HR managers and insurance brokers insights

A recent small survey of NZ HR managers and insurance brokers in New Zealand defined why health insurance is an increasingly popular remuneration tool to attract potential employees, and retain existing employees.   UniMed New Zealand asked 20 brokers and customers who had purchased or were contemplating company health insurance what they believe the benefits to be:

1.  Health insurance positions you as a good employer, demonstrating your commitment to your employees and safeguarding their future. Investing in your team creates a healthy and engaged culture, building morale, and helping your organisation to perform well.
2. Health cover can help staff get back on their feet. By avoiding public waiting lists your employees can fast track any major medical issues that arise and get back to work sooner – reducing absenteeism and sick leave.
3. Group scheme insurance makes premiums more affordable and accessible to staff using your company buying power. When comparing providers, competitive premiums are a major influence in employee uptake.  UniMed keeps their premiums lean because they are a ‘not for profit’ and don’t have to pay dividends to shareholders, leaving more money to pay out to members.
4. Health insurance makes you attractive relative to your competitors. Health insurance is viewed as one of the top remuneration package benefits as seen by employees. The job market is a competitive environment, so differentiating your business is vital.
   
5. Health insurance can be used as a motivation tool (i.e. as a reward for long service, an incentive bonus or a loyalty-reward package).  You can also use it to retain existing employees with tailored schemes for executives and workers, which in turn leads to improving employee loyalty and making your employees feel valued.

Employees are the lifeblood of your business, so why wouldn’t you do everything you can to attract the best, and ensure the health and wellbeing of existing employees is looked after? If you’re looking to differentiate your business from competitors, and attract valuable staff, explore health insurance as a key part of your employee benefit package.

Written by Ali Wilkinson - group employee health insurance plans specialist at UniMed.  UniMed is one of New Zealand’s Top 4 Health Insurers, and specialises in work place health insurance.