Why Are Employee Health Benefits Important?
Canadians are fortunate to have access to public health care services – but those who have accessed these services know that key parts of their health and wellness needs aren’t covered by government plans.
A significant amount of health care needs are paid for privately. This includes even “routine” needs like income replacement in case of disability, dental and vision care, prescription drugs, out-of-country coverage and more.
Over the years employers have recognized that offering their employees coverage for these “extended” health benefits can play a critical role in building a competitive business, and so over $40 billion dollars of employee health benefits are offered through employers in Canada.
Especially if you operate a small business, offering these benefits may seem costly. But there are some advantages to be had from offering an attractive health package to your employees.
Employee health benefits help attract and retain employees
As an employer, you know you must offer competitive salaries if you want to recruit the best employees. However, employee benefits may be more important than you think. Research has shown that employers who offer a suitable benefits package attract more applicants than those who do not.
In 2016, an American workforce report published by Aflac revealed that 60% of employees said they would accept a job offer with lower salary but better employee benefits. Additionally, 16% of those surveyed said they had resigned from a job or refused a job offer in the 12 months prior to the survey because of unsatisfactory employee benefits.
The study also revealed that 42% of workers said that being offered a more favourable benefits package would encourage them to stay in their jobs. Typically, employee health benefits are the most expected and desired type of benefits. Therefore, it is evident that attractive employee health benefits paired with a competitive salary are beneficial for recruitment and retention.
Employee health benefits increase focus and productivity
When employees are worried about aspects of their personal life, it can have an impact on their work. That is why over 50% of workers said their benefits impact their focus and productivity at work.
Furthermore, poor health is one of the main reasons employees are absent from work. When employees are better able to afford comprehensive healthcare with the help of their employee health benefits, you will have a healthier and more focused workforce with less absenteeism. Therefore, offering employee health benefits can help to bring about an overall boost in productivity.
Employee health benefits protect your most valuable asset: your people
Employers make a huge investment in their workforce: compensation is often the single largest expense that an organization has. Just as businesses will insure their buildings and properties from disruption and harm, it makes sense to insure your workforce from disruption and harm as well.
Employee health benefits do exactly that: they protect your workforce, allowing you (and your employees) to focus on growing the business without the distraction of wondering what will happen if something goes wrong. Services like GroupHEALTH’s “DMI Assist” ensures that, if an employee encounters a health related problem, they’re properly supported so that they can return to work quickly and safely.
Are you looking for an employee health benefits provider?
If you are looking for an affordable employee health plan, contact us at GroupHEALTH Benefit Solutions. In every industry, there is a company that thinks and does things differently. When it comes to employee group benefits, GroupHEALTH Benefit Solutions is that company.
At GroupHEALTH Benefit Solutions, we provide employee health plans for organizations of all types—from small businesses to large corporations and non-profit organizations. Our plans cover extended health and dental; disability, life and critical illness; and employee wellness.
When you choose to work with GroupHEALTH, we will create a custom plan that is designed to keep your costs sustainable in the long run. Each benefit plan can be independently configured to cover up to the amounts you choose. This determines how much you will pay. You can also choose the cost-sharing options that work best for your business.
If you are ready to get the process started, our expert advisors will speak to you by phone or in-person to build the best plan for your business.
So, what are you waiting for? Give us a call today.