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The possibility of access private health insurance as part of the so-called “social benefits” offered by a company to its workers, it has been installed around us for some time. However, only after a sufficient period can we analyze all the effects and consequences that the inclusion of health coverage is having on different companies. On this occasion, we focus on its impact on one of the areas of greatest interest in today’s business world: attracting and retaining talent.
Hand in hand with professionals with more than 60 years of experience in health insurance management for business templates from Medical Insurance Insurancewe delve into how this benefit is impacting the ability of companies to retain and attract the best workers in their sector.
To understand the scope of this impact, the first thing we must bear in mind is that the people who make up an organization are its main asset. Therefore, alterations such as high staff turnover or poor performance are decisive for the results, benefits and future of a company. In fact, different studies, such as the one carried out by the Sustainable Growth consultancy on the relationship between happiness and work, show how talent retention can produce a 25% to 85% increase in profits Of a company.
Hence, we hear more and more frequently about the importance of managing and maintaining talent in companies. This implies both being a company capable of attracting those people with the most competent profiles, and retaining those who demonstrate, through their daily work, that they are a source of quality productivity.
Given this situation, the fact that companies offer, in addition to competitive salaries, benefits that are attractive to their employees has become a fundamental strategy. And including private health insurance among those attractions is establishing itself more and more clearly as one of those fundamental options to grow the talent of companies. According to Cobee’s latest employee benefit trends report, health coverage is the most valued social benefit by the employees. In addition to promoting values such as motivation or commitment and improving the company’s own image.
All this means that health insurance becomes an important part of the so-called “emotional salary” offered by companies. This salary refers to those advantages, possibilities, or benefits that an employee obtains from working in a company but that do not translate into economic compensation. It is no longer a reward, because it supposes a reward, but that focuses on other areas. Areas such as the family, facilitating work-life balance, or, in this case, health, granting access to immediate and quality care.
If the most competent and trained professional profiles for each position value the economic salary to decide which company they prefer to work for, the emotional salary is becoming more important in this decision. And the presence of a medical policy, being the most valued factor of it, becomes decisive as a strategy for attracting these workers.
This factor also represents a tax advantage for the workers themselves, since the Treasury does not include payments in kind (as is the case of an insurance policy offered by a company) within a taxpayer’s income, which results in tax savings in the annual income statement. Savings that in turn are complemented by the tax benefits that, for the companies themselves, add having medical insurance within the payment in kind to their employees.
Faced with these facts, companies are increasingly aware of the importance of offering more than just an attractive salary in economic matters to get hold of the best talent. And the proven capacity of attraction that access to immediate health coverage acquires, at a time when both emotional compensation and health security have clearly increased their value, make it a safe bet for this objective.
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