For business owners sensible enough to view their staff as valuable assets of the company, helping them stay fit and healthy is as important as oiling and servicing the machine that sits on the shop floor. After all, anything not working at optimum level is not helping productivity, and falling productivity often means falling profits.
Absenteeism due to sickness clearly has a financial effect. According to some recent research by one of the more well-known PMI providers, the average annual cost in lost hours for businesses with up to 10 staff is £3,500. If your business has a workforce of 100 – 250 then hold on tight; the figure hits £40,500.
Jump the queue
Companies taking out Group Private Medical Insurance are not only seen as caring employers but can also enjoy some level of clarity when it comes to any treatment needed by a member of staff.
Obviously nobody requiring treatment wants the stress of being on the waiting list of a creaking NHS and subject to last minute cancellation and the same applies (or should) to employers. By giving staff access to fast, private healthcare, a clearer picture of the likely disruption and return to work date is clearly a benefit to all.
Providing benefits to staff also improves morale and can go a long way towards retaining valuable and experienced people. In the same way it can also make your business more attractive to top candidates in any recruitment drive. On the financial side, apart from helping to reduce sick days, PMI is also a tax deductible business expense.
Get an appointment with a specialist
There is a wide variety of PMI products on the market and for any business owner, the prospect of trawling through the various pros and cons of what to include or exclude can be daunting. With this in mind it is surprising that another recent survey, carried out by a leading employee benefits consultancy, revealed that although 81% of companies questioned stated cost as the principle factor, they didn’t consider a relationship with an intermediary very important.
These companies are probably missing a trick by not seeking independent advice. After all, a good intermediary’s business and reputation relies on their knowledge of the market and the savings available to their clients. Add to that their ability to tailor a product to suit both the needs and budget of a business, and then review it regularly, they are very well placed to make things a whole lot better.