A recent study showed that if every employee in the UK was just 1% happier, the economy could see a boost of an extra £24 billion! It may sound frivolous, but happy employees should be a priority for businesses – especially as recruitment costs rise and the employment market becomes more and more competitive.
Employee benefits packages can be essential to keeping employees happy and secure. A recent survey saw that 38% of office workers said they would consider switching companies to get better benefits, a statistic which cannot be ignored. Employee benefit packages can make some SMEs panic and think ‘isn’t this just another expense?’ There’s no easy answer to this, but as experts we feel providing employees with benefits is an investment in your employees’ happiness, health and well-being. All of this in turn, is an investment in your business – helping you attract the best candidates and also helping you reduce staff turnover costs.
What should I include in an employee benefits package?
Employee benefits packages can range in size, cost and style.
Recently, there has been a trend for businesses to offer ‘stand-out’ benefits – some of which make headlines! For example BrewDog launched ‘pawternity’ – one week’s paid leave for any employee who adopted a puppy or rescued a dog. Although these types of headline grabbing benefits are rare, more and more job seekers are now looking at perks such as health insurance as key when looking for their next position.
When thinking about what you want to include in your employee benefits package, make sure it reflects your company’s culture and ethics. Perks such as health insurance or pensions may not be seen as ‘cool’ – but they do show you care for your employees in the long run.
How can health insurance benefit my employees?
Private health insurance is an employee benefits package staple and can provide your employees with a range of benefits. Here in the UK, we’re lucky enough to have the NHS – which provides us with free healthcare. Although this is the primary option for many of us, increases in demand in recent years means that many routine services and operations are now subject to long waiting times. With the right private health insurance cover, employees can access diagnosis and treatment via private surgeries and hospitals – bypassing NHS waiting times.
From an employer’s point of view, private health insurance can benefit a business also. With the right cover, your employees will be able to seek treatment quickly. This in turn, can lead to employees returning to work faster if they fall ill. Private health insurance can also provide your employees with ‘extra’ cover – when it matters most. For example, many private insurers provide policy holders with specific ‘cancer cover’. This provides those who are diagnosed with access to specialist consultants and treatments – without long waiting periods.
Can I afford company health insurance?
In the UK, the average employee takes an average of 6.3 days sick every year - this on average costs businesses £522 per year, per employee. The recruitment of new employees can also be in the region of 20 – 30% of an employee’s final salary – for an average UK salary that’s £5,000 to recruit someone. With these costs in mind investing in employee perks and health insurance is not only important for happiness but also a company’s bank balance!
Here at the Health Insurance Specialists we’re experts when it comes to company health insurance. Our highly trained team is 100% independent and has the knowledge to help find you the right employee health insurance cover, for the best price – guaranteed! We know finding the right employee health insurance can be confusing and time consuming – that’s why we’re here to do the searching for you. Simply fill in our online form and we’ll search for you, providing you with a range of no-obligation quotes to choose from. Alternatively, give our friendly team a call on 0808 10 18 999.
