Do you have employee group benefits? It’s time to contact your employer and ask about what they have to offer you. With the face of healthcare fluctuating year after year, it’s imperative you stay proactive when it comes to your personal wellness and seek out every last resource available to you. From general check-ups to eyecare, a good benefits program will ensure you spend less time stressing out over your coverage and more time getting done what needs to be done. Not everyone knows about full time employee benefits, however, and how exactly they work in the modern day. Let’s take a look at group insurance and what it can do for you.
Employee Turnover And Costs
Did you know nearly $11 billion are lost every single year to employee turnover alone? This is one of the most consistent frustrations businesses and institutions face and, as such, many devote a significant amount of time to analyzing and curbing this rate. Half of employees have reported they’re confident in their ability to find a new job in the next year if they don’t receive a pay raise, as well. Employee turnover costs businesses millions of dollars every year and, likewise, leaves many people fluctuating between jobs uncertain and uncovered.
Millennials And Changes
Basic benefits and coverages are a necessity for workers to remain healthy, happy and focused in all areas of their life. Changing demographics are one of many major components in the expanding nature of modern healthcare. For example, studies have shown nearly 45% of Millennials saying that, if given the choice, they expect to leave their current employers in the next two years. This has been related to both employee turnover and health benefits, leading many to seek ways to bolster their services and provide their worker base with further support.
Mental Health And Wellness
Consistent healthcare has been found to significantly improve not just the physical wellness of workers, but their emotional state and future health. Employees who are engaged and have a high sense of well-being have been found to be 42% more likely to evaluate their lives highly, with 7% reporting they recover more fully after illness or hardship. Likewise, actively disengaged workers are twice as likely as their more engaged counterparts to be diagnosed with depression.
Discrimination And Consequences
An ongoing issue in many industries is one of discrimination, both in pay and general day-to-day treatment. Studies have shown 75% of women not believing they are paid equally to their male counterparts, compared to 50% of men who say the same. Uneven pay can negatively impact a worker’s health and reduce their confidence in a job, gradually affecting their performance, mental wellness and even their desire to remain. Thankfully, not all is completely dour in the industry. Despite dire warnings to the contrary, it’s been found four out of five Canadians are financially on the right track for a comfortable retirement.
Employee Group Benefits And You
Obtaining a benefits plan is your first step toward a happier and more fulfilled you. Ongoing studies have shown 66% of workers recommending employers that offer 11 or more benefits year-round. Medical care plans were made available to nearly 70% of workers in the private sector recently, despite only 51% of workers participating in the plans. The most commonly provided benefit to employees is paid leave, followed closely by paid holidays. Whether it’s giving you basic healthcare or giving you that time off you so desperately need, employee group benefits help everybody involved.