What are the benefits of a tailored employee benefits plan?
It is vital for a business to have a comfortable workplace, and security is one of the most comfortable amenities a business can offer its employees. In the UAE, it is mandatory for employers to offer health insurance to their employees. Having this law pushes organizations to further increase their employee benefits, as offering health insurance is now the standard. According to an employee benefits study conducted by MetLife, 82% of employees in the UAE believe that a wider range of benefits is a priority. This Pacific Prime article will focus on how your organization can benefit from having an optimal employee benefits plan.
Tailoring your employee benefits plan
Why are employee benefits a vital part of an organization’s business model? It allows employees to feel welcomed and safe, thus leading to a good workplace environment. Apart from just safety, it also keeps employees motivated. According to the same MetLife report referred to earlier, an increase of 12% is seen in the correlation of higher employee benefits and employees’ engagement with their tasks. Therefore it can be seen that the employee benefits offered by an organization correlate with their employees’ motivation.
As stressed in the introductory paragraphs, health insurance is a mandatory benefit employees in the UAE must receive. However, health plans come in different forms, thus allowing companies to attract employees through various benefits. Offering a comprehensive health plan, or a plan tailored to best benefit employees are tactics organizations can use to attract and retain talent.
According to the aforementioned study done by MetLife on employees in the UAE, it shows that as the years go by there has been a growth of interest from employees in health benefits for their family, and life insurance that offers protection in the event that the main provider for the family passes away. Adding perks like these are another way to create a solid employee benefits plan.
Another way to build an attractive health insurance plan is through a “cost-sharing” system. This basically means that the organization and the employee both share the cost of a unique health insurance plan. According to the reports, employees are willing to share the cost for a more attractive employee benefits plan. In 2014, 43% of the people surveyed were willing to share the cost. The percentage of employees willing to share the cost of their employee benefits in 2017 rose to 62%.
The age of workplace wellness
Similar to many other parts of the world, the wellness trend took off in the UAE around 5+ years ago and has escalated quickly ever since. According to the above-mentioned reports, 87% of employees in the UAE believe wellness is a key component of benefits. Workplace wellness programs can be made of things like meditation, stress management programs, work-life balance initiatives, and many others.
A focus on these types of programs allows organizations to show their employees that they care about their wellbeing, and improve the health status of their staff (e.g. addressing issues like high blood pressure, diabetes, and mental health).
According to the SHRM report for 2018, the growth in workplace wellness as a benefit has risen from the previous year but still remains on average the same as the years prior. Apart from allowing employees to sort out their wellbeing, a decent wellness plan can also prevent the organization from losing more money in the future, as reports claim it can help prevent 4 of the 10 most costly health conditions. In addition to this, it can also help prevent employees from missing work due to falling ill.
Workplace wellness also allows organizations to build on their culture, as it makes employees feel that they are taken care of. You can read the following Pacific Prime article to help guide you to build a decent workplace wellness program.
Building upon paid leave
More generous paid leave policies, such as maternal leave, is on the rise as a growing number of organizations are starting to see the benefit in them. According to the SHRM report of 2018, paid maternity leave has risen from 26% in 2016 to 35% in 2018. That is a significant leap considering by the short time span. The right paid leave policy does not only benefits employees, but also the organization. It allows inexperienced employees that are covering for those on leave to gain experience and improve their skills. Additional to that it also allows the organization to build upon their corporate social responsibility and promote quality breastfeeding time as a vital part of infants’ health.
Paid leave policies arguably do as much for the organization as they do for its employees, while maternity health insurance benefits are also another great way for organizations to show staff who are moms-to-be that they care.
Benefits for your employees, benefits for the company
As the world around us changes rapidly, adapting is the best way of keeping up. The best way to benefit the company is to take care of the employees, and having a good employee benefits plan does just that. It allows the organization to show the employees that they will be taken care of and do not have to worry about their security.
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