time educated.
Smartchoice.pk strives to make this process easy and swift, as it believes that financial literacy among the masses should be inculcated to reap better fruits of their investment.
Check the plan and the rating: Once you decide you need/want a certain insurance plan from a certain company, you can also check their rating at our platform for instance Jubilee has A++ rating that shows its capacity to follow-up with claim quick and swift means “their claim paying ability”, as with Adamjee and other companies plans offered at Smartchoice platform.
These ratings and plans indicate the services offered in the plans and the financial strength and ability of the company.
Cost Varies by Type of Health Benefits You Provide: Different coverage plans have varying benefits as per the cost you pay per plan, for instance some plans can have an add-on maternity benefits if required, you can check all these benefits very explicitly mentioned on Smartchoice.pk, it has the room type, the ambulance charge covered, number of days, details about pre-and post-hospitalization costs and any add-on cover that you can purchase for your employees.
Pros of Providing Small Business Health Insurance
Here are some great reasons to provide health insurance to your small business employees:
Employee retention: Employees will be less tempted to change jobs for work that provides health insurance; plus, they won’t want to quit and give up their coverage.
Employment brand: Your brand reputation will increase as employees note in online company reviews that you take care of your staff by providing benefits as a health benefit is one of the major attraction for many people and it reliefs them of stress.
Get healthcare for yourself: When you offer health insurance to your employees, you often have the option of purchasing it for yourself and your eligible dependents as well.
Health benefits make your employees happy: According to a survey by Glassdoor, employees said health insurance is, by far, the most important benefit they receive from their employer. That’s why employers should offer health insurance as their first company benefit, and then add on additional benefits over time.
Employer workers compensation: Paying for health benefits instead of higher salaries can save you money because your employees may prefer benefits over salary as well.
And there you have it. From building a healthier, happier team to saving money, there are many reasons to take the plunge and offer health insurance to your team. Offering health benefits signals that you care about your team, ultimately building a culture of trust, care and loyalty to your business.
Conclusion:
According to a survey by Aflac, 72% of small business employees say an improvement in their benefits offerings would make them happier. Setting up employee benefits doesn’t have to be complicated or even expensive, and will improve your ability to hire and retain employees. Offering benefits is one of the small business problems that, once you get it right, can improve your bottom line by reducing employee turnover.
Health benefit costs are still rising at two times the rate of wage increases and three times general inflation, making this [cost] trend unaffordable and unsustainable over the long term. So offer health insurance as a primary incentive and show that you care….
You can get more information for individual and corporate plans from Smartchoice.pk, your one-stop shop for all financial solutions.
