Peace of mind is an essential part of holistic wellbeing. Offering your employees subsidised health insurance means they won’t have to worry about public waiting lists or the cost of private healthcare. It can also let them know you’re serious about their health and wellbeing.
And what’s good for the people is good for the business. As our research and testimonials from our customers confirm, subsidising health insurance also makes good business sense. Organisations that offer subsidised health insurance as an employee benefit can have:
Subsidising health insurance can give a real lift to your workplace culture by showing employees you’re willing to invest in their wellbeing.
Reduce workplace disruption
Faster access to treatment by avoiding public hospital waiting lists can mean less pain and discomfort and quicker return to health for your employees.
Employees without health insurance are waiting twice as long for elective surgery than those with subsidised health insurance. Full-time employees with subsidised health insurance take an average of 17% fewer days off work than those without health insurance.1 In addition to sick pay (with zero output) and overtime paid to other employees to cover absence or hiring temporary replacements, staff absence can result in other costs not fully accounted for, lost productivity and increased stress for other employees covering extra workloads.
Attract and retain the best people
Offering health insurance is also an effective recruitment and retention tool. Research shows that over 1/4 of surveyed HR professionals believe offering employer funded health insurance is an effective way of attracting and retaining staff.2 A third of all full-time employees say that, when choosing new employers, subsidised health insurance is more important than subsidised income protection, the employer’s corporate reputation and recommendations from friends or family.1
In terms of retention, 90% of HR professionals believe offering employer funded health insurance has an impact on employee engagement..2
A positive workplace culture with healthy and loyal employees can safeguard your business for future challenges, improve morale and contribute to overall productivity.
To summarise, employers who offer benefits that speak to the health and wellbeing of their employees can use these benefits to attract and retain the top talent in their field. Subsidised health insurance is a great example of a benefit which can reduce employees overall stress levels and have a meaningful impact their quality of life.1
Check out our success stories for more information about how subsidising health insurance could work for your business, or contact us if you’d like to know more.