In an ever-evolving job market, companies are constantly looking for top talent. One of the most impactful strategies to stand out as an employer of choice is offering health insurance benefits. This not just a perk—it’s a powerful tool in a company’s arsenal for attracting and retaining the best in the business. Let’s explore benefits of offering health insurance to employees covemarkets.
Attract and retain the most qualified employees
When job hunters are weighing their options, what makes a company stand out? According to Glassdoor, 57% of job seekers see health insurance as a deciding factor in their job choices. And it’s not just about getting them in the door—80% of employees would choose additional health benefits over a pay raise.
For businesses, this is a golden opportunity. In industries where skilled workers are in high demand, offering health insurance can be the deciding factor. It’s more than just a benefit; it’s a statement that says, “We value our employees.” This isn’t just nice to have—it translates into tangible benefits like lower turnover and training costs. Employees are more likely to stick around if they feel taken care of, and that means more stability and less time and money spent onboarding new hires.
Improve productivity and morale
Health insurance does more than keep employees healthy—it keeps them happy and productive. Harvard Business Review points out that employees with health care access are 28% more likely to be in good health and 20% more likely to be energized at work. It’s simple: when people aren’t worried about healthcare costs, they can focus better on their jobs. They take fewer sick days, they’re more motivated, and they bring more energy to their work.
There’s also the less tangible, but equally important, aspect of morale. Knowing that their employer has their back in terms of health creates a sense of loyalty and appreciation. This can foster a supportive and collaborative work environment, as employees feel more connected to their company and each other.
Reduce absenteeism and turnover
Insured employees are 15% less likely to miss work and 25% less likely to quit, according to the CDC. Health insurance is a safety net that lets employees handle health issues without the added stress of financial strain. This means fewer days off sick and a more consistent, committed workforce. For a business, this means steady productivity and fewer resources spent on filling vacancies or managing absent staff.
Saving Money and taxes
Financially, health insurance is a smart move for both employers and employees. Small businesses, for example, can get a tax credit for up to 50% of their premium expenses under the Affordable Care Act. Plus, health insurance premiums are a deductible business expense, and for employees, they’re a tax-free benefit.
There’s also the matter of legal compliance. The Affordable Care Act mandates health insurance for full-time employees, with penalties for non-compliance. By offering health insurance, companies not only avoid these penalties but also demonstrate their commitment to their workforce’s well-being.
Wrapping It Up: benefits of offering health insurance to employees covemarkets
To sum up, health insurance in the workplace is more than just a perk—it’s a strategic business decision with a host of benefits. It’s a lure for top talent, a boost for productivity and morale, a tool to reduce absenteeism, and a smart financial move. In a world where employees seek more than just a paycheck, offering health insurance is a clear signal that a company values its people. For businesses aiming to succeed and grow, it’s an investment that pays dividends in many ways.