Using Health Benefits to Recruit Employees
January 13, 2020 by Jennifer Bradley, Writer
In the past, good salaries and a reputable company name may have been enough to lure in potential employees, but the modern workforce has greatly evolved since then. Alongside perks like flexibility and purpose, today’s professionals now put more importance on wellness. According to the Keckley Report, many Americans have been eating healthier and getting more exercise than ever before. True enough, statistics on Maryville University notes how healthcare has grown into a trillion dollar industry. Even outside the world of traditional clinics and hospitals, non-profits and insurance companies have also been booming. For employers, this means that health benefits can no longer be ignored.
Besides overall wellness, however, there are plenty of other reasons why health benefits make a good recruitment tactic. Here are some of them:
It boosts employee productivity
First and foremost, you want your employees to feel fresh every time they come to work, and healthcare can help with just that. Indeed, a study published on the Wall Street Journal confirms that healthy employees are happy and productive employees. Because they don't have to worry about not having a safety net for sick days, they can channel all their focus into producing the best output at work, which can only mean great news for you as a company.
It gives you a competitive advantage
Like we mentioned, today’s job market is one that prioritizes benefits over higher salaries. In fact, an Aflac Workforce Report found that 60% of employees would take a job with lower pay if that means better benefits. Additionally, 16% of the remaining participants admit that they left or turned down a job simply because of the lack of benefits offered, including healthcare. In other words, providing health benefits will make it easier for your company to recruit (and retain) employees.
It saves money
Healthcare is really expensive, even more so if people get them on their own. Think about it this way: when employees buy health insurance and spend on medication and treatments, they have to use their tax-deducted salary to get them. However, if they get one through a company, they pay for insurance pre-tax. Moreover, this setup is beneficial to you, too, since employer contributions – including insurance – are tax-deductible.
More access to doctors and hospitals
If you're a company that offers group insurance plans, then it’s important to understand that you're already at an advantage compared to individual plans. That's because group plans tend to cover larger networks, giving you access to more doctors and hospitals. Of course, these can vary from state to state. For example, a 2015 study shows that California’s individual healthcare network is about 40% smaller compared to the ones offered by groups. Nonetheless, it's a great way to have more options.
All in all, good health benefits have become essential both to employees and employers alike. Besides ensuring a happy, healthy team, providing health insurance is one of the best ways to prove that you actually value your employees as humans.
For more recruitment tips, check out our '7 Tips to Attract the Right Talent to Your Organization' post.
Jen Bradley is a former college soccer player, who now finds her calling as a digital nomad. In her spare time, she loves standup paddle boarding, as well as training to be a triathlete.
To learn more recruiting strategies, join us in San Francisco this January 28-30, 2020 at #SRSC where talent acquisition leaders connect to leverage emerging recruiting practices. This year we are excited to host SRSC at Talent Acquisition Week, along with EBrandCon and the Talent Sourcing Strategies Summit.