How investing in healthcare benefits can help to retain your top talent
7 November 2018
Courtney Marsh, Chief Executive Officer
In the war for talent, the employee benefits that your business boasts can set you apart from the competition, enabling you to better attract and retain staff. However, many employees feel that the benefits their workplace offers are out of line with their needs, meaning that businesses could be wasting money on benefits employees won’t use, or offering what is now deemed a “standard” or “expected” offering, such as a healthy amount of annual holidays, Christmas off and pension contributions.
We all know that employees who feel satisfied in their jobs are the most productive, and that ill health can lead to absenteeism, presenteeism and sickness costs – all of which have a negative impact on your bottom line. With this in mind, employers can’t really afford to ignore the importance of focusing on the mental and physical wellbeing of their employees.
As each industry has its own requirements, a health cash plan should be adaptable enough to fit around those needs in terms of both cost and employee benefits. Far from just offering standard medical and dental benefits, look for a package that is fully bespoke to your employees, industry and needs and which covers more holistic options, such as sports and aromatherapy massages, as well as easy-to-access digital services. Health Shield, for example, offers a GP Anytime service and Thrive, an NHS-approved* mental health app. As mental health is the leading cause of sickness absence in the UK, Health Shield has treatment pathways available to ensure early intervention and the right care for those who require it. These treatment pathways work alongside a range of online resources that assist the employer when dealing with sickness absence and getting employees back to work fast. A wellbeing strategy that takes both mental and physical health into account will deliver a rounded approach that will help employees get back to optimum health more quickly.
By offering a health cash plan, you are demonstrating to your employees that you are invested in their health. If they feel that you are proactively supporting their wellbeing, they will be more loyal, productive and engaged – 90 per cent of employees say that dealing with a mental health condition stops them from performing to the best of their ability. A positive working environment also reduces staff turnover – all of which will have a healthy impact on your bottom line.
Find out how Health Shield can support employee health here.