6 reasons why startups need to consider employee health benefits given the current pandemic
This year has been very difficult for startups as the pandemic stirred up havoc across the world. But one thing is for sure, COVID-19 might have affected the businesses a bit, but the entrepreneurs' faith and dedication to making it big cannot be fazed.
And with this comes the unwavering support of employees who work tirelessly and play a pivotal role in taking the company to the next level. They don different hats and play different roles in the organisation to get things done.
For their commendable work, it is imperative that they get rewarded, and their wellbeing is taken care of.
Especially during this difficult time, where some companies are sacking their employees, many companies are supporting their employees and adding more benefits in their repertoire, especially with regards to healthcare.
If the companies are thinking about whether to invest in their employees during this pandemic or not, this should help make this decision easier for you all.
Power of productivity
Poor health is one of the biggest contributors to a lot of absenteeism, and when they have personal and health-related qualms circling their heads, it can affect their productivity.
An employee who feels that their employer really cares for them and has invested in their health and wellbeing can do wonders, especially during this pandemic, when health has become the number one priority for all.
This will positively impact productivity, and they will religiously work towards the growth trajectory of the company.
High retention rate
Many employees look for better health benefits than a salary. They are sometimes okay to let go of a salary hike if they are getting great benefits out of it, especially if it is around healthcare.
If you provide them with great healthcare benefits, you can retain a lot of good employees who will stick with you for a long time.
Protection of valuable assets
If the employee’s health is affected, especially with COVID-19 going around, it is very difficult to cope with it financially as the hospitalisation costs are very high. Employees may find it difficult to bear the costs, and this can lead to a lot of problems for them financially, as well as personally.
But with healthcare benefits provided by the company, the cost gets taken care of, and the employees can get back to work quickly. This can save them a lot of money and they can lead a life without any stress.
Reputation and sense of care
This pandemic forced a lot of companies to fire their treasured employees. We have seen that a lot of companies have scouted for and extended their employee benefits until the end of the year with the exit package. This has helped the employers to maintain their reputation.
When a company not only keeps their employee but also gives them health benefits, this attracts a lot of good employees, as well as good clients. Employees talk about the benefits that they are getting in the company and create a positive word of mouth, which will make you the talk of the town, and they will be forever grateful as well.
If you pay the medical premiums on behalf of the employer, and it gets deducted from the employee’s salary, it will meet the requirements of Section 80D, making the payments eligible for a tax rebate.
Happy employee = booming business
In this difficult time when your employees feel a sense of security with a company, they will strive hard and work towards your business goals diligently and loyally. Hence, it is paramount to make sure your employees are happy and healthy, and providing them with health benefits will be the cherry on the cake.
When adversity strikes, it gets difficult for an employee to tackle it emotionally and financially. But when they know that their employers got their back, this can positively affect their mental health, and their savings will not take a hit. So, health benefits are the gateway to booming business and happy employees.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)