How health insurance impacts employee satisfaction

Health insurance can have a huge impact on employee satisfaction and retention. By implementing group health benefit solutions, businesses can retain employees, foster a positive environment, and reach new heights.

Health insurance: one of the best things to give employees

A good group benefits plan is already something prospective employees look for when job hunting, so it can also become a competitive edge to hire the best candidates and create a hard-working, healthy team.

Not to mention, when people are dealing with health concerns, it can be difficult to focus on performing their best at work.  Offering a solid group benefits plan that enables employees to access the care they need to stay healthy and support them when a health issue does arise. Making preventive and wellness resources more accessible can help them come back to work refreshed and optimistic every day.

What is group health insurance?

Group health benefits are plans business owners and decision-makers can use within their company to arm their employees with health insurance that meets the unique needs of their workforce. Saskatchewan Blue Cross has two options for group health insurance:

1. Blue Essentials™: Group health benefit solutions for businesses with three to nineteen employees
2. Custom Workplace Benefits Plan: Group health benefits businesses with twenty or more employees

Group health insurance is directly related to employee performance

Of employees who have access to a group health benefits plan, 88 percent place a great deal or quite a bit of value on them. On top of that, 89 percent of Canadian employees find tailored group health insurance to be increasingly important to them. Saskatchewan Blue Cross can help you design the perfect benefits plan for your employees, meeting their unique needs with a sustainable plan design. 

Preventative care

Access to group health insurance allows employees to seek medical attention before there’s a problem. For example, employees can get regular cleanings at the dentist, fill their prescription drugs with a pay-direct drug card, or get adjustments with a chiropractor. Enabling your employees to maintain their health can prevent them from developing more complicated or long-term health conditions, helping to reduce absenteeism due to illness in the long run.

Access to healthcare like this also provides peace of mind to employees, knowing they have the coverage they need should something happen. In fact, 66 percent of employees with access to group health insurance say they experience good or excellent well-being. Preventative care can mean early intervention, which reduces further healthcare costs, health issues, and time away from work.

Financial and familial protection

Of employees with group health benefit solutions, 84 percent report that their plan has been either very or quite helpful in financial savings. A plan will help employees save on out-of-pocket expenses as most of their expenditures and health-related expenses will be covered. 

Employees looking for a stable career will also make decisions and stay with a company if they feel their family is secure. Group health insurance often offers coverage for dependents and spouses which will help your employee feel supported and protected. Financial and familial security leads to reduced stress and higher morale at work.

Talent retention

It’s always more cost-effective for businesses to retain talent than to acquire new talent. An existing employee already knows the business, has the skills, and has been trained. A new employee requires acquisition costs (job postings, interviews, sourcing), training, uniforms, or tools, and takes time to become as productive as a seasoned employee. An employee is more easily retained when their needs are met with group health benefit solutions.

A business that offers comprehensive group health insurance also establishes itself as an entity that values and supports its employees. These factors determine how likely an employee will remain employed with said company, reducing turn-over rate and recruitment. Employee benefits help your employees foster a long-term relationship with your organization. If they’re choosing between two identical job postings, except one of them has great group health benefits, employees will tend to choose the one that offers the better benefits. It’s a competitive market and benefits can make your business stand out.

Productive environment

Having talent that’s more likely to stick around because they’re happy with their group health benefits means your business is probably creating a more productive environment. How?

1. Talent retention means the employees know what they’re doing and become increasingly efficient with their standard operating procedures.
2. Satisfied employees care more about the company they work for and are more motivated to do their job well. They will strive to exceed their role’s expectations.
3. Less stress outside of work (due to health concerns and costs) means less stress in the workplace and more focus.
4. Valued and supported employees have higher morale which can spread throughout the company and even to other companies to attract top talent.
5. Teamwork, collaboration, and harmony will thrive when employees feel well and secure. Cross-department communication and participation will improve.
6. Employees in customer-facing positions are more likely to deliver outstanding service as they feel more content in their role.
7. Satisfied employees can become helpful brand ambassadors to represent a company that cares about and supports its employees.
8. You’ll likely experience reduced absenteeism and leave due to illness or burnout, meaning more productive time spent at work. More projects will be delivered on time and teams can equally share the workload.
9. Mental wellness is improved with group health benefits which leads to more focus. In fact, 65 percent of employees with these benefits report having better mental health.
10. Group health benefit solutions make 81 percent of Canadian employees feel their business offers them quality work/life balance. This means employees won’t resent the time they have to work. They’ll feel rejuvenated and ready.

Make group health benefit solutions simple

There are plenty of rewards to reap as a company that offers group health insurance. If you aren’t yet, or the benefits you’re offering aren’t meeting your employees’ needs, it’s time for a change. Explore our group benefits plans and reach out when you’re ready to design the package that will enable you to take care of your hard-working and committed employees.