For any business or company, no matter how big or small, putting health and wellness initiatives in place for employees requires a massive financial investment. Many businesses out there do not consider healthcare programs as one of their priorities, but there is a massive misconception about the positive impacts of healthcare for employees. Having a healthy staff is evident in terms of productivity and employee happiness, which would directly affect a business’s return on investment and reputation.
Whether you are a startup or a multinational corporation in Singapore, if you’re thinking about providing comprehensive foreign group medical insurance coverage to your employees, then you should continue reading this article.
What Are The Benefits Of A Healthier Workforce?
Medical benefits for employees can help improve their health, keep them productive, and boost your company’s reputation.
Employees who have access to medical benefits are more likely to be healthy. When employees are in good health, they’re more productive at work and less likely to miss work due to illness or injury. This makes for happier, more loyal co-workers who stay with the company longer because they actually enjoy working there.
When people are happy at work, it shows through their performance as well as how they interact with others around them — both inside and outside of the workplace environment. In other words: happy employees are equal to a good company reputation.
Healthier Employees Are More Productive Employees
Having a healthy employee is associated with more productivity, an improved morale, more engagement, and business success, according to data from the Health Enhancement Research Organization (HERO). According to HERO’s poll, over 90% of employers felt that focusing on employee wellness led to better performance (quality of work) and productivity (quantity of work).
The research also states that more than 90 percent of business leaders who ignored their employees’ health and wellness had more ill employees and lower levels of engagement, as well as more burnout, and stress. Employees with efficient medical benefits are able to relax and concentrate on their work more. An employee who does not need to worry about being sick or needing major treatment that could negatively impact their finances can focus on his responsibilities and fulfilling his goals.
Employees Feel Valued and Retention Rate Improves
For all firms to retain competent staff members and maximize their productivity, it is essential to implement solutions that would make their employees feel engaged and valued.
Empowering your staff through initiatives that seek to improve their health is an excellent way to make your employees feel more satisfied, committed, and happy. Letting your employees know that you care about them, through competitive compensation, career possibilities, corporate culture, or health-related efforts is key to employee retention.
A study from AHIP showed that 46 percent said group medical insurance was either the deciding factor or a positive influence in choosing their current job. Also, 56 percent of U.S. adults with employer-sponsored health benefits said that whether or not they liked their health coverage, this was a key factor in deciding to stay at their current job.
Improve The Company’s Reputation And ROI
When companies offer quality medical benefits or healthcare plans for their staff members, especially if those plans include mental health coverage, it shows that those businesses care about their workers’ well-being beyond just making money from them.
By putting in place a successful and interesting wellness program, businesses can develop a productive and healthy staff, which will in turn generate positive results for the firm. A happy employee, who finds excitement and passion in doing what results in growth for a company that cares about them, will positively impact an organization’s reputation.
According to Ruchi Kulhari, from NIIT Technologies, employee productivity, satisfaction, and adherence to the company’s ideals are all tangible indicators of organizational culture’s return on investment.
How Can My Business Start To Invest In Employees’ Health?
Companies must really make an effort and invest in group medical insurance coverage that is compatible with both the employees’ and the organization’s interests and goals. Benefits should be appropriate, adaptable, and sufficient in addressing the employees’ requirements and concerns.
In general, a benefits broker will assist a company in acquiring all the benefits necessary for acceptable employee compensation and satisfaction. As the go-between for the client and the healthcare sector, a professional benefits broker will offer expertise on the product, pricing, and transaction.
Lower Healthcare Costs And Claims
Employers’ healthcare expenses can increase when healthcare claims from employees rise. Organizations that acquire group medical insurance for their employees may see an increase in insurance prices with the growth of healthcare claims. This might be a considerable cost, especially for large organizations with several employees.
In addition to helping you retain top talent by keeping them healthy, offering medical benefits gives you an edge over competitors who don’t provide them by making it easier for employees from other companies (or potential employees) looking for jobs elsewhere; they’ll want something extra before they switch jobs–and providing these types of perks could be just what they’re looking for.
Offering comprehensive health and wellbeing benefits to employees is one of the smartest business decisions any organization can make. By offering healthcare coverage to employees, the chances of employees going to the doctor when they are not feeling well are higher. This will in turn lead to employees who take care of their health, which would directly impact productivity and quality of work.
On the other hand, employees without health coverage will postpone going to the doctor since this would mean spending more time and money. As a result, companies will have employees who are not feeling well and whose productivity and efficiency are way lower than they could be if they were healthy.
The benefits sector is always evolving; dealing with this can result in a confusing or overwhelming activity since it impacts critical matters for humans and organizations. Consider consulting a professional if you are thinking about outsourcing the administration of your employee benefits or if you are an employee with inquiries on the subject.
If you would like more assistance from an employee benefits broker in Singapore, then get in touch with us and get a free, no-obligation consultation.