What’s the real impact of a healthcare benefits package to you and your employees?

A survey by Hays revealed that more than half of UK workers were planning to change jobs in 2023.

And as the recruitment market becomes more competitive, it’s clear that higher salaries are not the only focus for employees when looking for a new role or deciding to stick with their existing job.

As an employer, you are undoubtedly needing to change your own focus. We believe that an organisation’s attitude to health and wellbeing now plays a key role in attracting and retaining employees.

Our ‘Workforce of the Future’ report from 2022 showed that direct private healthcare provision had entered the top 5 perks most wanted by employees, whilst wellbeing-related provision for mental health, work-life balance and financial support also featured strongly.

Offering a robust healthcare benefits solution can support your organisational objectives, deliver real value to your employees and add depth to your business ethos.

1. Supporting the organisation’s objectives

According to Health and Safety Executive, 36.8 million working days were lost in 2021/22.

But when seeking support for health concerns, increased pressure on the NHS means almost 10 million people ‘gave up’ on getting a GP appointment in just one month during 2023, whilst over a fifth were unable to get a suitable appointment time, and a quarter unable to get an appointment at all.

This adds extra pressure when supporting your employees to return to work, and is one which an healthcare benefits package may alleviate.

Absences related to physical health can often lead to greater absenteeism from work, a decrease in engagement and productivity when they are in the workplace, work tasks being delayed, projects being disrupted, and colleagues needing to take on additional responsibilities.

Of the total working days lost, over 17 million of those days were due to stress, depression or anxiety at work.

Our Mental Health Report found that the most common cause of stress included increased workload, financial concerns, hitting deadlines and poor workplace culture. In fact, it also shows that 56% of employees would leave a company if they felt their mental wellbeing wasn’t supported, with a whopping 66% saying a good mental wellbeing policy would increase the likelihood of joining a company.

A good employee benefits package includes private healthcare that takes a holistic approach to employee health and wellbeing. But with costly and complex packages, it can be inaccessible for many employers in the UK, or only be offered to a top tier of employees. Private medical insurance costs the average employer roughly £1,000 per employee per year. With Benenden Healthcare for Business, it only adds up to £154 per employee per year.

2. Delivering value to the employee

Different private healthcare packages offer varied benefits for your employees. It's important that you choose the package that’s the best fit for you and your employees, this in turn supports retention of staff when they know they can get value from their employment beyond the day-to-day role.

Should an organisation offer Benenden Healthcare for Business, we can help you communicate these benefits to your employees and remind them of what their employment entitles them to.

Here’s a helpful summary of just some of ways in which Benenden Healthcare for Business can deliver value to your employees for just £15.50 a month, per person:

• We offer prompt Medical Diagnostics of a wide range of conditions when the wait time on the NHS is longer than 3 weeks. This includes consultations with an appropriate consultant and may include tests such as scans, x-rays, and can support your diagnostics up to the value of £2,500. NHS England currently commits to a maximum wait time of 18 weeks

• According to the BBC, millions in the England wait more than a fortnight to see a GP. With Benenden Health’s 24/7 GP Helpline you can book at any time an appointment for a telephone or video consultation. This can help provide prompt reassurance on health issues and signpost towards your next steps

• Our Mental Health Helpline can be used 24 hours day, 7 days a week to speak to someone and receive immediate emotional support and reassurance that can guide you to the most appropriate services and resources to help you. We also offer structured short-term support for mild to moderate distress, including common mental health problems is also available

• A 2022 Healthwatch survey showcased the difficulties in navigating the UK’s social care system. If your employees are struggling to find out what their options are, our Care Planning and Social Care Advice is here to help by providing access to a care adviser who can provide information and advice about adult care issues, adult special needs support or if you’re the parent or guardian of a child who may have special needs

• My Benenden Rewards also supports your employees’ wellbeing during the Cost of Living crisis by allowing them to unlock and enjoy exclusive discounts on gym memberships, cinema tickets, home appliances, personal devices, and gift cards from top retailers.

Unlike traditional PMI, where businesses and employees face barriers such as excess charges and claims driving premiums higher, Benenden Healthcare for Business takes away the barriers for you and your employees with:

• Immediate access to 24/7 private healthcare with digital claims through the Benenden Health App

• No excess charges on claims

• One price for everyone – regardless of age, medical history or claims

3. Adding depth to your business ethos

When your organisation is competing in a robust recruitment market, providing healthcare as part of your benefits package demonstrates to your potential applicants that you will care about them, and their wellbeing, and helps to nurture a positive workplace environment.

This equally applies to your current employees.

Creating a positive company culture that values and supports employees can not only help boost company morale but it’s also a crucial deciding factor for employees while joining or staying in a company. Nearly two thirds of employees would consider leaving their job because their employers don’t share their values. The study also revealed that 61% of respondents cited values as the most important factor when accepting a job.

Employees are looking for a workplace that they feel included and heard in, and that supports them in and outside of work.

For more information on how to better look after your employees’ wellbeing, head over to our mental health workplace hub. You can also find out how to keep your workforce happy and healthy by signing up to our employee engagement newsletter.