In today's world, running a successful organization today means keeping your employees happy and satisfied. It is about fostering a healthy workforce and retaining the best talents.
However, job satisfaction and retention are not achieved through monetary compensation alone. Attractive employee benefits packages are equally important nowadays for companies to attract the best employees.
Employee benefits are an essential part of an organization's overall compensation package, with employee health benefits being the most popular. While still optional for many small-sized organizations, employee health care benefits are a critical part of major organizations around the world.
In this article, we will look at some examples of employee health benefits and learn more in detail about the pros and cons of providing them.
Examples of Employee Health Benefits
Offering employee health care benefits to your employees can help your employees feel valued and satisfied at work. This way, they will be healthier and more productive at work, helping your business grow substantially. Moreover, offering such benefits is critical to stay competitive with other companies for attracting the best employees.
Here are a few examples of employee health benefits -
- Health Insurance
- Wellness Programs
- Biometric Screenings
- Dental Insurance
- Vision Insurance
- Long term and Short term Disability Insurance
- Gym Memberships and Coupons
- Mental Health Counselling Services
- Healthy Snacks and lunches
Let's learn more about a few of these common employee health benefits-
Health Insurance coverage is the most popular and sought after health care benefit provided by employers to their employees. Offering health insurance is one of the simplest ways to make your employees feel valued at your organization.
Most employee health insurance plans cover medical expenses of employees and their family members, such as medical professionals' fees, hospitalization, and emergency medical care. Also, additional coverage, such as dental and vision care, may be provided by an employee health insurance plan.
Corporate wellness programs are wellness initiatives introduced by employers that help their employees adopt healthy habits and lead a healthy lifestyle. Such programs are fast becoming popular among employers around the world for their immense benefits to employee wellness.
Wellness programs can be specially designed according to an organization's needs. They facilitate the promotion of wellness initiatives among employees and encourage employees to take part in wellness activities and challenges.
Download our Complete Guide to Corporate Wellness Programs to create a successful and effective wellness program in your workplace.
Biometric tests or screenings are effective ways of identifying potential health risks among employees. They help employees become aware of their health status and take adequate measures to improve their health.
Offering biometric tests as a health benefit is a great way to ensure employee health and reduce healthcare costs. Such tests are quick, convenient, and cost-effective as well.
The Pros and Cons of Offering Employee Health Benefits
Choosing the right health benefits plan and the contribution amount can be a complicated task. Also, for small-sized organizations, the costs may seem high. However, there are many advantages associated with providing employee health benefits.
Here are the pros and cons of offering health benefits to your employees -
Increased Retention and Better Recruitment
Providing satisfactory employee health benefits can be the deciding factor when recruiting people. Companies providing benefits such as health insurance and wellness programs attract more highly qualified applicants than those who do not.
Also, a desirable wellness benefits package will encourage employees to stay in their jobs and prevent them from resigning. As such, employee health benefits increases a company's chances of recruiting and retaining the best talents.
Improved Employee Wellbeing and Decreased Absenteeism
Health care benefits offer preventive initiatives that help employees to stay healthy and free from diseases. Healthy employees are less likely to take sick leaves and are more productive at work.
Also, without health care benefits such as biometric tests and health screenings, employees may not be aware of underlying health problems that can cause them to be absent from work for long periods.
Increased Job Satisfaction and Productivity
Employee health benefits, as mentioned above, help employees stay mentally and physically healthy. Healthy employees are more productive in general and are more satisfied with their jobs.
Also, without having to worry about their health, employees will be able to be focused and motivated at work, thus increasing their productivity.
Gain Tax Benefits
You can offer your employees tax advantages by providing them health benefits such as a group health plan. Such tax advantages increase their compensation package and also allow you an income tax deduction for the contribution.
Thus, making your company's costs less than that of the health benefits provided to the employees.
Probably the main factor that deters companies from offering health care benefits is the cost associated with the latter. Health care costs and insurance premiums keep rising every year, which poses a problem for many employers, especially small businesses. The rising prices also make it difficult for companies to do proper financial planning.
Time and Commitment
Choosing the health benefits to provide can be a demanding task. For example, if you want to provide health insurance, you will first have to select a health insurance coverage provider and then spend time filling out forms, remitting premiums, and so on.
Providing employee health benefits may be expensive and time-consuming, but it will benefit your organization significantly. By offering satisfactory health care benefits, you will be able to recruit and retain precious talent, keep your employees healthy, and increase job satisfaction and productivity.
Combining a decent health benefits plan with a competitive salary can be the deciding factor for potential job-seekers to join your company, and it will help you take your business to greater heights.