Employees are named the backbone of every business for a reason. They are the ones who tirelessly devote their time, skills, and expertise to produce great work for the company. Therefore, if companies want to showcase their appreciation towards the employees, they should look at more than just monetary rewards.
To help improve organisational performance, increase team efforts and even motivate employees to work harder, companies should look into Employee Benefits Insurance.
What is Employee Benefits Insurance?
Employee Benefits Insurance allows your employees to protect themselves and their family members from the financial implications of sickness or injury by reimbursing their medical expenses. There are different types of Employee Benefits Insurance, including but are not limited to medical and life insurance.
Depending on the company’s needs, this insurance comes in different package plans and is customisable.
Advantages of Employee Benefits Insurance
Here are the advantages of getting Employee Benefits Insurance, as mentioned by our Financial Services Director, Calvin Lee.
- Transfer of risk
If an employee happens to find themselves in need of medical expenses due to work-related reasons, the incurred amount can be highly costly. And employers are liable to reimburse the said amount. However, when investing in Employee Benefits Insurance, employers only need to pay a fixed cost yearly, and the rest of the medical bills will be taken care of by insurance companies.
- Employee retention and benefits
Most companies in Singapore offer some form of Employee Benefits Insurance for their employees. Therefore, if you would like to become a preferred employer, this insurance plays a big part in making that happen. With this benefit, you get to improve workplace productivity and morale as well as stand out against your competitors.
- Efficient claims administration
Most insurance companies have a seamless digital or online platform that allows employees to submit their claims efficiently. This will save the Human Resource (HR) department from having to deal with a lot of work in claims administration.
What are the things to consider when choosing the best Employee Benefits Plan?
Most companies look at three main areas—pricing, benefits and services. Certainly, an all-inclusive insurance plan will come with more comprehensive benefits. And be sure to look at the services—whether or not the insurance company offer a hotline or digital tool that can help in policy and claims administration.
SMEs can also afford to offer this plan to their employees. Even for a company with only one employee, there are options to purchase an insurance plan that starts from as low as a few hundreds of dollars per year.
Based on the three main areas mentioned, employers need to determine which plan is important and suitable for their employees. The best way to do this is to consult with a financial advisor.
If you’d like to get more insights from financial professionals, get in touch with EΛOL now. We will assist you in choosing the best Employee Benefits Insurance that meets the needs of your employees.