With UK job vacancies at a record high, according to the latest release from the Office for National Statistics (ONS), organisations need to put themselves in the best position possible to attract and retain the best talent. Failure to do so will likely see a company’s top assets looking elsewhere for employment.
Having experienced working remotely/from home during lockdown, most workers will be keen to keep a hybrid working setup as the pandemic comes to an end. Businesses that push back and insist on staff being on-site all the time will be met with resistance and could likely witness staff turnover as a result.
But with flexible working likely to remain the norm into the foreseeable future, how else can organisations attract and retain the best talent?
By offering private medical insurance is one way.
Here we look at just some of the benefits organisations can afford by offering private medical insurance to their employees.
With NHS waiting lists now at record highs and patients having to wait more than two years for certain treatments, the attraction of private healthcare is easy to appreciate. But private healthcare costs money and many employees are prohibited from taking advantage of it simply because of the associated costs.
By offering private medical insurance, which covers the cost of many private treatments, organisations can provide their employees with total peace of mind. This can be invaluable for even the healthiest individuals as reassurance is always there.
With one less thing to worry about, employees can focus more on their jobs, personal lives and other areas.
When relying on the NHS for treatment and experiencing the associated delays, employees will inevitably face a longer recovery than they would if they had access to private healthcare.
As a result, both absenteeism and presenteeism can creep in, both of which impact an organisation’s productivity, efficiency and staff morale.
With treatment provided more swiftly and more conveniently (employees can usually choose their own hospital), the need to take time off work, or go into work when they probably shouldn’t, are both reduced.
Unfortunately, resources and funding are not equal across the NHS. This means that some of an organisation’s employees might have access to faster, higher quality treatments than others.
By offering private medical insurance, organisations can level the playing field and promote employee equality. This in itself is a particularly attractive opportunity for employees and one that will help the organisation highlight how much staff welfare means to them.
If you don’t currently provide private medical insurance as part of your employee benefits package, maybe it’s time to review your offerings. With job vacancies at a record high, potential recruitment differentiators should not be overlooked.
If you are looking for new ways to attract and retain the best people for your business, get in touch with us today.