There is a correlation between strong employer support and employee feelings of success, appreciation, engagement, productivity and respect. Successful organizations understand that it is important to take care of their workforce. While the type and range of benefits vary among organizations, one of the popular and effective ways of differentiating Employee Benefits is to provide insurance benefits to employees commonly known as Group Life and Medical Insurance.
The ongoing COVID-19 pandemic has transformed work and life, creating new challenges for employers in motivating and retaining their employees. Understanding how to improve employee well-being is key to helping employers navigate this new reality. The pandemic has also forced many organizations to consider a shift in their approach to safeguarding employee interests. Despite these shifts, research shows that one thing remains constant: employers who understand their employees' expectations and needs, and take action to help their employees manage the challenges they face inside and outside of work, will have a more engaged, productive and successful workforce.
Keeping this in consideration, organizations can take advantage of the following benefits of offering a tailor-made Group Life and Medical Insurance to their workforce.
We all know that "health is wealth", but the truth of this saying is best realized when people are not in their best health. Knowing that their organizations are behind them at their times of need can be very assuring for employees. When employees are entitled to health insurance, they may be more likely to consider having regular medical checkups which can help them stay alert to their health conditions and take necessary medical support.
Employees, who feel supported by their employers, report feeling more successful, valued, engaged, productive and respected. If employees are unsupported, reports of those feelings drop significantly. Providing medical coverage for employees gives them peace of mind and should also support overall satisfaction with the employer. This is even more relevant for Bangladesh as the out of pocket medical expenditure is very high which leaves many individuals on the brink of severe financial turmoil.
Thriving in a competitive market requires being able to attract and retain skilled and knowledgeable employees, and a strong insurance benefit can be used by companies as a differentiator.
A carefully designed employee benefits program can drive motivation and boost employee morale. If an organization addresses employee issues, employees are more likely to perform better to yield productive results.
Losing employees can hamper an organization's growth. it is also costly to replace skilled employees. When employers provide greater support to their employees, their employees are more successful. By valuing employees' time and work, organizations can strive to build a solid platform where employees stay for years.
Organizations should take special care in selecting their insurance partner as every company has unique employee benefit needs. The insurance provider should have the capability to customize the benefits according to the organization's requirement, and financial and technological strength to support claims.
Benefits play a vital role in supporting employees, as they support the interconnected elements of well-being. The right mix of traditional and emerging benefits and programs can help mitigate employees' stress and support them when they need it most. This support will not only increase the well-being of employees but also will help organizations with improved productivity. It's up to employers to be a source of strength and to support and protect their most important asset: their people.