A well-structured employee benefits plan can help attract and retain productive employees who contribute to your business’ bottom line. Being aware of the tremendous impacts that we all know is important. The absence of a valued employee due to health and stress related issues is costly, time consuming and can be challenging from an HR perspective. In 2011, a Statistics Canada study found that businesses lost 105 million work days due to employee illness and personal reasons, an average of about 9.3 lost work days per employee.
According to a 2012 Conference Board of Canada study, these absences cost the economy a staggering $16.6 billion. When the costs associated with those absences are double and sometimes triple the cost of drug claims, we know we have a bigger problem than we imagine. Employees suffering from long-term illnesses without a definitive diagnosis are a significant and costly problem in the Canadian workplace. Like most things in life, preventative maintenance can help avoid major problems. A well-structured employee benefits and wellness program can help employees take care of themselves, stay healthy and productive.
It is essential that employers understand that investing in the health and well-being of each employee is not only a meaningful gesture, it is good for business. This is why many leading employers now offer employee benefits that provide in-depth expert medical reviews, personalized health coaching and much more. Employee benefit plans can ensure your employees get the right diagnosis and treatment plan early. This will maximize productivity and improve morale in your company.
Compared to obtaining employee coverage individually, employee benefit plans are much more cost-effective. Through a group plan, your employees will get enhanced dental services, extended medical services, prescription drugs and access to disability coverage without medical exams and at a discounted rate. The leverage of buying your coverage as a group has its advantages. It is standard practice for private sector employers to share the cost of monthly premiums with their employees.
There are a variety of options when it comes to building a plan that works well for your business. The nature of your business, the demographics of your employees, and the type of budget you have available will be considered when selecting the type of plan that best suits your needs.
Bringing employers and employees together can form a powerful team against medical uncertainty and the millions of lost work days that result from misdiagnosed or mistreated conditions.