Group Medical Insurance as a part of Financial Wellness
All of the companies nowadays are devoting due time and attention to the growing need for financial wellness. It is indeed a crucial concept that needs to be addressed timely to ensure that it supports the employee wellness program of the company. One of the significant steps taken by companies is providing group medical insurance to its employees. Due to the pandemic, many companies have adopted hybrid ways of working. Employees have had to suffer a pay cut, and it has certainly not made things easier to handle. Finance is one such concept that has the potential to make or break the peace of mind of an individual. Due to uncertainty surrounding their jobs and the overall situation outside of home, holistic wellness needs to be dealt with carefully. 🙏🏻
If the situation on the outside (the environment) takes a toll on the inside (the human mind), it can be risky. To be on the safer side, companies are carrying out initiatives wherein they are building systems that specifically take care of their employee’s mental health. It is a positive sign that the companies recognise the need for incorporating wellness programs as a regular practice.
Financial Wellness is a huge contributing factor to the mental health of the workforce. To understand how effective implementation of the financial wellness programs can be beneficial, let us first deep dive into the basic meaning of the concept.
Understanding Financial Wellness 📃
To help us understand this concept better, let us take an example. Mr. A makes about Rs. 50000 from his day job. He has two children who have enrolled in school. In order to save money for their future education and needs, Mr. A avoids spending money unnecessarily. He has a fixed budget for all his expenses and ensures he saves about 15% to 20% of his monthly salary.
The above example depicts that Mr. A is wise enough to make economical use of his earnings and realises the importance of saving money for emergency situations and long-term goals of his family.
Herein, the company in which Mr. A works, ensures that they have a mind and body healing session every month along with team building activities. This helps the employees to relax and rejuvenate. In this way, it can be observed that employers hold a crucial position to impact and contribute to their employees’ well-being. When an employee is stress-free, they are better able to perform well in their roles.
What are some of the advantages of Employee Financial Wellness? ✔
Below are some of the primary benefits of financial wellness –
- Improved Employee Productivity 💡
Companies are coming up with various services such as employee loan assistance, financial counselling and assistance in providing student loans for their children. All these services are more like a support system for the employees. The employees can remain fully focused on their core tasks and need not be burdened by additional responsibilities. This helps boost the employees’ productivity and help them excel in their job.
- Employee Satisfaction
It is a well-known fact that a peaceful mind helps an individual to practice mindful decision making. When an employer goes the extra mile to ensure that all the required support is provided to their employees, the companies witness a spike in employee satisfaction.
This can be achieved by offering group medical insurance to employees. The group medical insurance will act as a shield to protect employees from medical emergencies. It will help their family members to combat the difficult times with much ease.
- Retention of employees 🤝🏻
For the company to be able to succeed and prosper, it is important to attract and retain the best talent. When an employer has a provision of employee medical insurance in their ranks, it is one of the biggest offerings. Employees understand that not only their mental health but also physical health matters and are valued by their employer. This allows them to make the right choice and work in a peaceful environment.
In this way, major companies are able to successfully retain their talented and skilled workforce and stay ahead in the competition.
A group insurance helps employers save cost as insurance companies provide a comprehensive package at an attractive interest rate. This helps them to maximise benefits at both ends.
- Overcome Absenteeism
Whenever employees are unable to meet their needs by a single job they end up doing double shifts or simultaneously handle two jobs to fulfil their requirements. This takes a heavy toll on their physical and mental well-being. It is quite difficult to work 24×7 and not be able to find the time to catch a break. The workload can drastically deteriorate their health. Accompanying stress can make them lethargic and make them unfit to take on everyday work energetically.
Plum Insurance offersgroup medical insurance, facilities such as regular health checkups and doctor’s consultation helps employees overcome this situation and feel safe. As regular health issues can keep employees away from work and lead to absenteeism, such financial wellness initiatives benefit in the needed circumstances. 🔍
Some of the companies go one step ahead and come up with personalised financial wellness benefits suitable to each employee. They identify and inquire about the needs of their workers and customise a plan as required by them. Companies even conduct sessions led by experts wherein they guide their employees by sharing financial wellness tips.
Hence, as we have discussed in detail above, it can be concluded that incorporating a financial wellness program is a major part of employee benefits. It has several positive aspects and helps an employer as well as an employee reap benefits in the long run.