A healthy workforce means greater productivity for a company. Workers today value companies that invest in their employees’ health and well-being. By providing health insurance, companies of all sizes can foster increased employee satisfaction and retention. Also, according to the laws of the Sultanate of Oman, private enterprises need to provide health insurance to expats working in their organisation.
Here are some ways in which providing health insurance can boost employee productivity.
Companies can get better rates for insurance than individuals. The more people in a group health insurance policy, the lower will be the premium per person. So, at a lower cost, companies can offer good coverage. For employees, this is a way to obtain health insurance for themselves and their dependents with absolutely no out-of-pocket expenses. This provides peace of mind that they will be financially prepared in the event of any medical emergency.
New Employee Hiring and Retention
A health insurance policy in the benefits package is a good way to attract high-quality talent. Also, employee satisfaction related to the benefits they are offered leads to loyalty. This results in increased employee retention and productivity. For small businesses especially, this could be a prime differentiator in the industry.
Productivity can be hampered if employees in prominent roles are battling health concerns or medical emergencies. By providing them financial assistance via health insurance, companies can ensure that they get the best treatment and can re-join the workforce as soon as possible.
By providing accessible and affordable medical coverage, companies can foster a positive culture, where employees are valued. This goes a long way in boosting morale. Make sure to choose an insurance partner that can offer you a plan based on your company’s specific requirements.