Blog | July 3rd, 2015
5 Reasons Company Health Insurance Works
Your employees are your most important asset so taking care of their health makes good business sense. Healthy employees take less time off sick and are three times more productive than employees in poor health.* By providing your employees’ Health Insurance, with a tailored plan that suits your business needs and budget, you can enjoy the many benefits of a healthy workforce. Here are five reasons you should care.
#1 – Attract and retain high calibre employees
Company Health Insurance is a valued benefit and one that many good employers offer. Offering employees additional benefits can cut costs associated with high staff turnover. According to a report carried out by Oxford Economics the average employee costs £30,614 to recruit and replace which is of significant financial impact – especially when dealing with high staff turnover.
#2 – Improve Business Performance
Poor staff health impacts on your bottom line, through sickness absence costs, profits lost through reduced productivity and missed business opportunities. With this in mind it is profitable to invest in helping employees perform at their best. Healthy employees can perform at higher levels, producing higher quality work, increasing the chances for his or her teams to perform better.
A good company health insurance policy can speed up access to treatment, avoiding A&E queues and NHS GP referral times, helping employees to stay on top of health problems as and when they happen.
#3 – Reduce sickness absence and presenteeism
In 2013/14 it is estimated that sickness absence costs Northern Ireland employers £30.2 Million with long-term absence amounting to 73% of working days lost. Adding to the cost of absence, presenteeism, where employees present for work unwell or unfit, is also on the rise. It is estimated that presenteeism costs one and half times more expensive that absenteeism due to mistakes, poor performance and accidents. By protecting employee health and wellbeing with Health Insurance you can greatly reduce the financial impact of both absenteeism and presenteeism.
#4 – Get employees back to work faster
Employee health insurance can offer same day referrals and high speed access to consultants, diagnostic tests, therapies and surgery. Unique private casualty cover means that should an employee have an accident at work, they can see a specialist straight away instead of waiting for hours. All of which ensure an employee can return to work in the fastest possible time. With a fast claims management service powered by local advisers, the entire process can be made faster, from the initial illness or accident, through to making a claim on your policy.
#5 – Increase employee engagement
When people are engaged in their roles and the business, it means better morale, less staff absence, more innovation and greater productivity. As with staff retention and recruitment, investing in your employees’ long-term health through benefits, such as Health Insurance, has a positive effect on employee engagement. Your staff will be more engaged if they know they’re covered for common ailments such as sprains and strains, minor breaks and fractures, minor burns, cuts and wounds, minor ear, nose and throat complaints.
To get a quote for H3 Company Health Insurance, please contact us.