Better Employee Insurance Benefits Can Be Good For Business
According to Time magazine, most companies have been losing between a fifth and half of their workforce every year. This statistic is causing company heads quite a bit of anxiety. They feel that the attendant benefits are developing into an uncontrolled cost. In response, a number of firms have decided to slash the amount they pay out in benefits to exiting employees. But these enterprises seem to be shooting themselves in the foot by using this tactic. One of the ways of wooing the best talent is to offer them attractive employee insurance benefits.
Report on Employee Insurance Benefits
A 2008 report indicated that competing competing companies are likely to poachthe best performing workers in a company. Realising this, a number of firms are bucking the trend. They are offering juicier, more comprehensive benefits to potential employees. They are tempting top talent over with benefits. These comprise wellness schemes, income protection and medical aid. On top of the benefits such a comprehensive package offers, there are income tax benefits for workers too.
Companies that offer group risk and other such benefits to potential workers also stand to make real gains themselves in terms of lower costs. They stand to spend much less on treatment of employees, or beneficiaries, suffering from critical sicknesses or ailments that require long term treatment. The amount spent on such treatments can be radically reduced if benefits are structured to combine medical aid, gap cover, critical sickness cover and disability income protection.
What Better Employee Insurance Benefits Mean to Staff
An employee with comprehensive group risk cover stands to gain a lot. If something unfortunate happens that renders them unable to work, they will still continue to receive a regular income and have the means to pay for extended medical treatment. They will even be at liberty to try out experimental treatments that their medical scheme may not cover. A lump sum that will come in handy in settling other financial obligations may also be provided under this kind of cover. In sum, good life benefits go hand in hand with good medical aid benefits.
We cannot over-state the usefulness of such cover in the event of a tragic event. It will go a long way to relieving the stress and anxiety that the family of the affected employee would undergo if they had to shoulder the cost of treatment themselves while deprived of their salary. You can only imagine the positive effect such an experience can have on the morale of the employee when they get back.
Comprehensive group risk cover can also bring down the mortality and disability risk of workers. If your workers generally report less need of medical treatment, then the insurer can manage the risk to provide the same degree of cover for less. In addition, you will notice that absenteeism due to illness will be better managed, impacting productivity much less. Chances of unexpected disability claims popping up will be greatly reduced as well. All these factors will combine to improve a firm’s margin.
Use the form to make contact with a leading insurer in connection with employee insurance benefits
All info was correct at time of publishing