“You can have all the riches and success in the world, but if you don’t have your health, you have nothing.” – Steven Adler.
This may be a quote from a former member of rock band Guns & Roses, but that doesn’t make it any less true! This year, the importance of health has become even more clear to us than usual with many having lost loved ones or not been able to see them due to the pandemic.
Employee health is an important factor to any business. When thinking about benefits and work perks for employees, providing health insurance may be more cost effective than you think. It has the double benefit of peace of mind for you, in knowing that your staff will get the treatment they require if they do get ill, as well as helping in employee retention.
People who feel appreciated and well looked-after tend to stick around.
Local business Discovery Financial Services specialises in providing staff health insurance for businesses. The insurance is provided for by the employer, with employees able to extend cover to their families if they wish.
Financial advisor Jason Gadsdon says the benefits of providing this cover goes beyond staff retention.
“Some members of staff may have existing conditions that are excluded from their personal cover or are unable to get covered. Working for a business that offers employee benefits they are able to get cover for these conditions and are able to claim,” he says. “Having employee benefits can also allow staff members to access the treatment they need in a timely fashion, so they can return to work more quickly.”
Income Protection insurance will also cover wages in the event of staff being unable to work for a longer period of time, which removes the moral obligation in such circumstances away from the employer.
In many cases, offering this benefit to staff may be more cost effective than offering pay rises. It is a practical, win-win solution for employers and employees and can help create a workplace atmosphere of mutual trust and care.
Discovery Financial Services offer a free service to clients of Freerange Works who want to review existing employee benefits to see if an employee health insurance package would work for them.
You can also contact us anytime at Freerange Works to discuss this idea and talk through options for employee benefits and HR support. We look forward to hearing from you!