Once you’re an employee of a company in Singapore, it’s just about time to start considering employee insurance. This employee assistance program (EAP) is offered at most organizations and helps employees with work/life balance, financial planning, or even psychological issues like stress or anxiety. Here are reasons why everyone needs employee insurance in Singapore.
1) To make more informed decisions about money
Employee insurance in Singapore covers medical bills, hospitalization fees, and medication costs that may arise while out sick or on annual leave. Therefore having this safety net can help give employees peace of mind while they’re off on leave by knowing that their families are looked after financially if something unforeseen happens. Also, I tend to be more proactive when saving money and make more informed financial decisions like paying bills on time and saving for retirement.
2) To manage employee stress levels better
Having employee insurance in Singapore means employees can access counseling without worrying about having to pay additional fees or how it will affect their family or household budgets. Since employee insurance typically covers most, if not all, the counseling process, employees can consult a professional with peace of mind knowing that they’re getting the proper care and treatment for their situation. Additionally, according to an industry survey, only 15% of employees who need counseling end up getting it – employee insurance might be what helps bridge this gap.
3) For company productivity
Employee insurance is one way for companies to encourage employee wellness and help them become healthier in the long run. According to a study, employee insurance improves employee productivity by 8.4%, health and well-being by 33%, and retention rates by 18%. In fact, according to another study, an employee who doesn’t have insurance is three times more likely to take sick leave compared to one who has it – which means less company time lost from employee absences.
4) To lower employee turnover rates
Employee insurance often includes modes of assistance that can help employees through financial hardships they may face during life events like getting married or having a child. This platform works as a support system for employees who are going through difficult times in their personal lives and gives them peace of mind knowing they still have a safety net to rely on. Helping employees through these difficult times also improves employee loyalty and company retention rates which ultimately benefits the organization in the long run.
5) To help employees focus on their work
Employee insurance is another employee benefit that helps attract talent with job perks like financial assistance or employee counseling. Adding employee insurance into the mix of your employee benefits shows that you’re dedicated to providing services for your team members. This perk not only appeals to new hires but let’s current employees know you care about their wellness and overall well-being at work too. According to an industry survey, 75% of employers agree that employee insurance is one of the best ways to keep employees happy – which means less time spent worrying and more time spent on improving employee productivity and overall company performance.
6) To give employees peace of mind
Employee insurance lets employees take a break from worrying about their families and focus on what they should be focusing on – their work. By having employee insurance, employees can focus more at work because they know someone is covering them financially if something happens while they’re out on leave or sick. This employee benefit reduces employee stress levels to perform better in the workplace without being distracted by illness or financial burdens, which ultimately benefits the organization since employee turnover rates also drop with this perk.
7) It makes good business sense
According to an industry survey, employee insurance is one of the most valued employee benefits because it helps keep employees happy and because employee retention rates rise. This employee benefit gives companies an advantage over their competitors by giving them the upper hand when attracting new talent – which ultimately improves employee productivity and business results.
It is important to remember that not only do you need insurance for your employees, but also yourself. If you are in a position where they can cause harm or injury while working, you must have the right coverage.