28th April is the World Day for Health and Safety at Work, established in 2003 by the International Labour Organisation, which aims to promote the importance of creating a safe and healthy culture within businesses. For companies, that doesn’t simply mean reducing deaths and injuries at work but also involves nurturing an environment where physical and mental health and wellbeing are valued and promoted.
One significant way companies can demonstrate the value they place on the health of their employees is through the provision of medical insurance. We believe that the health of a workforce is an essential investment for all businesses, whatever industry they are in. The good thing is that offering this corporate benefit also has a positive impact on the bottom line.
Five reasons why offering corporate medical insurance to your employees will benefit your business
1. It will boost productivity
It is well documented that employees who are in good physical, mental, and emotional health are more likely to deliver optimal performance in the workplace than employees who are not. A Belgian study from 2018, for example, clearly demonstrated that sickness absenteeism substantially dampens firm productivity. A healthy workforce is a productive workforce and access to the best healthcare is key to employees maintaining peak health and being at their most productive.
2. It makes employees happy
People really appreciate having healthcare as a benefit. Research carried out by Glassdoor rates it as the most appreciated employee perk, beating both holiday entitlement and a pension.
3. It will reduce staff turnover
Hiring and training employees is expensive and high staff turnover negatively impacts profit as well as potentially resulting in low company morale and reduced quality of output. Health insurance can help build employee engagement and encourages people to stay.
4. It will help you attract the best employees
A benefits package which appeals to the needs and aspirations of highly qualified professionals will ensure your business attracts the best employees. Faced with two equal-paying job opportunities, a candidate is likely to choose the one which offers health insurance over one that doesn’t.
5. It may offer tax advantages
Offering group health insurance to your employees may well enable your company to enjoy certain tax advantages, depending on where you are based. Tax breaks vary from one country to another so consult a professional wherever you are based to see if any apply to your organisation.
It’s clear that offering top-quality medical care is good for business however it can be daunting to find the right cover with a huge range of different options on offer. That’s why good advice is as important as the policy itself.
Infinity has exclusive deals with the leading specialist international medical insurance providers and our experienced advisers have a wealth of knowledge in developing cost-effective, made-to-measure plans to suit any size of business. We can help your company get the right cover at the right price to protect your employees and bring all the benefits listed above.
Why not contact us to discuss your corporate healthcare requirements?