The remote conditions have restricted opportunities to collaborate and maintain positive relationships with colleagues. And to add to the misery, the uncertainty, fear, and worry over our loved one’s health have amplified mental stress.
As an outcome, job satisfaction, employee engagement, and experience have all waned off.
In an interview with Mint, Biresh Giri, EVP, Actuary, ACKO Insurance said people-first organizations had recognized the need for a robust employee benefits program centered on flexibility, mental health, and engagement.
As a result, many employers are either introducing a new employee benefits program or expanding the existing ones. In addition, the benefits now focus more on offering all-inclusive group health insurance plans, wellness benefits, and mental health support.
Why has group health insurance taken center stage post-pandemic?
A strong employer brand is less about compensation and more about actions, culture, and care. Before Covid-19, employee experiences concentrated around birthday celebrations, nap pods, team retreats, free lunch, etc. While many of them are irrelevant today, many people-first organizations are making efforts to reset employee experience. For instance, many human resource leaders are now focussing on offering meaningful and exhaustive health insurance benefits for employees and their families to make them feel valued.
The way employees engage with their organization is strongly determined by how connected employees feel with their employer. With work from home, many employees feel disengaged and isolated. A meticulously designed corporate health plan will instill the feeling of financial safety among employees. This in-built group insurance plan will help employees stay motivated and achieve the organization’s goals.
What is offered under all-inclusive group health insurance policies?
Employees want to be associated with companies that prioritize their wellness and safety apart from getting a mere health insurance benefit under group insurance cover. Hence, employers are now offering more than just insurance. For instance, we are offering group health plans that provide a blend of insurance and wellness benefits. With a greater focus on digital technologies, we also allow employees to book lab tests, order medicines, consult health experts online, participate in fitness challenges, raise and track claims, and more through our company’s mobile app.
How employee benefits programs benefit employers and employees both?
With all-inclusive group health insurance cover, employees have greater access to quality healthcare. They can work with peace of mind, knowing that their medical costs are well-covered. Healthier employees are more productive, engaged, and focused, all of which are important to propel the growth of any business.
Moreover, a high attrition rate involves money, time, and effort in hiring and training new talent. Employee benefits programs like group health insurance plans help retain and attract good talent.