What are organizations missing out on by not opting for Group Health Insurance?: Hiring practices and organizational culture are having their watershed moment. The Great Reshuffle, the rise of millennials & GenZs at work, and the acceleration of automation are propellers of this shift. Employees are becoming more demanding of places they work and want their flexibility and freedom. If anything, 2022 is a year when norms are going to be questioned and shattered. We already see the following questions being asked:
1) Should employees work from anywhere jobs?
2) Is it feasible for employees to have multiple jobs?
3) What benefits should organizations offer employees to attract and retain the best talent?
Let us address the last question. As per LinkedIn Global Talent Trends 2022, 63% of employees state work-life balance as their top priority when picking up a job followed by 60% voting for compensation and benefits and lastly 40% have voted for great colleagues and culture.
Organizations today are microcosms of larger human priorities and have to help employees in achieving their life’s purpose, beyond just providing a job. In light of this reflection, the erstwhile basic benefits policy does not fit the current landscape, and organizations have to go that extra mile to attract and retain the best talent. It is also important to note that Group Health Insurance (GHI) is no longer an attractive benefit, it is a must-have.
Let us address what organizations are missing out on by not opting for GHI:
Peace of mind:
Most organizations spend <2% of their annual budget for employee compensation and benefits on GHI. However, the perceived value of this benefit is multiple of that allocation. Why? Quality health insurance coverage provides an invaluable safety net. Think of how much a single healthcare emergency can cost the employee (sometimes, it can drain a lifetime’s savings). In such a scenario what is better – a small investment in a safety net or exposure to events that might have a long-term impact on the employee’s productivity and the family’s financial position?
The best talent:
2020s herald an era of people-first organizations. Employers and employees are building and fostering deep bonds that are no longer just financial. During the ongoing pandemic, we have seen the difference between organizations that care and those that don’t. There are several examples of how companies are now attracting top talent, whether by creating flexible ESOP policies, introducing work-from-anywhere policies, or just calling out benefits for each role. By not having a comprehensive, forward-looking insurance cover, companies are surely missing out on hiring and retaining top talent.
Superior product features vs. retail health cover: GHI is a suave offering for the following reasons:
* Eligibility: Group health insurance can ensure all members of the family including the parents of employees; that too without everybody going through the hassles of individual medical tests.
* Waiting period: If an employee takes a policy on their own then usually he or she is subjected to a waiting period of two years on named ailments and four years on pre-existing diseases. However, an individual covered through group health policy does not have to wait and can start availing of the benefits of all treatments from day one.
* Policy customization: Group health insurance offers 100% customization and flexibility. Therefore, companies can get policies tailor-made. Modern companies are now opting for new-age policies which include benefits such as IVR covers, LGBTQ covers, mental health OPDs, dependent sibling covers, and more.
* Price: Group health insurance can not only offer cover and features that may not be available in a retail construct; but also at a price as low as 1/3rd of the retail cover.
The advances of modern technology:
With the advent of insurtech, claims are quite hassle-free for companies covered with group health insurance. Right from simplifying the claims experience by using ubiquitous WhatsApp to a smooth integration to the platform, insurance has come a long way from being a documentation-ridden industry. Modern companies that do not have GHI certainly are missing out on these benefits which are extremely cumbersome, if done manually.
GHI bundled with free teleconsultation and wellness benefits:
As per LinkedIn Global Talent Trends 2022, 3.2x employees are likely to be happy at work when they are provided with a care package and feel cared for at work. GenZ, especially, wants a culture built on mental health and wellness. Companies, therefore, are waking up to this demand by their employees and are going the extra mile to create wellness packages and goals.
During the second wave of the pandemic, many companies set up helplines with hospitals, helped employees and their families get oxygen cylinders and beds, and much more. Today, that is the norm. Companies that care, are providing free teleconsultation and wellness programs to their employees with their insurtech partners. GHI policies come bundled with the added benefit of teleconsultations and customized wellness programs for companies that too at no added cost.
With the ‘Great Reshuffle’, employers believe they can do much better. It is time to create more humane and human spaces to work and in such a scenario, being covered by GHI is only the beginning.