Ways to Tame Employee Healthcare Costs
Insights From Mettl Company Insights
Employee healthcare costs continue to rise. This post covers, the reasons, the precautions, what employers can do, and how to deal with it all. Take a look.
What factors are leading to the continued increase in costs for employees?
Poor Work-life Balance:
With technological advancement, employees happen to be just a ping away- a culture giving rise to more stress. Earlier work and personal life had clear demarcation and technology wasn’t a challenge in that. Work seems to be burgeoning and personal time depleting. It seems like an anomaly but the more technology we have, the busy we seem to be. As a far-reaching consequence for the employees as well as the organizations, employees are left with little time to unwind and pay attention to their physical health.
No Healthy Options at the Workplace:
People work in offices where there's no quick option for healthy food. It seems easier to order fast food and consume them while working without wasting time than going somewhere nearby to eat healthy. Also, fitness and meditation sessions seem merely a lip service. An employee with piles of work wouldn't want to stay back and devote time to exercise and get tired when they have to go back home and work again on some presentation.
As work for employees seems to be never-ending and because of poor work-life balance, there are increased levels of stress and anxieties of the future- how will a project turn out to be, what if I miss the deadlines, will I get a promotion, how will I be able to save for my retirement- and many such issues.
How are increased healthcare costs affecting employee wellness?
The effects of increased healthcare costs can’t be directly attributed to productivity and morale. But the indirect losses related to the rise in healthcare costs is far from the clutches of measurement. There’s a general decrease in morale, motivation, engagement, and productivity which does affect the business bottomline somewhere.
What can employers do to help reduce the cost burden for Employees?
A Large Network of Doctors in Mediclaim Policies:
Having a large group of doctors ensure employees can find doctors near their location wherever they may be. Also, those who have preferred doctors they visit or have a good rapport with will be covered by a large list of doctors in Mediclaim Policies. It helps employees choose doctors according to their preferences and needs.
General Physician at the Workplace:
Organizations can provide a general physician at the workplace for employees free of cost to cater to common ailments that come with changing seasons. A doctor in the office premises can reduce the high consultation fees for employees which they usually have to pay from their pockets. While for corporations it might just be another cost to their business investments, for employees it would make a huge difference. It not only helps employees save money but also help organizations save on the indirect losses from absenteeism, low morale, and stress about rising health costs.
Availability of Healthy Food at the Workplace:
There should be round-the-clock availability of free or subsidized healthy food and snack options. It acts as a great advantage for employees who work in night shifts and also time-crunched employees in the day time.
Topics: Human Resources