4 business benefits of health insurance
Health insurance has long been considered a perk, but today it’s an essential if employers wants to keep hold of top talent. Not just a nice-to-have for employees, health insurance is a strategic business decision that can benefit the employer itself. Let’s discuss some of the main reasons why.
1. It improves employee wellbeing
The key benefit of offering health insurance is the opportunity for employees to access good-quality healthcare whenever they need it. Being able to access professional services for both physical and mental wellbeing gives people the medical services they need to feel their best. It also helps employees feel more supported by their employer when they’re not at work. Around 60% of UK workers would prioritise private health insurance over their holiday allowance, this is a big shift that highlights just how important accessible wellbeing is becoming.2. It reduce absences
Lost productivity from employee illness is estimated to have cost the UK economy; £860 billion since 2014. Health insurance is a great way for businesses to avoid sickness among employees as it provides people with access to faster medical attention and treatment. Absences can be particularly impactful for SMEs so keeping them at bay will help to avoid major disruption.3. It lowers recruitment costs
The process of advertising a role, interviewing, and training a new starter requires a lot of time and money. For SMEs, this can eat into their budget, so it’s more cost-effective to introduce a retention strategy. Things such as health insurance make employees more likely to stay with a company longer, keeping recruitment costs down.4. It improves retention
High employee turnover is a huge red flag for potential hires and can be off-putting if they are considering accepting a job offer. A healthier, happier workforce will not only create a much tighter team dynamic, but it will make joining the team a much more appealing prospect for outsiders.
Rebecca Barnatt-Smith is a content marketing manager at Solvid Digital, an international SEO company.
