Why Health Benefits Should be at the Top of Your Benefits List

Offering health benefits as part of your businesses benefits package can have a dramatic effect on company morale and overall productivity.

It will therefore come as no surprise that as a result of this, more businesses are introducing health cash plans as an employee benefit. Company sickness can have a detrimental effect on the company bottom line due to absenteeism. Providing a health cash plan can dramatically reduce absenteeism and here’s why.

According to a study published in 2019, the average worker takes four sick days a year and a massive 8.6 million faked sick days in 2019. Loss of productivity is seen as the single most important cost of employee absence, followed by the cost of the sick pay itself, and the cost of hiring extra staff to cover for those who are absent.

The most common causes of employee absence in 2016 were found to be stress, musculoskeletal injuries and back pain were in the top five causes of short- term absence from work. Bearing this in mind, employers have a duty of care towards their employees; both where mental health and physical health are concerned.

What are some examples of health cash plan benefits?

  • Paid time off, both annual leave and sick days
  • Health insurance
  • Life insurance
  • Cashback for everyday health expenses; dental, eyecare or even physiotherapy
  • Private healthcare scheme
  • Life assurance

So, why do employers use health benefits?

Most employers across the UK are much more aware of the value of employee health benefits. They are an easy and inexpensive way to engage employees and also boost productivity. One of the most beneficial perks for both businesses and employees is undoubtedly a great range of health benefits. The benefits can be used to keep employees, loyal and engaged. During tough economic times, such as that of COVID-19, implanting an employee benefits scheme has never been so imperative.

Get in touch with MyBenefitsZone to become a more attractive employer with an incorporated health benefits package.