Introduction

Covid cases may be declining, but employee attrition is still on the rise across the country, not just for small and medium-sized businesses. Industry leaders like TCS and Infosys witness voluntary employee attrition rates at 17.4% and 27.7%, respectively. Several factors contribute to an increase in employee departures from an organisation. These can include flexibility to work from remote locations, health problems, toxic management, or simply not feeling valued. Employees need to feel emotionally connected to the company.

A survey indicates that 73% of employees will leave their jobs even if they aren’t looking for one. This happens because they don’t feel part of the organisation. This is where employee benefits come in. Among the most popular employee benefits an organisation can offer is a group medical insurance policy. This article will take you through how investing in a employee insurance can help reduce attrition.

Benefits Of Reducing Attrition With Group Mediclaim Policy

Over the last year, employee turnovers have been dominating the headlines. As per a survey, companies who invested in their employee’s health policy witnessed 27% lower employee attrition rates. Before we talk about how a group mediclaim policy reduces the turnover rate, let’s understand some benefits.

• Higher Retention

Employees want to feel valued and appreciated in the organisation. This ensures their long-term loyalty. Moreover, today, retaining quality talent is much harder than attracting them. Thus, offering them perks like medical policy can guarantee that.

• Higher Motivation

Unhappy and unsatisfied employees won’t feel motivated to give their best work. Their productivity will also hamper, and consequently, the organisation’s revenues. Thus, these benefits show that the organisation cares for its employees. It boosts their morale and gives them a sense of satisfaction.

• Peace of Mind

Along with benefits for employers, the policy has benefits for employees too. With the pandemic, one thing which everyone has realised is that life is uncertain. Thus, everyone wants to safeguard their family’s future in case anything unfortunate happens to them. The best way is an investment in an insurance plan. By taking a medical policy for your employees, you are reducing this stress and burden off them. This will connect them emotionally to the company.

Ways To Reduce Attrition With Group Mediclaim Policy

Now that we have talked about some benefits of group medical policy, let’s understand how a group policy can help reduce employee turnover.

• Family Inclusions

With rising healthcare costs, everyone wants to invest in family health insurance. However, it is not an inexpensive affair. On the other hand, group medical insurance covers the insured and his dependents, including his spouse and kids, at a reasonable cost. Thus, employees don’t have to worry about health costs.

• hospitalisation Expenses

In case of medical problems, one needs to spend on various expenses like consultation, diagnostics, medicines, and more. All this takes a big chunk out of an employee’s savings. A group policy covers both pre-and post-hospitalisation expenses, thereby safeguarding your employee’s savings.

• No Waiting Period

When buying an insurance policy, you must have come across the term waiting period. You can receive insurance benefits only after the expiry of this period. However, if an emergency arises, it can create a major financial strain on the employee. With the group policy, there is no such waiting period. Thus, eliminating any financial stress for your employees.

• Instant Activation

Startups or new entrepreneurs who are just in the development stage may not have the desired budget to spend on health insurance for their employees. Also, some policies require a minimum number of employees. Furthermore, they can’t afford to lose their top talents. With a group health policy like at Plum Insurance, you can invest in an insurance policy for even a team of 2 members at an economical subscription.

• Easy Claim Settlements

When you invest in an insurance plan, you hope to receive a quick and hassle-free claim settlement process. No one wants to be stressed by delays and documents. Group insurance eliminates all this burden. Firstly, the responsibility of settling claims is on the employer. Secondly, these policies have cashless treatments available. Last but not least, the claim settlement process has also become digital. Thus, employees don’t have to worry about anything during medical emergencies.

• No Medical Checkups

Approval of Insurance policies is dependent on several terms and conditions, including prior medical checkups. If someone is suffering from a critical illness, the policy may also be rejected. However, there is no requirement for pre-medical checkups with corporate health insurance. Thus, employees with existing critical illnesses also get covered.

• Wellness Plans

Nowadays, taking care of mental health is equally important as physical health, if not more. With high work pressures and family responsibilities, employees tend to lose their productivity. This is when they need their employer’s support. Thus, you get access to wellness plans with expert mentors with group plans. This will boost the employee’s motivation and respect for their company.

In a Nutshell

After reading the above article, you will have a fair understanding of how a group mediclaim policy can help to retain your employees for a longer period. Employees are the organisation’s assets, and thus, employee engagement must be a priority investment. You can even customise these policies as per your employee’s requirements. In case of any doubts, always consult an expert.