Employee benefits are an important aspect of a comprehensive employment package, and they play a crucial role in attracting and retaining talented employees. In Singapore, employee insurances have become a necessity, as companies compete to attract and retain the best talent in a highly competitive job market. In this article, we will take a closer look at the importance of group insurance and why every company should consider offering them to their employees.
The Importance of Group Medical Insurance for HR & Employees
Group insurances are a crucial part of a comprehensive employment package, as they provide a range of advantages for both the employee and the employer. From an employee’s perspective, medical coverage helps to provide financial security and peace of mind, allowing them to focus on their work without worrying about their financial future. For example, providing group medical insurance benefits designed to help employees to access quality medical care when they need it, without having to worry about the cost e.g. hospitalisation, surgical, and outpatient expenses, etc.
For employers, offering corporate insurance can help to improve employee morale, increase job satisfaction, and reduce staff turnover. Providing compulsory insurance, such as medical insurance, dental insurance, and paid time off can help a person (HR included is a person!) feel valued, which can lead to increased job satisfaction and lower staff turnover. Additionally, by offering comprehensive benefits insurance coverage in your Employee Value Proposition (EVP), employers can demonstrate their commitment to the well-being of their employees, which helps reduce medical expenses for employees.
The Perks of Working with a Employee Benefits Broker
A specialised employee benefits broker in Singapore can help companies to design and implement a comprehensive group medical insurance plan. They can provide guidance on the various types of benefits available, as well as help to ensure that the benefits proposition offered are appropriate for the company’s specific needs. Additionally, insurance brokers in Singapore can help companies to compare and choose the best plans from a variety of providers, ensuring that the company gets the best value for their money.
Working with an experienced insurance broker in Singapore can also help companies to save time and money. They can help employees by covering the complex terms and conditions in the policy contract. This can help to reduce the administrative burden for HR and ensure that the coverage for employees offered are attractive and effective in retention. A competent broking team would also help HR to customise, underwrite, shortlist group medical insurance providers and address different needs of your workforce.
Common insurance policies available:
Though there is no one size fits all approach, coverage for your employees is a necessity in Singapore, where the cost of medical care can be high. By offering group health coverage for employees, companies can help their employees to access quality medical care when they need it, without having to worry about the expenses incurred. Employee health is important to high productivity.
Employee benefits packages can come in many forms, including health insurance, hospitalization insurance, and outpatient insurance. The type of Employee Benefits program offered will depend on the company’s specific needs, and a competent team like us can help to determine the best options for both SME (small and medium-sized enterprises) and MNC (Multinational corporations).
Employee benefits are an important aspect for companies as they play a crucial role in attracting and retaining talented employees in Singapore. By offering well-rounded benefits such as insurance, wellness, and standard paid time off, companies can demonstrate their commitment to the well-being of their employees, which can help to improve employee morale, increase job satisfaction, and reduce staff turnover. Companies looking to offer employee benefits should consider working with an employee benefits broker, who can help to design and implement a comprehensive benefits program that meets the company’s specific needs.