Recent estimates show that the national recruitment shortage is up to a 15-year high – but did you know that almost 80% of CEOs say that it’s retaining existing talent that is their top management concern^[1]?

With the impact of the last few years still fresh in the minds of employers and employees alike, the world of work is undergoing a radical change. Where salary was previously the deciding factor in job acceptances, jobseekers are increasingly valuing workplace culture – including work-life balance, flexibility, and benefits schemes. In fact, evidence even suggests that companies offering great rewards and benefits not only gain a more loyal workforce, but can be up to 33% more profitable than those who don’t^[2]. Why? It’s simple – employees who feel valued by and engaged with their employer make for a more creative, productive, and ultimately successful workforce.

So which benefits are your employees looking for?

Health insurance has recently become one of the most popular wellbeing provisions offered by employers. This might not come as a surprise – with recent years seeing an increased burden on the NHS, many of us are looking to private solutions for everyday treatments, including GPs, dentists, consultants, and physiotherapists. Going private, of course, brings its own challenges; with additional bills to pay, your employees may find that their physical wellbeing comes at the cost of their financial wellbeing.

It's for this reason that health cash plans have become so popular in recent years. A highly accessible form of health insurance that covers the costs of everyday healthcare such as optical and dental treatments, physiotherapy appointments, health screenings, and more, health cash plans offer employees a more useable, ‘everyday’ benefit than regular private medical insurance.

Top 5 reasons to invest in a health cash plan for your workforce

Attract staff

Now more than ever, staff are seeking employers who consistently demonstrate their dedication to great employee wellbeing. Offering robust health & wellbeing benefits such as health cash plans, gym discounts, and accessible healthcare options can help your company to stand out from the crowd as an employer of choice for the latest talent, ensuring that you stay ahead of the curve in today’s talent shortage.

Reduce the cost of recruitment

With recruitment agencies costing anywhere up to 30% of the advertised role’s annual salary, increasing staff retention and investing in your current talent is the most cost-effective way to develop your business. Ensuring you have loyal, long-term staff is vital to maintaining an efficient, productive, and collaborative workplace. Prioritising retention will result in reduced training costs, a more specialised workforce, and a consistent, uninterrupted flow of productivity. A health plan is a great way to show your existing staff that you value their wellbeing, and provides an incentive to remain with an employer who cares.

Decreased absence

The top three reasons for sickness absence in the UK are typically minor illnesses like colds and flu, musculoskeletal problems, and mental health concerns – all issues which can be supported and treated with a health cash plan, from virtual GP access and flu jabs to physiotherapy and stress support helplines. With the right support in place, your employees can feel empowered to manage their health from prevention through to treatment.

Improved mental wellbeing

Stress, burnout, anxiety – managing mental health in the workplace is one of the top concerns for today’s companies. You can support your workforce’s mental resilience by offering health plan benefits such as an Employee Assistance Programme with telephone access to trained counsellors. Plus, you’ll find that with the reduced financial burden of healthcare costs, your employees will typically feel less stressed and more engaged with their work!

Increased productivity and profitability

Employee engagement is a key factor in improving your workforce’s output and dedication. What better way to improve your existing engagement rates than by demonstrating your commitment to their health & wellbeing? With improved access to healthcare, your employees are not only reassured to work for a company who genuinely cares, but are also more present, healthy, and refreshed to help your business hit those targets.

Ultimately, investing in your employees’ everyday healthcare is more than just looking out for their wellbeing – it’s investing in the longevity of your business’ greatest asset.

To find out more about how Medicash can help your business thrive with great value health plans, visit https://www.medicash.org/, email sales@medicash.org or call 0800 011 2222.

[1] Vistage CEO Confidence Index survey, 2019

[2] HR Grapevine, 2021