Workplace insurance refers to insurance that is either provided to employees by their employer or offered to employees through their place of work. It’s a cost-effective way to get life, disability and income protection insurance, because ‘bulk buying’ reduces premium rates. This type of insurance is also sometimes called ‘group scheme’.
10 Business Benefits That Come With Workplace Insurance
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Extra employment benefits, such as insurance, help to create a more committed, involved and effective workforce.
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Providing insurance, or providing access to a voluntary scheme, sends a message to your people that you care about their wellbeing and future. This helps to build morale.
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Business psychology studies show that workers with high morale and high engagement are absent less often, which protects productivity.
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Recruiting and training a new person costs between 25% and 150% of his or her salary. It’s cheaper to retain people than replace them. Employees who feel valued are less likely to leave.
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In times of low unemployment, the right package of benefits is essential to attract skilled staff.
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Subsidised insurance can be a powerful salary negotiation tool. Its perceived value is much higher than the actual cost.
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Rewarding employees with subsidised insurance helps to differentiate your company in the employment market.
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In tragic circumstances, when an employee is injured or killed, the insurance you’ve helped to provide will be viewed as a godsend.
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Income protection insurance helps your people to manage financially when sick-leave entitlements run out.
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At salary review time, you can show generosity by increasing the level of subsidised insurance cover or extending cover to include an employee’s family.
