How Group Health Insurance gives businesses a competitive edge
Cash is king. It’s always been that way and probably won’t change - but is it enough? Is the lure of the dollar really all it takes to keep staff happy and business humming, as more than half of small businesses in Hong Kong believe? Research would suggest the answer is a resounding no.
With a highly competitive and saturated domestic market pushing up salary expectations, companies are battling it out, cash and benefits, to hire and retain the best talent. Group Health Insurance (GHI) is quickly becoming a key weapon in their arsenal with 71% considering health insurance important. So why are businesses turning to GHI to compete?
A Company That Cares
Small businesses are not faceless corporations - it’s one of the key differentiators that attracts employees, especially idealistic millennials who are looking for a more intimate and supportive workplace. GHI, and in particular added-wellness benefits, allow these smaller companies to create a culture of care, placing their faith in the triumph of “I love working here” over “the money is good”; David against the Goliath of bigger companies with fatter salaries.
Benefits and Business
Better yet, care doesn’t just attract the best talent; it makes employees better. 39% of mid-sized businesses have claimed that offering cover and wellness benefits directly increases productivity, improves their customer experience and boosts quality of work.
Understanding what benefits a company should offer is key. 41% of small businesses, for instance, offer acupuncture, Chinese herbalist cover and bone setting as these wellness benefits rank very highly in importance for their employees. It seems health makes employees and the business's bottom line healthier.
A Happy Place to Stay
All of this ladders up to the key reason for GHI; employee retention. Creating a happy workplace environment that keeps restless eyes off the jobs pages. It seems obvious, but employee turnover can be seriously unproductive, especially in smaller companies where employees wear many hats. High turnover results in more resources spent on recruiting and training new staff, as well as placing an extra burden on existing staff to fill the gaps, and a dip in productivity while new employees get up to speed. Hiring and training staff is, at the end of the day, about ROI, and the longer an employee stays, the higher the return.
Care is now the key differentiator when it comes to hiring talent, motivating higher productivity and work quality that boosts the bottom line and builds and maintains employee loyalty. That’s why GHI is essential for businesses to compete for talent.
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