According to our recent Measuring the Benefits of Health Insurance survey*, employees with health insurance waited just 37 days for elective surgery on average, compared to a whopping 80 days for those without. And when it comes to recovery, the employees with health insurance who had elective surgery took on average 7.5 days off work annually, compared to 16.7 days to those without cover.
Considering what one working day costs your company in wages (let alone lost productivity), the return on investment could start to look very healthy indeed – and that’s just for starters.
Subsidised health insurance is one of those benefits that Kiwis truly appreciate - 64% of respondents who had subsidised health insurance valued it ‘a lot’, with employees aged over 50 valuing it the most highly.
This makes it the third most valued benefit covered in the survey, after flexible working arrangements and a bonus package – and more important than many other personal insurance options - meaning it could also play an important role in the best people accepting a job offer from you.
Offering subsidised health insurance might be your not-so-secret weapon when it comes to attracting the best people to come work for you.
That’s because health insurance can be an important influence in Kiwis accepting a new job.
More than half (56%) of employees surveyed said when they accepted their current role, employee benefits such as health insurance were important to them. However, this leaped up to 79% for those who had employer subsidised health insurance when they accepted their last role.
That’s a jump of 23 percentage points – and that’s no small thing.
“Today’s jobseekers are looking for employers who understand their needs, offer benefits that offer choice and flexibility, and support their physical, emotional, financial and social wellbeing”, says Chris Watney, Southern Cross Chief Marketing Officer.
“By factoring these requirements into their strategies and benefit offerings, businesses will likely enhance their workplace culture and strengthen their position as employers of choice”.
To discuss a solution that’s right for your business, call 0800 323 555, email email@example.com or contact your Southern Cross account manager or adviser.