Whether it is the great resignation, quiet quitting, or the recent trend of moonlighting, the Indian corporate sector has been facing challenges with a high employee attrition rate for years. With the overall average attrition rate increasing to 20.3% in the first half of 2022 and financial services where it rose to 32.7% in 2023, employee turnover in India is very high.
High attrition and turnover rates can result in constant outflow and inflow of talent, costing the company money, resources and time invested in the training and development of an employee. This is where companies can provide perks and benefits to ensure the retention of employees.
One such crucial and beneficial tool which can be incorporated to ensure the attraction of top talent and retention of valuable employees is group medical insurance.
What is group medical insurance?
Group medical insurance is a type of health insurance coverage provided by employers to their employees. It is typically offered as part of a comprehensive employee benefits package and covers a wide range of medical expenses, including doctor visits, hospital stays, prescription drugs, and preventive care. Group medical insurance policies are specially designed to provide affordable, accessible, and customisable healthcare options to employees and their dependents. You can consult with a licensed insurance agent for more information.
How effective is a group medical insurance policy in employee retention?
Over the years several studies have demonstrated the effectiveness of group medical insurance for employee retention. Here is a list of some of the benefits of group medical insurance for employees and their effectiveness in employee retention.
Comprehensive healthcare coverage
By providing comprehensive healthcare coverage, employees can avail quality healthcare from preferred healthcare providers gaining protection from health-related risks. At a time when there is growing concern over health risks, and medical inflation, group insurance policies are valuable in safeguarding employees and also retaining talent.
Financial security
With coverage for medical risks, employees can get high-quality treatment from leading healthcare providers without having to bear additional out-of-pocket expenses for them. This helps employees not to have to worry about their financial security and allows for a safer and more
Access to cashless claim settlement at a wide network of healthcare providers
Employees can enjoy cashless claim settlement at a wide range of healthcare providers from multi-speciality hospitals to general clinics. This ensures peace of mind and convenience for employees.
Health and wellness programs
Employees can also enjoy health and wellness programs like preventative diagnosis, live healthy benefits and more, creating a safe and positive work environment and helping retain talent.
Pre-existing disease coverage
Currently, employees worldwide are concerned about growing health risks and their impact on the premium paid. With Employee-sponsored group medical insurance, pre-existing diseases are covered reducing the risk involved for employees.
Coverage for dependents
Depending on the policy opted for group policies cover dependents including partners, children and aging parents. With this coverage, employees can be free from anxiety and fear for the well-being of their loved ones.
Conclusion
In the current world which is concerned over the growing risks related to health and rising medical inflation, employer-sponsored group medical insurance for employees acts as a beacon of home and peace of mind. By providing the right health insurance policy for your employees, you can ensure lower attrition rates, reduce employee turnover, and create a safe and productive work environment.
So secure the financial security and medical well-being of your employees while also delving into strategic employee retention.
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