Why Should Businesses Offer Employees Health Insurance?
Posted: 12th June 2023 10:13In the US, over 70% of businesses offer their employees business health insurance. While purchasing health insurance for your employees can be expensive, it also has many benefits. Here are some of the reasons why you should include it in your businesses benefit package:
1. Improve Your Recruitment StrategyA recent survey found that over 70% of employees look at the employee benefits a business offers before applying for a job. This means that in order to attract good employees, you need to offer a good benefits package.
Health insurance is one of the first benefits employees look for when searching for a job. However, while this may be true, good employees want more than just the basic package. Instead, they want one that includes things like dental care, hearing, and vision. And that’s not all; they also prefer businesses that make health insurance easy. For example, they prefer the ones that partner with a company that uses one card for all insurance information. This makes managing their health insurance much more straightforward.
2. Increase Employee Job SatisfactionAnother reason businesses should offer their employees health insurance is that it can play a huge part in helping to maintain or strengthen employee job satisfaction. According to a recent survey, health insurance had the highest correlation with employee satisfaction.
While this might not sound like it will significantly impact your business, it can. Workers who are happy in their jobs are much more likely to be kind and helpful to customers, work better as a team, and be willing to train further. All of these things can help to make your business a success.
3. Increase Employee RetentionBuilding a successful business can be difficult if your employees keep leaving. When an employee leaves, you have to start from the beginning again. Finding someone new and training them takes a lot of time and effort, which all businesses could do without.
One way you can improve employee retention rates is by offering your employees a good benefits package, which includes health insurance. Employees who feel cared for and appreciated are much more likely to stay than those that do not.
4. Healthier EmployeesLots of people in the US struggle to afford to pay for health insurance. As a result, many of them end up becoming unwell. This can significantly impact how hard they work. A health condition can prevent them from doing things that they would typically be able to do.
To overcome this, businesses should consider offering business health insurance. This way, their employees are less likely to become unwell, meaning they can do their job to the best of their ability.
5. It Can Help Create a Positive Work CultureOffering employees business health insurance shows your employees that you care about them and their health. It also shows them that you value them and see them as an asset to the business. This, in turn, can help to create a positive work culture.
There are many benefits of a positive work culture, including:
- Improving relationships
- Amplifying employee creativity and their abilities
- Reducing stress
- Bolstering employee health
- Helping employee resilience
- Improving employee loyalty
- Increasing business effectiveness, including financial performance, customer satisfaction, productivity, and employee engagement.