5 Ways to Attract Top Talents Using Healthcare Benefits
In today’s competitive hiring market, apart from an attractive pay, a generous benefits package is the key in attracting and retaining top talent. One such benefit is the healthcare insurance offered by companies. A survey conducted by Society for Human Resource Management (SHRM) revealed that more companies are turning to job benefits, particularly healthcare coverage and insurance, to help recruit and retain talents. Moreover, the increased cost of healthcare in recent years has made it one of the most desirable and highly sought-after benefit among job seekers.
Here are several ways as to how you can make your healthcare package relevant and attractive:
1. Know What Is Required
The first step is to understand and recognise what job seekers and employees want. You can do so by conducting one-on-one sessions with your employees or through exit interviews to find out if they feel that the current healthcare package offered by your company is sufficient. Or if that could be the reason for the employee’s resignation, consider counter-offering it with a better healthcare package. Another way is to conduct various research on the current trends and healthcare demands of job seekers out there.
2. Personalised Healthcare Benefit
Just like any other personal healthcare insurance package, the healthcare coverage offered by companies should vary by age and requirements. Consider personalising your healthcare benefit to cover the multi-generational needs of your employees. For example, some of the older employees who are married may require additional coverage for their spouse and children whereas some may be the only child in the family and requires extra healthcare coverage for his or her aging parents.
3. Build Company Culture
By placing a high value on the health of your employees, you are able to build a good company reputation who cares for the well-being of its employees. Job seekers are naturally attracted to companies with such reputation and would compete more intensely for a position in your company. In addition, you can create a healthy company culture that promotes employee wellness inside and out of the office. Such culture can improve morale and ultimately boost employee engagement as well.
4. Offer Wellness Programme
The business growth of any company depends heavily on the productivity level of its employees. To ensure that your employees are able to function and perform at a high level, introduce wellness programmes that focus on the physical well-being of the employees. Such programmes can be weight loss regimes, smoking cessation programmes, exercise routines, stress management, fitness advice and diet plan. The implementation of a wellness programme can also help to reduce the cost of healthcare in the long run while maintaining a healthy workforce.
5. Go Digital
Insurance companies are increasingly utilising technology to make their products more attractive. In fact, health plan ID cards are slowly phasing out as everything can be done faster and more efficiently through digital means. Choose a plan that has an app function where your employees can track their claims, provide easy access to price comparison tools or has a feature that can keep medical records electronically. As an added bonus, consider collaborating with telemedicine or telehealth app companies to allow your employees to contact a doctor instantly, or have a doctor prescribe medication, all from their smartphones.
In conclusion, companies that intent to attract and retain talents will definitely require a competitive healthcare coverage in place. The question is, when was the last time you check what your competitors are offering in terms of healthcare benefits and whether what you offer is on par with current demands?