Organisations globally have emphasised employee experience, given its impact on talent attraction and retention. But the stakes have risen ever since the onset of the pandemic and inevitably, what has become a key differentiator is the state of employee wellness. Studies have also shown that 82% of companies across the world believe that well-being is a business essential.
From employee satisfaction to work-life balance and stress reduction to even employee productivity, all of these facets of the larger employee experience have become fundamental business issues. And all of these are impacted by the wellness initiatives currently in place at the company. As a result, it has created a pressing need for employers to engage with their workforce to understand the vision of wellness and accordingly implement programs that align with these programs and offer real-time benefits.
Given the rising call for a holistic approach to wellness backed by hybrid healthcare models, one of the solutions in place is the transformation of group health insurance. Here’s how such plans can not only elevate the state of corporate wellness but also build a robust employee experience:
A proactive approach over a reactive one to employee wellbeing
Although the pandemic was a situation no organisation could prepare for, it has helped us realise the value of being prepared. The current hybrid working environment is a mix of pros and cons but the cons tend to negatively impact your employee’s state of health. From increased screen time to blurred personal and professional boundaries, all of these are major contributors to both physical and mental illness.
The inclusion of regular preventive health check-ups and free consultations in the group health insurance can help deal with health issues more effectively before they snowball into something serious.
Stretching the boundaries of health coverage
When group health insurance plans take account of employees’ pre-existing diseases as well as cover expenses from pre to post hospitalisation, it naturally reduces the financial burden on the employees. In times of distress as a result of ill-health, medical expenses play a very dominant role.
This is why organisations that are committed to standing by their people during such turbulent moments have a far better employee experience and work culture. Considering that group health insurance tackles both physical and mental wellness as well as positively impacts financial wellness, this is a holistic approach that can become a game-changer.
A digital approach in a remote world of work
Telemedicine has been one of the rising trends in the arena of employee wellbeing as well as InsurTech. Today’s remote and hybrid workforce has a lot to gain from online consultations, and the use of digital platforms that gives them access to real-time, error-free benefits. To truly deliver on the expected ROI of wellness programs, ease of access becomes a fundamental component.
Group health insurance plans today also recognise this and have their benefits digitally accessible to all sections of the workforce, even leveraging WhatsApp bots when it comes to the blue-collar workforce. This ensures that your wellness programs are equitable and sustainable, benefitting everyone in the long term.
Increased talent attraction and talent retention
This is one benefit that no employer would disagree with, the right corporate wellness programs will reduce employee turnover and absenteeism. A large part of this lies in feeling like a valued member of the community, whose health needs are accounted for by the company.
Today when the talent approaches the job market, health insurance becomes a benefit that they expect to be a part of the employer they work with. As we all know, the paycheque is significant but what plays an even more important role is the work culture and the employee experience. It is what makes the talent stay, be productive and deliver on the business goals with more conviction.
But having understood the difference that implementing group health insurance will bring, the question comes to ‘how do we decide which is the best fit for our organisation?’ The plus side is that group health insurance plans have more than enough room for customisation and flexibility in employee choices and benefits. But the organisation also has to actively engage with their employees to get access to employee feedback. This will help them decide on the steps to take forward when choosing the right scheme.
Additionally, portals such as Policybazaar will also offer invaluable guidance in the wellness endeavour. It will also enable you to take advantage of the opportunities for tailor-made group health insurance plans.
Investing in the plan most aligned to your employee vision is the first step to take in implementing your wellness agenda. And when this is done with great insight into your employees' needs and wants, wellness programs will deliver on their promise and enhance your employee experience for the better.
Organisations that wish to support their employees through uncertain times must embrace well-being. They are the ones who will find themselves equipped with a resilient workforce, prepared to withstand any future disruptions.