Why Do Employees Flock to Jobs With Great Health Insurance?

Being competitive in today’s business world is about more than just a great idea and a product or service provided at an attractive price point. There is as much competition for workers as for customers, and many would-be employees are looking for more than just salary – they want good, stable benefits packages.

It’s no secret that a superior health insurance policy is the number one employee benefit that people are looking for. It is, in fact, the foundation of a great overall benefits package.

But why is health insurance so feverishly sought after? And how can offering your employees great health insurance options assist your business?

Why Do Employees Value Health Insurance So Highly?

There are several key reasons why employees and those looking for a new job or career put a high priority on health insurance. Understanding where workers are coming from will help employers build a better benefits package that will attract high-skill labor.

Here are the 5 main motivations for valuing health insurance as the number one employee benefit:

1. Healthcare expenses are already very high and are constantly rising. Being insured under a good policy is therefore crucial to financial stability and general peace of mind.
2. Health insurance itself can be quite costly, so getting a better deal through one’s employee on a policy that covers what needs to be covered is a big deal.
3. When you lack health coverage, it’s hard to save money or plan long-term financially – for retirement, a vacation, a new home purchase or anything else.
4. When all or part of your health insurance premiums are paid by your employer, you pay little to no taxes on that particular income.
5. It is sometimes possible to insure your whole family through an employer-based plan rather than just the individual.

These are only a few of the most important rationales for seeking a job that offers a good health policy. It’s no wonder that around 60% of those who are insured get their plan through their place of work.

How Does Offering Health Insurance Benefit Your Business?

But one shouldn’t think that only employees benefit when employers offer health insurance. It really is a two-way street. Here are 7 key ways that providing your staff with excellent health coverage can benefit your business of any size.

1. It attracts new, highly skilled workers to your company. Top talent may not be interested in a no-insurance job or a poor-insurance job when the competition offers top-tier health insurance.
2. Health coverage is just as important for retaining good workers once you already have them on your team!
3. When employees have the benefits they want, including health insurance, they are likely to be more content and more productive.
4. You will notice that those working to protect their benefits are unlikely to randomly miss work days or “play hooky.” Too much is at stake for them to be playing games.
5. Healthy workers are going to miss fewer days per year and be more productive while at work. Health insurance makes it easier for people to access care, including preventative care, and thus to stay healthier.
6. By allowing enhanced coverage options for those who stay with you longer or come up in the ranks, you encourage people to stay with you and make a career out of it.
7. Properly handled, work-based health insurance can be very cost-effective to both employees and employers alike!

While many small to medium-sized enterprises (SMEs) fear to tackle health coverage for their staff, there is often much to be gained by doing so. Connecting with the right insurance company, of course, will be crucial. Group-rate discounts can vary a lot from insurer to insurer, so be sure to shop around.

Health Coverage First – Then Build Off A Strong Foundation!

When it comes to formulating an employee benefits strategy for sustained business growth, there is no doubt that the “foundation” should be laid first. Typically, a strong health insurance program IS that foundation.

You can probably begin with employee discounts, paid vacation days, and a few other perks even before insurance comes into the picture if you wish. But health coverage is at least the very next step, even in such situations.

 Other benefits that you can soon enough add to health insurance include:

• Term life insurance, one of the cheapest benefits you can add and yet one that workers greatly appreciate.
• Flexible schedules that allow for an acceptable work-life balance. Overworking your best employees and giving them no days off when they want one can lead to burn-out and resentment!
• Prizes, bonuses, awards, and other similar incentives. Making it a contest can increase competition, while still keeping it “fun” we hope.
• Financial wellness programs to help your employees learn how to better manage their finances and their life.
• Free gym memberships.
• Free daycare services for workers who have young children.
• Carpooling or reimbursement for certain transportation costs. Allowing employees to work from home on occasion can have a similar effect.
• Offer a pension program. You can restrict it to those who have been with you a few years or who work full time or make it optional if that makes it more feasible.
• Reward your faithful employees with automatic pay raises and promotions after so many years of employment or after meeting certain requirements or reaching work goals.
• Offer to pay for training when a qualified employee decides to work toward a promotion.

You can certainly get quite creative with employee benefits programs these days – there are literally hundreds of different offerings out there that different companies include. But health insurance will always be the foundation of any such program.

To learn more about how you can acquire high-quality health insurance for yourself or for your employees at a competitive rate, contact the experienced insurance agents at Flagler Financial today for a free initial consultation!