Attrition is one of the challenges that beset in HR that should be addressed timely with organizational retention plans. Reasons, why people tend to leave their companies, vary from one person to another. There are common factors that could make an employee stay longer in a company: a good compensation and benefits package, work environment and work life balance. Whatever it is, once employees are onboard, the next step how to keep them from jumping off the ship and that is providing the benefits that do not only look after their welfare but also to their family and their dependents.
One of the essential benefit packages provided by employers is having a group health insurance plan for their employees as well as coverage to family members. There are several third party insurance providers in the market that offer competitive medical and hospitalization services for outpatient, inpatient, emergency care, and riders such as dental, maternity, accident and life. The advantage of being in the managed care of insurance plans, like HMOs, are having a pool of accredited physicians and clinics ensuring a hassle free experience in their services as long as employees are enrolled and eligible.
Having a good medical coverage inclusions and coverage for your employees should be carefully studied through the organization’s demographics and their current needs. Say, for example, a financial shared service company composed predominantly of young female employees typically would require for maternity package. You can never go wrong with a survey, and rank their desirability on what benefits are appealing to them. The insurance company can leverage and customized apple to apple based on the company’s needs and budget. Most of the time the costs for premium payments for employee’s coverage is free but some would require to absorbed certain percentage if family members/ dependents will be enrolled making an attractive benefits package in the organization.
For HR, getting the expert advice of an insurance company to take care of the hospital care and services needed by the employees would save them the time, effort and paperwork not to mention the technicalities involving in the hospital matters. Having a medical insurance provides the financial safety net in case of disability and illness. The vital key is choosing the best insurance partner that goes beyond price. It’s about truly understanding the company’s needs.
We don’t want the absenteeism goes high because we neglect to provide them the medical attention they deserve. Planning and analysis are vital in making this happen. Show your figures and identify the return on investment if we put importance on the health of our employees. After all, a happy employee leads to a productive company.