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Flexible Group Medical Insurance plans help SMEs with staff retention
Employees often consider switching jobs between lunar year-end and the end of March, when bonus and double pay are traditionally dispersed. During this pandemic, employees are particularly concerned about relevant employment measures such as flexible hours, working from home and adequate health insurance. To attract and retain staff, companies can improve workplace policies and staff benefits as a way of adapting to the new normal in the employment market during the pandemic.
Replacing staff members can cost a company significant resources in terms of recruitment time and efforts, training new staff and reduced efficiency as new hires catch up to speed. Besides promotions and pay increases, another potential win-win approach is to offer a quality Group Medical Insurance plan – perhaps a more caring option for this critical time.
Companies benefit from healthy team
Other than salary levels, having a comprehensive Group Medical Insurance plan is crucial for lifting a start-up or SME's competitiveness in attracting talent. This is different from the compulsory employee compensation insurance under Hong Kong's labour legislation, which currently does not require employers to purchase Group Medical Insurance for employees. Yet, this is among the perks that employees care most about.
Talent is especially important to SMEs, given their smaller scale. Quality Group Medical Insurance can help establish a company's image as a caring employer. The majority of staff in a start-up are typically millennials who prioritise close-knit teamwork in a mutually supportive workplace. Companies that provide extra medical protection can help foster a caring culture and boost staff confidence in the company and their sense of belonging. When employees feel trusted, they can better focus their energy on work, thereby enhancing performance and work quality. In sum, a healthy staff ensures smooth operations and steady corporate development.
Among the wealth of Group Medical Insurance options available, the typical plan allows a business to provide different levels of hospitalisation and surgery benefit according to staff grade, as well as optional out-patient benefits, including general medical practitioner, specialist, Chinese herbalist, bone-setting, acupuncture, physiotherapist and chiropractor. Some businesses even offer staff dental coverage and personal accident protection. Insurance companies traditionally would require employers to choose optional coverage commensurate with the benefit level for hospitalisation and surgery. Some insurance companies now offer better flexibility by letting employers choose among different levels of optional coverage in accordance with their budget. For instance, an employer can choose the same hosiptalisation and surgical benefit for all staff, but offer manager grade or above a higher level of optional out-patient benefit, with general staff enjoying the same or a lower tier of benefits. Other optional benefits can also be offered to staff according to their grade. Extensive health protection has a strong appeal to today's health conscious employees. When satisfied, they are less likely to look for greener pastures.
Insurance companies also understand that human resource is at a premium during the early development of SMEs. Processing stacks of claim forms greatly increases workload. Many insurance companies have thus introduced digital platforms to enable employers and employees to quickly and easily manage their policy. Employees can even use a one-stop customer service portal to search for doctors in the healthcare network, submit claims and consult the scope of their coverage. As every step can be completed online, companies can better focus their resources on business development.
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