Don’t want great employees leaving your business?
You know they do. All employers know that. But what you may not know is how employee health coverage plays into their decisions to stay or go. Buying corporate health insurance has become more than just an HR task…
…it’s an opportunity.
The issue is:
Benefits have become this weirdly complicated thing. Companies choose the cheapest option. They offer the bare minimum and expect employees to be okay with it. Then they get upset when those employees take their skills elsewhere.
Want to keep your best talent? Figure out how to offer a great health coverage package.
When employees feel secure in their health plan…
- They stick around longer.
- They take more pride in their work.
- They promote your business to others.
In this article you’re going to learn:
- Why Health Coverage Drives Employee Satisfaction
- How Corporate Health Insurance Solutions Improve Retention
- What Makes a Health Benefits Package Stand Out
- How to Build a Smarter Benefits Strategy
Why Health Coverage Drives Employee Satisfaction
Think of benefits as the foundation your business is built on.
Without benefits, everything else falls apart. Office perks don’t matter. Team outings don’t matter. If employees don’t have solid health coverage, employee satisfaction will suffer.
SHRM’s annual benefits survey found that 88% of employers view health and wellness benefits as very or extremely important to their workforce. Take that stat and just slam it into your brain for a second.
Employee medical coverage matters. A lot.
Do you want to compete for talent? Then you have no choice but to offer up a comprehensive health coverage package.
But it’s also about what quality health coverage says to your employees. When a company provides great corporate health insurance solutions that cover every aspect of employee wellness, it tells their team:
“We got you.”
Employees can sense when their business cares about them and when they don’t. Providing great health coverage is one of the best ways to demonstrate that commitment to your team.
Businesses in big markets with lots of employment competition, looking to acquire Chicago employee health insurance, know this better than most.
The morale boost that comes from providing great health coverage
Employees = retains. Period.
How Corporate Health Insurance Solutions Improve Retention
Did you know?
It costs more to hire and train a new employee than it does to keep an existing employee.
Like way more.
But if an employee doesn’t feel like their health coverage is up to snuff, they’ll start looking for a new job. When a great candidate comes along, they won’t think twice about quitting.
Employees who are happy with their health benefits are 5x more likely to stay with their current employer.
There’s an even bigger incentive to get health benefits right.
Attracting new talent. If you want the best people, you have to offer the best benefits. Yes, salaries are important but so is health coverage. Benefits are often the deciding factor for candidates comparing multiple job offers.
A JD Power study on US Commercial Member Health Plans found that one in five employers switched health plans due to low employee satisfaction.
Employee health coverage is no longer a secondary consideration when businesses think about retention. It’s a priority.
What Makes a Health Benefits Package Stand Out
All health coverage is not created equal.
And neither are benefits packages. Something as simple as plan coverage can make or break your employee’s experience with their health insurance.
Let’s go over the characteristics of a plan that employees will love.
Here’s what to look for:
- Medical, dental, vision. Anything less and you’re already falling behind.
- Mental health coverage isn’t a bonus anymore. Employees expect access to therapy, counselling and mental wellness programmes.
- Low out of pocket expenses. If your plan has lots of hidden fees and surprises, employees will hate it.
- Flexible plans with options. Everyone has different situations and coverage needs. Offering a one size fits all plan is guaranteed to leave some employees dissatisfied.
Gallup polls show that group health insurance is employees’ number one desired benefit. Yes, even above higher pay.
Got all that?
Businesses that understand and utilize these four aspects of health insurance will have a much more competitive benefits package than their peers. Employees notice when you go above and beyond for them.
Building a Smarter Benefits Strategy
Alright, you know what good benefits looks like. But how do you build a benefits strategy that works for your unique business?
Well, that starts with doing your homework.
Too many companies sit down with their teams and design a health coverage strategy without any real understanding of what employees want. Or what your competitors are offering.
Take these steps to ensure you come out on top:
- Survey your employees. Find out what they like and dislike about their health coverage. Ask them what they want!
- Know the competition. Make sure you at least match, if not exceed, what other businesses in your area are offering.
- Review your plan annually. People’s health care needs can change. A plan that was ideal last year may not suit your employees today.
- Partner with the right health insurance provider. No one likes open enrollment season. But it doesn’t have to be stressful when you have a partner that handles the heavy lifting.
Once you build your strategy, the real work begins. Upkeeping an amazing benefits package is a constant battle.
How do the best businesses in the world keep their benefits fresh?
By regularly checking in with employees. They ask how their current plan is working. They make small changes to improve certain aspects. Then they communicate those changes to their employees.
Employees know when you’re putting effort into your benefits package. That effort pays off in the form of employee loyalty.
Pulling It All Together
Businesses that take the time to build a solid health coverage benefits package will reap the rewards.
It sounds like a broken record, but employee medical coverage is the number one benefit employees value. When you give them a great health coverage package, employees are:
- More likely to stay at your company
- Will go above and beyond in their role
- Will encourage friends to join your team
Taking the time to build a better benefits package saves your business:
- Time. Less wasted time hiring and training new employees.
- Money. Employee turnover is incredibly expensive.
- Headaches. Keep your employees happy and they won’t cause you many problems.
One last time
Here are the biggest takeaways from this article:
- Employees want great health coverage
- Great health coverage leads to employee retention
- A solid benefits package helps you hire the best talent
- Make sure to review your benefits strategy every year
- Find a partner that makes your life easy