Medical and health benefits are just as important to job candidates as salary. That’s why companies who are looking to grow should be strategic in using health benefits as a way to attract and retain top talent.
Employers need to provide a full-packaged plan when it comes to health benefits. That means addressing the needs of all employees. An employee health benefits plan should include things such as vision, dental and paramedicals, wellness programs, and medical insurance.
Because workers spend almost 50% of their time at their workplace, offering a health program is crucial. Health benefits can improve overall productivity at work, reduce absenteeism, improve dietary habits of employees, and promote positive behavioural patterns.
Here are the five top ways health benefits can add value to your client’s business and their employees:
1) Protects employees
Although Canada offers free public health care, incidental costs from doctor visits, specialist appointments and paramedic costs can start to add up if you are only relying on the Canadian public system. A robust health benefit plan can help your employees protect themselves and their families with subsidized and proper medication, treatment and transportation in case something happens.
2) Creates an attractive, healthy corporate culture
Offering a wellness program, that incorporate fitness, nutrition and mental health, should be part of your client’s health benefits plan. That’s because it helps create a healthy and positive workplace culture.
In fact, 63% of employees factor in a company’s health and wellness benefits when choosing a job. So, it’s important for employers to promote their health and wellness benefits in their company’s careers page and through internal and external job postings. That way, they can attract talent and improve staff retention because they’re providing an incentive that employees are looking for.
3) Improves sense of well-being and quality of life
Providing health benefits can help cover the cost of services that are not covered by a provincial health plan, but are necessary to keep employee healthy. These services include things like: routine dental and vision care, massage therapy to help minimize aches and pains of sitting all day in an office job, or physiotherapy to help employees recover quickly after an injury.
Seeking mental health treatment without private health insurance is also difficult to do. If employees only have the option to seek mental health care that is covered by their provincial health plan, then they will be put on a long wait list to get an appointment with a therapist. If an employee is struggling at work due to stress, depression, or any other mental health conditions, then he/she cannot afford to wait.
With health benefits, employees can get the help they need faster. Plus, by including an Employee Assistance Program (EAP) in their health benefits plan, employers can offer their workforce additional resources to help them not only manage stress, but receive professional counselling, quit smoking, and receive nutrition and fitness support.
4) Boosts productivity
Did you know that one in four Canadians end up leaving their job due to stress ? Plus, 73% of working adults aged 20 to 64 report dealing with at least some level of stress. That stress equates to taking time off work. In fact, in a report on how much Canadian companies are losing over employee absenteeism, Mercer says they “lose an estimated $16.6 billion in productivity per year due to workers calling in sick, as a result of mental health issues.”
Offering health benefits can reduce absenteeism, thus saving your company money and keeping your employees from falling behind on work. Plus, when employees are healthy, they are less stressed and more focused to able to perform their best at work.
5) Helps subsidize pharmaceuticals
As we have mentioned, the Canadian public medical system is great, but the lack of a pharmaceutical program does cause concerns for some employees. According to the Globe and Mail, in Canada, 42% of the cost of drugs are covered by the government, with 36% paid by private insurance and 22% from out-of-pocket expenses. This is why many companies have started to move towards covering pharmaceuticals to ensure their employees do not have that added financial stress.
Because of the increased competition in recruiting top talent, companies must leverage the benefits package they provide to their employees. Offering employees health benefits is more important than most employers think. They play a big role in employee retention and satisfaction, plus keeping your client’s workforce healthy, which in turn can positively affect their business.
With Honeybee’s Health Account platform, employers can offer their workforce engaging digital health benefits. Plus, with a Honeybee Allowance Account, they can include wellness programs and other benefits to help reduce stress and improve the overall well-being and happiness of employees.
For more information on Honeybee, contact your Benecaid Benefits Consultant or email us at advisors@honeybeebenefits.com.
