Health insurance is a valuable benefit of a job. More than 70 percent of employees surveyed said it is important to have health insurance as part of the list of benefits they acquire from their companies. In fact, 73 percent said it was vital. This article will discuss the importance of health insurance and other benefits in the workplace and the impact of the benefits on productivity, turnover, and absenteeism.
Employer-provided health insurance
Employer-provided health insurance can be a great benefit for your employees. In fact, a recent survey found that 71% of employees are satisfied with the current plan. The survey also found that most employees are worried about rising healthcare costs. They also said that health insurance benefits such as prescription drug coverage, preventive care, and emergency care are important to them.
Employer-sponsored health insurance is crucial to a thriving economy and a healthy workforce. Companies are the heart of the American economy, and having a healthy and productive workforce is important to the health of a nation. In particular, a pandemic like the current one has made it clear that the health of our workforce is key to the productivity of businesses. Therefore, continuous investments in employee health are vital for economic growth.
Effects of health insurance on productivity
The effects of employee health insurance on productivity are clear and not just positive. Poor employee health costs U.S. employers billions of dollars each year. According to the Bureau of Labor Statistics, there are three employees not at work for every 100 employees. For a company with 500 workers, that number might be as high as fifteen. And 72% of the time that employees are absent is due to illness. Whether employees are in their own company or a government agency, health insurance benefits can help reduce this burden.
There is a compelling business case for providing health insurance, but the decision depends on the outcome firms are looking for. Among other things, health insurance can increase employee productivity, reduce turnover, and encourage higher-quality workers. In addition, there are numerous empirical studies that show that having health insurance makes workers healthier. And as a result, healthy employees are more productive.
Effects of health insurance on turnover
There is a debate over the effects of employee health insurance on turnover. Research has suggested that employee health insurance can reduce turnover by up to 59% for married men and women, but it is unclear whether this effect holds for individuals who don’t have a spouse with coverage. In addition, the availability of H.I. at a given job site may be an additional factor in reducing turnover.
A recent study conducted by the Society for Human Resource Management (SHRM) found that employee health insurance can help employees stay longer in their jobs. It found that 56 percent of U.S. employees cite health benefits as an important factor in choosing to stay with their current company. Although there are adverse effects associated with turnover, employee health insurance is a major reason to stay.
Learn more about the importance of employer-provided health benefits and valor health planas you check out Health Compass Consulting, an employee benefits consulting firm based in Orlando, Florida. Visit their website at healthcompassconsulting.com to learn more about their other services and serviced markets, as well as schedule for a consultation.
