In an ideal world, businesses would be delighted to be in a position where they can reward hard working staff with regular pay rises or bonuses.
In the real world and during challenging economic times the issue of rewarding and motivating staff is more difficult to manage. Companies may also find that absences have increased, especially stress related incidents.
What can a business do?
There are various options available, dependant on the level of funds available.
A recent study stated that NHS waiting lists are getting longer and the number of patients currently waiting for diagnosis alone is 595,000, it’s highest level since 2007.
(Source Department of Health June 2011)
To reduce the number and length of absences and to promote a ‘feel good’ factor amongst the workforce you could implement a Private Medical Insurance scheme. The costs can be controlled by the policy structure and the benefits to the employer are:
- Quick and convenient medical advice and treatment for employees which will help them return to work as quickly as possible
- The employee can receive medical treatment at a time that is convenient for them and the employer
A lower cost alternative could be the implementation of a Health Cash Plan to deal with the more common day to day medical expenses that an employee may encounter.
These type of plans are funded by the employer for the benefit of its staff and allows them to reclaim the costs of Dental treatment, Optical examinations, Consultations with specialists, Physiotherapy, Chiropractic, Osteopathy and Acupuncture treatment as well as counselling.
It is also possible to combine these two products or consider complementary services such as Employee Assistance Programmes.
Want to find out more?
Please contact us to discuss the options available for rewarding your staff for their loyalty and efforts in the most cost effective way for your business.
You may already have arrangements in place directly with an insurance company. If this is the case, we would be happy to undertake a fee free review of these policies to comment on their suitability in terms of the benefits provided for the scheme members and the cost to the business.
- Wingate will discuss your business circumstances with you to ensure we identify your specific business needs.
- Based on this research we will provide you with a report confirming the options available and our recommendations without cost or obligation.
- If you wish to make changes to your benefits, we will implement these adjustments on your behalf.
Wingate Benefits Solutions is here to assist you with all aspects of Group Risk Benefits. Should you wish to discuss this or any other such matter please contact your Wingate Benefit Solutions adviser on 0844 406 0027.