Total Rewards - How to pick the right health insurance for your company - Part I
Workers leave their homes each day driven by many goals. Among those, the main motivational factor is being compensated by their work through the compensation package (Total Rewards). Many modern studies show that to most workers, benefits are just as important as their salary, and a well-prepared compensation package translates to a greater commitment by the teams, which in turn increases company-wide productivity. The worker becomes part of something greater.
According to studies from JFS Consultoria, 80% of workers say they would rather have new benefits than salary adjustments. Insper consulting has also found that to a whopping 90% of interviewees, non-monetary resources are key to keeping workers tied to the corporation.
Of all benefits made available to workers, one of the most important and financially relevant relates to health insurance. Our post today aims to discuss the decision-making process in picking the right health insurance for your organisation. We’ll have the chance to talk about pensions, life and disability insurance further down the line.
In our company we strive to bring the most adequate solutions to our clients, the health insurance solution must have a strong foundation that will help support the company for years ahead, without having to have sudden changes to benefits package and only slight alterations to providers with little impact on rewards. In other words, we aim for a long-term sustainable plan. That’s how we’ve helped countless companies across Europe, Africa and the Americas pick the health insurance that suits their teams over the past decade. We find it is important to agree on the most efficient way to attract, motivate and retain the talent in their respective professional fields.
Following an established strategy, a key step would be to understand where the client wants to be when it comes to the benefits they offer for their teams when compared against competing companies for a certain talent pool. This way we guarantee the benefits’ efficiency as well as for you to work with market-aligned offers for talent (Benefits Benchmarking).
The HR focal point should have an active voice in the whole process, considering that the Key Performance Indicators (KPIs) reviewed by the supply chain or the finance departments aren’t necessarily aligned with the expectations and strategies set by HR for the talent management/acquisition.
Did your company consider market benchmarks whilst reviewing their health insurance benefits to set up a strategy? Has this been internally aligned when reviewing market-derived info? Have you renewed a policy without increasing the premium? Does your team have a specialist in reviewing claims reports and other key information in order to make an informed decision?
In the following post we’ll learn what the manager should look for and consider in order to reach their goals.
We are available to have a chat about your needs, just send me an email to info@tempusglobalgroup.com. Tempus Global Group operates since 2013 and currently have operations in Malta, Monaco and Mozambique.