As a manager, you have the power to empower your team. This is an effective way to promote collaboration and encourage the growth of each member.
Empowering your team requires trust, open communication, and recognition. Leaders who are proactive in these areas, show their team members they matter, and encourage them to take risks are more successful in empowering their teams.
Increased Work Performance
The most apparent way health benefits boost productivity is by reducing absenteeism and presenteeism. Access to sick pay is necessary for ill employees to ‘tough it out’ rather than call in, which can lead to them coming into work when they are not well or can only perform at a sub-optimal level. This can lead to a domino effect in which the employee is a drain on others, who then have to cover for them, leading to lower productivity overall.
With the right wellness plan in place, illnesses that would have drained productivity for weeks in the past (in the form of presenteeism) can now be remedied within days. For example, debilitating allergies that affect up to 50 million people in the US can now be treated quickly and efficiently with available medical options.
In addition, a wellness program can also increase employee performance by giving them something to strive for other than their paycheck. Putting in place a rewards scheme where employees earn points based on their performance can be a great way to give them a goal to work towards each month.
Increased Productivity
The health and well-being of employees is not just a nice-to-have for your business; it is directly linked to productivity and performance. Employees who are happy and healthy are more productive in the workplace than those who are stressed, anxious, or suffering from a chronic disease.
Companies increasingly prioritize employee well-being by expanding employee health benefits, recognizing the importance of offering their workforce comprehensive and supportive healthcare options.
Sick days cost employers hundreds of billions each year through lost productivity. Providing a healthcare benefit plan that’s comprehensive, accessible, and easy to understand can help reduce this hidden cost.
A recent study found that workers with access to a high-quality healthcare provider report less absenteeism and presenteeism than those without such benefits. Furthermore, when employees have a sick day, it is shorter, and they return to work sooner, improving overall productivity.
Another factor affecting productivity is the prevalence of common illnesses, such as allergies. For example, research shows that when employees can access a telehealth solution, symptoms can be treated quickly and more effectively. As a result, debilitating allergy symptoms are often remedied in days rather than weeks, when an employer can provide their team with quick and convenient access to healthcare solutions.
Increased Employee Satisfaction
Providing health benefits to employees can help businesses meet their goals and objectives. It can also help employees feel comfortable and maintain a healthy work-life balance. This can increase employee satisfaction rates and improve morale in the workplace, leading to higher productivity and increased customer satisfaction.
In a study, some found that healthcare coverage was the most desired perk for potential employees. Offering health insurance and other employee benefits like flextime, childcare assistance, and paid time off can help businesses attract top talent and compete with competitors in the job market.
Studies have shown that employees in firms that provide health coverage are absent less often than those that do not. They may also be more productive when they are at work.
In addition, employees in firms that provide health coverage tend to be more interested in a long-term employment relationship than are workers in firms that do not offer it. They may be less likely to change jobs. Moreover, health benefits encourage employers to recruit workers with desirable characteristics, such as forward-looking attitudes and family commitments.
Increased Customer Satisfaction
A happy, satisfied customer is likelier to stay loyal to your business. Moreover, while attracting and retaining new customers is more expensive than keeping existing ones, a product loyalty program can have an enormous payoff. In the healthcare setting, training and empowering your team to focus on customer service can go a long way toward creating a satisfying patient experience. Satisfaction scores in the healthcare industry have shown that employees who are confident in their ability to help patients resolve issues and provide attentive, patient-focused care deliver a higher level of satisfaction than those who do not.
Increased Employee Loyalty
A happy, healthy workplace boosts morale and increases employee loyalty. This can help reduce employee turnover, which is often costly and time-consuming to manage.
A comprehensive benefits package can encourage employees to stay longer and avoid the stress of frequent job changes. In addition, the more consistent performance resulting from a happier workforce can reduce the risk of health-related absences and tardiness, leading to productivity losses.
Moreover, a comprehensive employee benefits package with options like telecommuting and flexible work arrangements can help employees balance their personal and professional lives. Employees who feel supported daily are more likely to have a positive attitude toward their employer and be more committed to their company’s mission.
Research shows that firms adopting high-road employment practices – such as providing worker training, participatory management, job ladders, and generous wages and benefits – are more likely to attract workers interested in long-term employment. Therefore, consider expanding your company’s health benefits program to increase employee satisfaction and retention rates.