Make absolutely no mistake about it: the talent shortage in the United States isn't just real, it's impacting nearly every industry that you can think of. Once you also learn that it costs significantly more to replace an employee than it does to just keep one of your existing ones, you begin to get a sense of just what a significant problem this truly is.
Based on that, increasing employee retention isn't just important - it's critically so when it comes to the long-term health and success of your organization. The amount of time you'll spend, not to mention the stress you'll go through and the costs you'll deal with when hiring new employees, can have a significant impact on your operations - and that's before you think about how long it will take to properly train them.
Of course, that demands the question - how do you decrease employee turnover in a way that makes sure you have the people on hand that you need when you need them the most? By providing comprehensive health insurance to those employees. Offering health insurance doesn't just increase retention - it promotes productivity and fosters a sense of safety and well-being in the office.
What is Comprehensive Health Insurance?
At its core, comprehensive health insurance is exactly what it sounds like. You're talking about a plan that covers a wide range of different medical emergencies while also offering straightforward medical care.
The thing to understand about basic health insurance plans is that they usually only cover inpatient treatment. A comprehensive plan, on the other hand, covers all types of expenses - including outpatient treatments, any hospital stays someone will have to deal with, constitutions, and even medical testing.
All told, comprehensive health insurance plans cover a wide range of expenses, including but not limited to ones like:
- Alternative treatments that your team members may be interested in.
- Childbirth and other delivery needs.
- Consumable expenses.
- Daily hospital allowances.
- Emergency ambulance funds.
- Health checkups and medical testing.
- In-patient and out-patient treatment instances.
- Medical consultations.
- Personal accidental coverages.
- Pre-hospitalization and post-hospitalization expenses.
- Tax benefits.
- Treatment for severe illnesses.
With a more basic health insurance plan, these are the types of costs that your employees would likely have to cover on their own - causing a significant amount of stress and financial hardship in the process. With a comprehensive plan, they'll see that you're every bit as invested in their health as they are - and that can often make all the difference in the world when it comes to retention.
How Does Comprehensive Health Insurance Improve Retention?
When it comes to health insurance in general, employers tend to offer group health insurance plans. Indeed, this is often a cornerstone of the retention strategy for many businesses.
In no uncertain terms, it is of paramount importance for companies of all types to invest in the health and wellness of their employees. This goes a long way toward guaranteeing that the people who are responsible for building the business - those workers who are devoting a significant amount of their lives to bringing your vision into a reality - are satisfied.
Truly, organizations need to go out of their way to offer their workforce an adequate health insurance plan - especially if those employees may be looking for other jobs that don't. They'll think twice about leaving for a competitor if they'll lose those benefits in the process.
What are the Other Benefits of Offering Comprehensive Health Insurance?
One of the biggest benefits of offering comprehensive health insurance has to do with the ways in which it can help during the recruitment process. If a top talent potential employee is looking at your company and a few others, and none of those alternative options offer anywhere near the quality of health insurance that you do, that may just be the element that tips the scale in your favor.
Likewise, there are tax advantages to offering various types of employee benefit plans that many organizational leaders aren't necessarily aware of. The same is true for participating employees as well. If you told an employee that they were getting comprehensive health insurance and the chance to save money on their taxes, the chances are high that they'd jump at the opportunity.
Not only that, but offering comprehensive health insurance coverage can also significantly cut down on absenteeism. A healthy employee is more likely to attend work and be productive thanks to the proactive care that they're now able to receive. Employees who don't go to the doctor at all tend to get sicker more often, leading to call-outs and other issues. This also helps to maintain a healthier atmosphere in the office, too.
Finally, offering these types of health insurance benefits can boost employee morale in a dramatic way. Employees tend to place a far higher value on those jobs and employers that offer solid health benefits. It's something they look for even going beyond what their salary will be.
In the End
Overall, health insurance is a high priority for employees - meaning that it needs to be a high priority for employers, too. Offering comprehensive and valuable health insurance benefits is a hugely effective way to not just attract the best employees, but to retain them as well.
If you'd like to find out more information about how comprehensive health insurance benefits can improve employee retention rates, or if you'd just like to talk to someone about your business situation in a bit more detail, please don't hesitate to contact Arnold Insurance today.
