Employee benefits

Make sure you are healthy!

Employee benefits

Health insurance represents an essential component of the benefits package for employees. Its priorities are the ways in which it can support business goals, and how this package can meet the needs of groups with different priorities and expectations, in the context of budget constraints within companies.

Although they are perceived as being expensive, the extra benefits offered to employees have many intrinsic advantages. The most important advantage is the possibility to recruit and keep valuable employees who represent the drive of any organization. In the context of a very competitive job market and taking into account the declining number of new employees, employers must become more creative and responsible in defining compensation plans. The more progressive an organization is, the more flexible the structure must be in order to meet the present days’ challenges. For example, how to meet the challenges brought by four different generations of employees working together.

Health insurance helps to achieve the following:  business goals, financial goals,  the workforce’s performance goals, while offering to employees the  coverage and resources they need for their permanent wellbeing. It concerns  both employers and employees.

Health benefits advantages for employers:

Health benefits advantages for employees:

Medical benefits are the foundation of a balanced package of benefits. According to expert studies, health insurance ranks first in the top of employee desired non-wage benefits. This highlights a direct link between additional benefits versus salary package and the company’s possibility to attract and keep employees.

When these advantages are missing or they are changed by the employer, the additional financial worries taken on by employees are often a source of stress and distraction at work. They may deteriorate employees’ engagement, and ultimately, may become an obstacle in achieving the company's performance goals.

While non-wage benefits are important, the conception of a balanced compensation plan that includes performance as its main feature is critical to attracting, developing and keeping talented human resources that provide a competitive advantage.

Companies need to conceive their benefit packages for employees by creating a mix that provides safety for all employees and incentives for individual and team performance.

Employers need to adapt their packages so that they should fit their overall objectives and continuously improve performance management. Those who achieve balance are likely to reduce the risk of human capital and to increase the profitability of their programs.