Benefits of Investing In Employees’ Health Insurance

Employees often expect their employees to give them a safe working environment as well as some type of health subsidy. This is true in Singapore as well as other top developed countries. While there are lots of ways to maximize your employee’s productivity, showing that you care about your employees by offering health benefits and insurance is an excellent way to start. Here is a look at some of the benefits of employers investing in their employees’ health insurance.

Healthy Employee Leads To More Productivity

According to statistics, workplace stress is one of the leading health challenges. This often affects physical health which might cause the employees to stay home from work or spread illnesses to others, decreasing the workforce efficiency. Employees on sick leave because of medical reasons instantly decrease productivity.

An efficient medical and health cover helps to maintain a healthy workforce, decrease absenteeism and increase overall productivity. Furthermore, offering health insurance to your employees and letting employees get the best health care when they are sick is the best thing to do.

Attract Top Talent Employees

The top reason why most employers provide employee insurance in Singapore is to attract high-quality work candidates. This finding reflects one of the things most employees consider when finding a job.

About eighty per cent of employees consider an employer’s health benefits package when deciding whether or not to accept the offer. These statistics show the significance of matching your health benefits package with your competitors.

Healthier Employees Translate To Reduced Healthcare Claims And Costs

Healthier employees also lead to better health and lower cost of health for their employers. In contrast, employees who often fall ill progressively add to the overall cost as the frequency and complexity of the illnesses increases.

By embracing a health strategy aimed at preventing the at-risk employees from becoming sick and helping employees with chronic diseases manage their conditions, the health care cost of the company can be reduced significantly. Implementing an effective workplace health program will potentially save significant healthcare costs as well as provide increased engagement and productivity, decreased absenteeism, and an entire host of extra cost savings.

Reduced Staff Turnover

While companies used to focus more on attracting talent, the trend is going towards employee retention. According to recent research in Singapore, about 46% of employees say they are likely to change their jobs within six months. With the employee’s turnover rate likely to escalate more, offering employee benefits packages such as health insurance is a key employee retention strategy.

A significant percentage of working millennials are willing to leave their current job for better opportunities. This is a clear reason why more organizations are investing more in employee benefit packages and more than 95% of employees consider health benefits as the most essential. Most of the employees value a health insurance benefit more than a salary raise.

Bottom Line

Whether you are running an already established company or just getting started, the benefits of investing in employees’ health insurance outweigh the risks. These benefits are vital in retaining and attracting the right employees resulting in new business opportunities that benefit your company and everyone.