Want to prevent your best talent from leaving your business?
As a business owner, you already know the cycle all too well. You recruit a team of good people, train them, and prepare them for their role in your organization. But then, another employer swoops in and snatches them right from under you. They leave your company just as you’ve got them up to speed with their work.
The result? High turnover that’s both frustrating and expensive.
Here’s the thing…
The solution to keeping your workers happy and healthy is pretty simple. All you have to do is demonstrate that you genuinely care about their wellbeing. So, how can you do that?
Give them a group health insurance plan through your business
Employees need to know that your business truly has their back. And what better way to show them that than by offering them a group health insurance plan?
When your workers know that their health is taken care of, they can focus on the work. This means higher productivity and a lower turnover rate.
In this post, you’ll learn why group health insurance is the solution to creating a happier and more productive workforce.
What you’ll learn:
- Why Employee Wellbeing Matters for Your Business
- The True Value of Group Health Insurance Plans
- What Your Employees Expect from a Health Plan
- How to Pick the Perfect Plan for Your Team
Why Employee Wellbeing Matters for Your Business
Employee wellbeing isn’t just a cute HR buzzword you can toss around the water cooler.
It’s something that directly affects your bottom line.
Happy, healthy employees will show up to work ready to crush it. Unhappy and unhealthy workers? That’s when you see absenteeism, a drop in productivity, and turnover rates start to skyrocket.
Recent data found that 85% of employees surveyed felt their company should be an active agent of positive change in their wellbeing. Your workers are literally giving you the answer in black and white.
The numbers just keep on adding up…
Workers that feel their employer is concerned with their wellbeing tend to be more engaged and productive. On top of that, they take less time off, are more creative, and give a damn about your business’s bottom line.
Group health insurance plans check all the boxes when it comes to these common pain points. The coverage they offer provides employees with peace of mind regarding their financial stability and access to healthcare.
The True Value of Group Health Insurance Plans
Let’s get into some of the hard numbers for a moment.
You might be surprised to learn that 92% of employees said that health insurance is a “very important” benefit when choosing where to work. That’s right. NINE IN TEN PEOPLE ON YOUR TEAM.
The simple fact that you don’t offer some sort of health coverage is basically telling over 90% of the people you want to work at your business to keep moving.
Group health insurance plans are one of the most powerful weapons you have at your disposal for attracting and keeping your best workers. When employees know their business has their long-term health and happiness in mind, they work hard to show their gratitude with their performance.
Group health insurance isn’t just about recruitment and retention either…
Health insurance plans help your employees maintain their general health as well. Preventative care and medical treatment have a direct link to long-term health outcomes. Healthier workers simply mean less absenteeism and higher productivity.
Oh, and the cherry on top…
If you think group health insurance plans are expensive, think again. As your premiums cover a group of people rather than an individual, insurance companies offer you more bang for your buck.
Your team should always be at the front of your mind when you’re making decisions
You need to know what your employees need when it comes to their health and wellbeing. The more you can adapt your business to cater to those needs, the higher your bottom line will be.
Let’s not forget that your workers are the engine of your business.
In order for that engine to stay in tip-top shape, it needs to be cared for.
What Your Employees Expect from a Health Plan
Let’s face it. Not all health insurance plans are created equally.
The fact is your employees aren’t going to be too impressed if you present them with a plan that isn’t fit for purpose. So what are they looking for in their coverage?
Comprehensive Medical Coverage
Employees want a solid medical coverage plan that won’t leave them with a hefty bill.
Regular check-ups, emergency services, hospital stays, and specialist appointments are all things they need to be covered for if something goes wrong.
Mental Health Support
Mental health is a huge talking point these days. It’s no surprise that 86% of employers have increased their investment in mental health programs. Make sure your group health insurance plan includes solid mental health coverage such as therapy and counseling.
Affordable Out-of-Pocket Costs
High deductibles and copayments are still a major concern when accessing care, even with insurance. Your employees will want to see plans that have an affordable out-of-pocket cost.
Dental and Vision Coverage
A huge number of group health insurance plans also offer dental and vision coverage. These little benefits might not seem like much but to employees looking for a comprehensive package for themselves and their families, it’s huge.
Flexible Options
You know that your employees are going to be in different situations. Some may be young and single with no medical requirements. Others could have families with various healthcare needs. Tiered options allow employees to pick a level of cover that’s right for them.
The bottom line? Employees just want to feel like they’re covered.
How To Choose the Right Plan for Your Team
There are dozens of group health insurance plans out there, each with different features and costs. How can you know which one’s best for your business?
Understand Your Team’s Needs
The only way you’ll be able to know is if you actually ask. Get your workers to fill out a survey on what matters most to them. Go through the answers and identify the main points of focus.
Budget
Group health insurance plans will set you back, but they don’t have to be overly expensive. All businesses have a budget that they need to work within. The great thing is that most of them choose to split the premium costs with their employees. This makes it more affordable for both sides.
Network Coverage
Make sure the group health insurance you offer has a good network of local hospitals and doctors. Nobody wants to be tied to an insurance plan that doesn’t cover their go-to healthcare providers.
Extra Benefits
Beyond medical coverage, make sure your insurance includes wellness programs, telemedicine, and access to preventative care services. These extras are super helpful to your employees and help keep them proactively healthy.
Partner with a Broker
Trying to find the perfect group health insurance plan all on your own can seem daunting. Working with an experienced broker can save you time, money, and a lot of headaches. Brokers are the know-alls of insurance plans, and they can find you a great plan for your specific needs.
Conclusion
Group health insurance plans are no longer a “nice-to-have” for your business.
They’re a requirement for a healthy, happy, and productive workforce. When you show your employees that you care about their wellbeing and give them the coverage they deserve, you’re investing in the future of your business.
The statistics tell you all you need to know. Employees rank health benefits highly, and they’re more than happy to stay with employers who can provide them. With the right group health insurance plan in place, you can expect lower turnover, higher productivity, and a culture that people can’t wait to come to.
Do your workers a favor and get them the coverage they deserve.