Companies often claim to have this problem of not being able to retain talented employees, which negatively impacts their growth trajectory. And although executives believe the biggest reason for this is the lack of belongingness, we disagree (politely) with this line of thought.
You see talented people can be lazy, and if a talented person is contributing whole-heartedly towards a company’s vision, then that means there’s a connection, a sense of belongingness. It’s when the company fails to acknowledge this belongingness and reciprocate it towards the employee, that they leave. Employers should make active efforts to to promote the overall health of their employees. In fact, according to a global study 76% employees believe that their employer should should be doing more to support their health.
Another survey conducted by Gympass, on more than 9,000 employees reveled that 85% of the respondents were more likely to stay if their company focused more on their well being. Employee well-being is a major issue in India. More than 84% of corporate employees are not covered by corporate life and health insurance, and that negatively impacts their productivity.
Interestingly, it’s not just your employees who benefit from your insurance plan, as an employer you enjoy several benefits too. Our conversation today is about those benefits and their impact on your growth as a business.
So let’s get the ball rolling…
Interplay between Employer Insurance and Employee Wellness
According to a survey conducted by Consumer Finance Protection Bureau, when employees have to spend time worrying about providing for their families and ensuring their well being, they’re significantly less productive. An insurance plan takes a huge part of that worry away from your employees and allows them to free up their mind for more productive ideas.
One of the biggest fears of working class individuals in India is “What would happen to my family when I’m gone?”
So when you decide to ensure your employees and their families with an all encompassing insurance plan, you’re not just offering them a peace of mind, you’re also telling them that you care. And that’s creates a positive impact on their mental health.
Because now that they know you care about them, there’s a mutual sense of belongingness and they have all the motivation to be dedicated towards your vision. That’s how great synergies are formed, and that’s how you foster a culture of productivity in your company.
It’s surprising how employee wellness is neglected by companies despite being an important driver of employee performance. The more your employees feel they’re appreciated, the more likely they are to stay and make active efforts towards the growth of your company.
Benefits for the Employer
The benefits of having an employer-employee insurance extends beyond your employees. Here’s how it benefits you as an employer:
Talent Retention: Offering your employees an insurance takes off a heavy burden from their shoulders, it liberates them from the anxious anticipation of adversaries and the repercussions for their families. This fosters a sense of belongingness in your employees giving them the reason to stay and align their actions with your gaols.
Operative Scaffolding: Your employees are the reason for the progress you’ve made as a business, they’re the backbone of your organisation and therefore it’s your responsibility to ensure their wellness. An insurance policy signifies your willingness to acknowledge their needs and act on them, which in turn strengthens your organization.
Tax Benefits: Under Section 37(1) of the Income Tax Act 1961, insurance premiums paid by an employer towards an employer-employee insurance can be claimed as a business expense. This will help you lower your tax bill significantly by writing these gains off against your profits.
Benefits for the Employees
Having an employer insurance has numerous advantages for employees:
Financial Benefits: This is quite an intuitive benefit of having an insurance policy. In the event of an unfortunate event in your life, the insurance policy will take care of all the financial needs of your family. Additionally, it is a complimentary benefit, so there are no deductions from employee salary.
Mental Wellness: An insurance plan ensures financial and social wellness for the employees and their families, which gives them less things to worry about and a fresh mind, increasing their productivity.
Protection Against Tragedy: The insurance plan protects your employees against any tragedy which might befall them. Instead of worrying about having to maintain an emergency fund, their financial needs are taken care of by the insurance plan.
Bonus Tip to Ace Employee Wellness and Talent Retention
Sure, offering an insurance plan is a phenomenal way to retain employees and ensure their mental wellness. But what if we tell you that you can take your employee wellness program one step further?
You see an insurance program just covers the financial aspects of an unforeseen tragedy, but the issues that follow a tragedy aren’t purely financial. In fact, the social and emotional cost of tragedy is much greater than the financial loss, but nobody talks about it. Nobody talks about it because there’s no solution out there that can cover these costs. Until now.
Here at AfterLife, we have created a digital platform that lets you plan a set of actions for your loved ones after you’re gone, to ensure their social and emotional well being. The actions can be as diverse as sending a video message to getting a physical object delivered to your loved ones on specific dates. Now give this more thought than you normally would, what if you could club AfterLife’s services with the company insurance plan?
Think of how that would make your employees feel. Adding AfterLife to your employee wellness program would make it 10X more effective. Moreover, it would exponentially increase the reputation of your organization in employee wellness space, attracting top-tier talent to your organization.
If you are as excited about the idea as we are, we would love to carry this conversation forward (ADD CTA here)
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