HOW YOUR EMPLOYEE HEALTH BENEFITS PLAN CAN KEEP YOUR COMPETITORS AT BAY

Your employee health benefits plan serves as more than just a safeguard for your employees’ well-being; it’s a shield for your business against various threats, including low performance, absenteeism, presenteeism, and even competition from other employers. A well-designed plan shows a commitment to employee well-being, strengthens the employer-employee relationship, and contributes to the long-term success and sustainability of the business.

Main reasons to invest in employee health benefits plan

• Employee Well-being: By providing health benefits, employers show a investment in the well-being of their employees. Access to health services ensures that employees can address their medical needs promptly, leading to better overall health outcomes and quality of life.

• Retention and Recruitment: Offering a comprehensive health benefits plan is a powerful tool for attracting and retaining top talent. In a competitive job market, employees are more likely to choose and remain with employers who prioritize their health and wellness needs.

• Productivity and Performance: Healthy employees are more productive and engaged at work. By investing in employee health benefits, employers can reduce absenteeism due to illness and presenteeism, leading to improved performance and productivity levels.

• Cost Containment: Proactive healthcare management through preventive services and early intervention can help reduce long-term costs for both employers and employees.

• Employee Satisfaction and Morale: Access to health benefits enhances employee satisfaction and morale, fostering a positive work environment. Employees feel valued and supported by their employer, leading to higher levels of engagement, loyalty, and job satisfaction.

• Corporate Reputation: A well-designed employee health benefits program enhances the employer’s reputation as a responsible and caring company i the market. This positive image can attract customers, investors, and potential employees who align with the company’s values.

Your benefits plan should contribute to employee retention

Here are three strategies to ensure your employee benefits plan is effectively competitor-proofing your workforce:

• Invest in your employees

While employees often associate compensation with salary and vacation time, it’s crucial to highlight the significant value of an employee health benefits plan. Not only does it enhance employee well-being, but it also represents a substantial portion of their overall compensation package. Without these benefits, employees would bear the full cost of their health services, reducing their purchasing power. Use your benefits plan to show employees how much their employer values them.

GroupHEALTH’s Benestats total compensation statements for employees include the value of benefits in salary costs, so employees can see the real value of the compensation you offer.

• Show your employees that you care about them

By providing health benefits, employers show they care about their employees and their families. In today’s uncertain world, this care makes a big difference to how employees see their employer. It helps build loyalty, boosts productivity, and leads to more referrals. Knowing their employer has their back during tough times by offering access to important health services can relieve stress for employees.

All GroupHEALTH plans come with an employee and family assistance program. This program gives employees access to resources for both their physical and mental health. Reminding employees regularly to use this program will make them see its value even more.

• Make your employees’ wellness the top priority

A progressive benefits plan goes beyond just health benefits to include broader wellness initiatives. Understanding that wellness involves many aspects of employees’ lives—like time management, financial stability, and mental well-being—is key.

At GroupHEALTH, we include essential wellness features in our plans, such as financial and fitness services, along with virtual healthcare for easy access to health services.

Good advice is key

Is your employee health benefits plan competitor-proofing your employees? Are you interested in building a progressive plan that supports your business? Review your options with one of our licensed advisors on the phone or contact us for a comparison quote.

Whether you’re looking for extended health and dental coverage, disability coverage, or life and critical illness coverage, GroupHEALTH has affordable benefits packages that work as hard as you do.