Years ago, salary and wages were all that mattered to most job seekers. If the salary was good, they were willing to take the job. In recent years, however, another item has become an important consideration in recruitment. Welfare. According to a recent report by Glassdoor (her US website), nearly 60% of job seekers consider employee benefits when deciding whether to accept a job. This includes but is not limited to retirement plans, career growth, working conditions and most importantly insurance. Employees surveyed by Glassdoor say health insurance is the most important benefit from their employer.
The pandemic has greatly contributed to this. Many employees who became seriously ill and were hospitalized severely due to Covid have had to rely on group health insurance to cover the associated costs. Covid costs can run into the millions, and having group health insurance is a huge financial relief for both patients and their families. I had life insurance to pay for it. This has increased awareness of the value of insurance among employees. In fact, many of those who lost their jobs due to the pandemic regret losing their group insurance beyond their base salary.
Today, getting insurance as part of any company’s employee benefits package, whether large or small, is a big deal and offers great benefits to both employees and employers.
It helps attract and hire talent. By offering employee benefit packages, employers can gain a competitive advantage when hiring. High-quality talent is currently being attracted, and there is a focus on what the company can offer as a benefit, especially when it comes to insurance. For example, a potential employee is deciding between two of her job openings (or the employee is leaving). Benefits such as a comprehensive health insurance plan can tip the balance in your favor. Additionally, the same survey by Glassdoor reported that 4 out of 5 of her employees would prefer new or better benefits than a raise. This is a good opportunity for small business employers to compete with larger companies that can afford higher wages. Even if a small business can’t afford to provide a large salary, an attractive benefits package can help attract and retain top candidates.
Provides protection and peace of mind. Insurance is necessary to provide financial protection when you need it most. And this usually happens when you least expect it. Knowing that you and your family (most packages also cover family members) have substantial insurance as part of your employee benefits gives you great peace of mind and a good night’s sleep can do. After all, we’ve seen how one major illness or accident can ruin a person without health insurance financially. Now, for employers, having group insurance for their employees eliminates the need to set aside standby funds for emergency medical needs. This may not be a major concern for large companies that have all the resources, but for small businesses whose financial position can be significantly impacted by the cost of hospitalization for a single employee. Certainly a concern.
Increase engagement and productivity. Healthy employees are more productive. The healthier our employees are, the more active, energetic and efficient they are at work. By providing employees with free or subsidized access to quality health care and employee wellness programs such as gym memberships, sports and yoga classes, and mental health her sessions and their families a major financial hurdle is removed. When you are happy and satisfied with your insurance and health care plans, you can focus more on your work and be more productive. Healthy, happy and satisfied employees also have better relationships at work. For employers, providing health and wellness benefits can reduce sickness and absenteeism, which can have a positive impact on bottom line.
Improves talent retention. A good insurance benefit plan also minimizes employee turnover. When employees know their company cares about their health and well-being, they stay with the company and become more loyal. A survey found that 60% of employees who reported feeling cared for by their employers said they planned to stay with the company for more years, compared to 60% Contrary to just 7% of employees who reported not feeling Also, some employees remain for insurance benefits as it can be expensive to convert/swap to an individual plan given their current age and health. The rate is beneficial to the company as it reduces recruitment and training costs associated with new hires.
Offer tax incentives. With inflation rising, fuel prices rising and the peso devaluing, we need all the savings we can get. , many employee benefits are tax-free and can be a source of savings for both employers and employees. In addition to providing financial protection, insurance benefits can save you money.
Several companies on the market offer excellent employee health insurance plans. One example is Sun Life Grepa Healthcare. We recently launched a campaign called MSME MyBiz to highlight the idea that in addition to government benefits, micro and small business owners can also protect their employees. The company’s tagline, ‘Kwento mo sa akin Negosyo Mo’, ties in well with the company’s mission to be a partner in protecting employees as small businesses grow. At just P50 per employee per year, employers have already found that they can provide an extra level of protection and peace of mind to their employees. Definitely worth more than what you are paying for.
Remember that good employee benefits help your company expand and grow its base. It helps attract, hire and retain the best employees. Moreover, as our health care system continues to evolve, impacting the lives and finances of our employees (and their families), an employer-provided health insurance program is no longer just a perk, but an important gift.
