4 benefit categories that should be on your agenda for 2023
As 2022 draws to a close, many of us are making resolutions for the new year. Maybe you want to follow a new exercise routine or a new diet with less red meat? Or lose a few pounds? Or will you start learning a new language as your way of getting exposed to a different culture? If you happen to be in human resources, your “professional new year resolutions” will likely include reinforcing or adding a number of new benefit categories to your organization’s arsenal.
In this Pacific Prime Dubai article, we examine four benefit categories that should be on your HR team’s agenda in the new year. As you’ll see, all of them are related to the health and well-being of your employees.
The 4 benefit categories that you should consider in 2023
If we look on the bright side of COVID-19, it has caused a grand-scale reawakening leading to a newfound focus on health and wellbeing. Companies of all sizes, ignore this new trend at your own peril! In no particular order, the 4 benefit categories are (drum rolls):
1. Helping your employees locate healthcare resources more easily
Just because resources are available doesn’t mean they are easy to locate, and this is particularly true when it comes to healthcare, because oftentimes people need it most when they are least able to look for it.
At the same time, healthcare plans are getting more complicated every day, and by the time you have a proper grasp of the maze that is your current plan, it’s likely the plan itself will have become obsolete, and some improved plan will have been scheduled to replace it.
Not being able to locate resources efficiently is not just frustrating, it is also very expensive because wastage inevitably is the end result. To drive costs down, companies must not only provide good healthcare, but also put in place a good system that helps employees easily determine what healthcare services they need and locate these services.
2. Reviewing your group medical plan and taking action if necessary
Not everything new is better than its predecessor. But luckily for us, in the realm of health insurance, if a new plan is not better than the plan it replaces, it probably won’t last very long in today’s ultra-competitive environment.
That’s why it’s crucial to review your group health insurance plan often. Although plans are not getting cheaper (as a matter of fact, they are getting more expensive), you get a better bang for the buck because new plans typically give you more flexibility and adaptability, and provide more comprehensive coverage than older ones. Given the share of healthcare expenses in today’s corporate budgets, you want to make sure every dime you spend there works smartly for you.
3. Not ignoring mental health needs
It wasn’t long ago when mental health issues were almost a taboo, but times have changed. Partly as a result of the pandemic, people today are more open about their mental and psychological needs, and the concept of holistic well-being (which places the emphasis not just on physical but also on mental health) is fast gaining traction in the working population.
Technology has also played a significant role here, with counseling and therapy delivered online becoming commonplace. Companies that understand the importance of mental well-being and go out of their way to render meaningful support to their employees will find that, in the current “war for talent,” good salaries can only go so far: a company must truly care for its employees and be sensitive to their needs to truly win hearts.
4. Helping your employees stay fit
People who are fit not only look better and more confident – they also save on healthcare costs. But it’s not that easy to keep fit when you have a demanding job and a family to raise, and many people in the working-age group have elderly parents to care for and a mortgage to repay on top of all that.
Employers can help here by deploying technologies to help employees keep track of their physical activities and nutritional intake – modern technology not only gives you a bunch of numbers, but also offers advice. If you want to do more, consider providing a workout area where your employees can firm up their muscles before (or after or during) a busy workday, without taking an extra trip to a fitness center. It’s a win-win for the company and your employees.
Get in touch with Pacific Prime Dubai today!
Our expertise and experience in all matters related to insurance, combined with our in-depth knowledge of the products from major insurers around the world, give us the ability to offer impartial advice that only a leading global insurance brokerage can.
Not only can Pacific Prime Dubai tailor a plan that meets all of your needs and fits your budget at the same price as going straight to an insurer, but we are there with you every step of the way and will stand up for you when you need us most.
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