The benefits of workplace health insurance
Why health insurance makes good business sense
Championing the wellbeing of your workforce isn’t just the right thing to do as an employer. It can also be a good formula for business success.
Top work perks attract top talent
More than two in five employees plan to look for a new job this year. This suggests that the Great Resignation being experienced overseas is coming here, soon. In a labour market with plenty of opportunities, job hunters can hold out for more than just a competitive salary. To stand out from the crowd, your business may need to offer meaningful benefits like health insurance.
Happier employees = greater retention
Last year, we produced a Workplace Wellbeing Survey in partnership with the EMA. It found that 84% of employees thought wellbeing initiatives in the workplace, including health insurance, contributed to employees staying loyal.
It makes sense that if your business environment is meeting the wellbeing needs of employees, you can possibly expect a positive boost to your bottom line through more motivated, committed and productive employees.
A healthy workforce means less absenteeism
Employers offering health insurance and promoting a culture of looking after health often find that absenteeism drops. When employees feel their health is a priority, they’re less likely to get sick with more serious conditions such as type 2 diabetes, some cancers and heart disease. They may also take less sick leave and, thanks to reduced fatigue, are more alert on the job.
nib can provide tailored cover that includes hospital and everyday treatment, plus other benefits too. We also offer proactive health management programmes to help employees tackle common health problems. These include weight and pain management, and reducing cancer and heart disease risk. These programmes can often reduce the need for surgery and lengthy recovery times*.
Being present doesn’t mean being 100%
Less recognised as a workplace issue is presenteeism – attending work when you’re ill or not operating at full capability which can potentially occur due to loss of income, lack of substitute staff, illness, injury, or stress. Employees with undiagnosed health issues can experience higher levels of presenteeism unless treated. This can have a massive impact on your employees and business. A study found that about half of all presenteeism cases are primarily caused by stress, poor mental health, lack of sleep and financial challenges. This can be equivalent to losing 30 whole workdays a year.
As an employer, you may be able to gain those lost days back by properly supporting your people’s wellbeing. Investing in employee wellness initiatives and benefits like health insurance can help your employees with the tools and resources needed to focus on their health without the financial stress. The more quickly your staff can understand their medical conditions and needs, the faster they may be treated which leads to better health for both your workforce and business.
If you have their back, they have yours
Serious health issues can be incredibly challenging for anyone. If you’re providing private health insurance for your employees, they can often get treated sooner, which may mean they can recover faster, and be able to focus on getting better without the stress of worrying about medical bills.
Employees who know you have their back when health issues hit may be more likely to back you in return, bringing their best selves to work each day and making a valuable contribution to your business.
*Eligibility criteria and other terms and conditions apply. Click here for more information on nib’s health management programmes.