Why Is Offering Health Benefits Important?
A comprehensive employee medical insurance plan can help retain the best employees, attract new talent, enhance productivity, and can promote job satisfaction at the workplace. It’s a way of showing that the employees’ matter, in turn, strengthening the overall brand value. So, it’s essential to select the right health benefits that supplement your organization’s personal health goals without high administrative costs.
Employee Health Benefits Tips for Organizations
Here are a few employee health benefits tips to keep in mind before you decide on the offerings.
Tip #1: Understand your Workforce Health Needs
This is surely the first and unarguably one of the most important aspects while starting to offer employee health benefits. Before kickstarting the process, it is important to understand your workforce – the total number of employees, their average age, current health conditions, personal health goals, the type of health, and wellness facilities they are looking for, etc. A quick survey would help gather all the required details.
Tip #2: Learn About Various Employee Health Benefits Options
After you’ve understood the needs of your employees, you need to know the types of health benefits available. Group insurance for employees is the most common health benefit that covers all employees and members of their families. A traditional corporate insurance policy is generally uniform and offers the same benefits to all employees. These days, however, customized group insurance policies are getting quite popular.
Tip #3: Choose Relevant Health Benefits
Need-based plans are always welcome. No longer are your employees keen on utilizing the basic and traditional group health plans. They need a plan that resonates with their need and lifestyle. A proactive and comprehensive health benefits plan can include teleconsultations, mental wellness along with yoga and gym memberships. It may also comprise of dental and vision care, diet and nutritional coaching, discounted medicines, booking lab tests and other well-being benefits.
Tip #4: Establish a Cost Benchmark
Costs related to health insurance vary depending on the type of benefits you choose. A basic plan may have a lesser premium and a comprehensive one may cost more. The need-cost balance should thus be determined beforehand. For example, health insurance for corporate insurance policy rises every year and continue to grow. The cost of each benefit depends on a lot of factors. Also, it becomes important to benchmark the cost relating to various benefits offered by different insurance companies. You can also benchmark the cost against your competitors and industry to understand the percentage allotted for employee benefits.
Tip #5: Consider Flexibility in Benefits
Be aware that there is no one-size-fits-all solution when it comes to group health plans. A plan created for an MNC might not be best suited for a budding startup and vice versa. Also, as your business grows, the nature and need of your employee benefits may change with time. So, always look out for options that have a provision of flexibility.
Taking the first step towards offering employee health benefits may look like a difficult task. But, following the above employee health benefits tips can make it a lot easier. The right health benefit plan helps you recruit and retain employees for the long term and at the same time increases your brand value.