It is becoming increasingly common for clients to tell us in meetings that they have a talent problem: both because they find it difficult to find professionals who fit the vacancies they have open and because they find it difficult to retain the best talent in the company. This has a high cost for companies: delayed projects, failure to achieve objectives, overloaded and burnt-out teams doing the work of two people, etc.
The great renunciation, which began in the USA in 2021, has gradually reached Europe, and more and more companies are talking about well-being at work. Add to this the fact that the generations entering the labour market are smaller in size than their predecessors and therefore have more choice in where they want to work.
Improving the employee experience with social benefits
In recent years, large recruiters are finding it difficult to hire new graduates, as they struggle to fill the quota they used to have.
There is little point in being anchored to the idea that past generations were more self-sacrificing or that today’s young people want it all. If we want to be able to attract these well-educated young people, we need to work on the employee experience, the emotional pay of the teams and the employer brand of the company.
It’s common sense: people who feel good and happy create a pleasant working environment, and this makes everyone work much better.
In customer-facing jobs, this is even more accentuated: as they say, ‘Take care of your employees, and they will take care of your customers’. With this in mind, social benefits in companies are the easiest way to build team loyalty and contribute to increasing their commitment to the organisation.
There are many examples of social benefits: teleworking, flexible working hours, work-life balance, team building activities, training, team mentoring and pension plans. However, the social benefit most valued by employees is health insurance.
In fact, health insurance has gained in value in recent years due to the saturation of public health care, as it is the ideal solution to long queues and waiting lists.
Benefits of taking out health insurance for your team
This type of insurance provides multiple advantages for employees. These are the most important ones:
- Attracts and retains talent.
- Improves the quality of life of the team.
- It reduces sick leave and absenteeism.
- The team feels cared for and the working environment improves.
- It provides a tax saving compared to a salary increase.
Companies can offer health insurance for their employees as part of the remuneration package, covering 100% or through a flexible remuneration plan where the employee pays the insurance through their salary, with a good price (as part of a group) and an advantageous tax treatment on their personal income tax (exemption of €500 per year per insured person and extensible to spouse and children). It is not always about paying more, but paying better: pay efficiency.
To obtain solutions and benefits for employees based on the HR policies of each company, contact our Employment Benefits area.
