For top businesses, talent retention is essential. It leads to long-term relationships between teams, which can enhance business outcomes, and make employees feel happier. So, how do successful businesses retain talent?
Employee benefits play an essential role in recruiting and retaining talent for top businesses around the globe, and the Middle East is no exception. As the expat population in the Gulf grows, the job market has become increasingly competitive. Employers have realized that group health insurance is an important part of employee benefits packages, helping them to attract talented job seekers and compete in the marketplace.
However, selecting health insurance that meets the needs of all your employees can be challenging. This is where professional assistance, and the right insurance provider can make a difference.
With countless insurance plans available for every budget, sifting through the options can seem like a daunting task. To simplify the process, we’ve put together a list of considerations that will help you to differentiate the good from the bad.
1. Benefits for employees
All organizations have a responsibility to support their employees professionally and personally. Companies should not only consider the needs and wants of their employers, but also their medical requirements, age, financial ability to pay premiums and family members. This will make it possible to select the most suitable type of health plan.
Managers and HR departments should survey teams to determine their health insurance needs. As companies evolve to become more employee-centric, employers can look to more holistic health plans that add value beyond medical necessities, and provide a more comprehensive range of wellness benefits.
2. Network size and structure
Every health insurance plan gives members access to a network of “preferred” partners. Your network size determines two factors: the number of health and wellness providers from which a member can choose, and how much you pay out of pocket for doctors, hospitals or specialty care.
One of the most important elements to assess is the list of network hospitals associated with a health insurance company. Ideally, employees would want to be able to choose from the widest range of providers, both for primary care and specialty care, with low out of pocket investment. Insurance providers that have a wider network of reputed hospitals, doctors and specialty care will therefore make a great choice.
As a strategic partner of NAS, individuals insured through GulfCare benefit from cashless access to a comprehensive network of participating healthcare providers.
3. Affordability
In regards to group health insurance, cheaper is not always better. That’s why it’s vital to determine the specific needs of your business, and assess the suitable plan and rate.
Group medical insurance can sometimes seem like a significant upfront cost for an employer. However, protecting the health of employees can help to lower absenteeism and keep productivity rates high. In addition, many affordable insurance plans are available, which can be supplemented with add-on benefits after careful analysis of the policy’s standard structure. These additional health and wellness benefits can also be key to attracting and retaining talent.
For example, many service companies now offer health insurance to parents of employees. If competitors are offering these benefits, you may want to consider these benchmarks when developing your own employee benefit plan.
4. Tailored plans
Every organization, and its employees, is different. Employers should go with plans that offer the option of tailoring the terms of their health insurance policy to meet their employees’ needs.
Look into policies without a 30-day waiting period, policies that provide maternity coverage, policies that provide coverage of pre-existing diseases and specialist treatments, and policies that address any other issues of concern for your team members. These can be make-or-break factors when attracting new talent, especially in the Gulf, where expats are moving to foreign countries and want to support the health of their family and loved ones.
5. Quality of service
Providing health insurance isn’t just about paying for medical treatments, it’s about safeguarding peoples’ health, and giving them the peace of mind to feel protected. That’s why outstanding service is so necessary.
Consider whether your health insurance provider is prompt in responding to your queries and whether its customer services are helpful. It shouldn’t be tough for your employees to get the answers they need, so select companies with tools and tech-based processes that simplify the process. For example, at GulfCare, members have access to easy claims processing, specialized tele-health services and 24/7 access to trained and licensed multilingual experts through SMS, e-mail, chat or our mobile app. To find out more, click here.
6. Wellness benefits
As mentioned, an effective health plan does more than treat illnesses, it should also promote health and well-being. For example, mental health has become a huge focus for employers, especially post-pandemic. In response, insurers are increasingly delivering proactive health insurance policies that not only offer financial assistance when employees are hospitalized, but also enable them to adopt a lifestyle that can avoid hospitalization in the first place.
Consider choosing plans with value added benefits such as free employee health assessments, free consultations with dietitians, discounts on gyms, tele-consultations for mental health and free wearable devices to track health.
GulfCare’s Employee Assistance Program offers confidential and professional support, not just for employees, but also for their dependents. The program is designed to address challenges such as work-life balance, stress, anxiety and parenting, ultimately providing employees with more holistic care to enhance their personal and professional lives.
As the employment landscape in the Middle East flourishes, new companies are entering the market and employees are becoming increasingly aware of the benefits they desire from their health insurance plans. Whilst it is mandatory for employers to provide employees with health insurance for many countries in the Gulf, some organizations still do not realize the value of investing in their employees’ wellbeing. They often follow the same approach to selecting group health insurance plans, opting for the cheapest options, instead of the ones that best suit employees’ needs.
Furthermore, companies often opt for the same plans with the same insurance provider that they have been partnering with for years. Due to inconvenience, lack of time or lack of enthusiasm to explore new offerings, many companies are missing out on an opportunity to optimize costs, and invest in their people and ultimately, they risk losing key talent.
But in fact, there are many ways in which employers can customize a group health insurance policy to suit their unique needs. At GulfCare, we believe in offering as much flexibility to employers as possible, to make the process simpler whilst providing adequate coverage with meaningful benefits - all at an affordable rate.
Contact us to learn more about our customizable insurance plans and receive a free quote today.
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