Why investing in health insurance can still make sense – despite global uncertainty

In a business environment shaped by economic uncertainty, political instability, rising costs and evolving employee expectations, employers are under increasing pressure to make every investment count.

While some organisations may look to reduce spending during uncertain times, at Equipsme we believe that health benefits remain one of the most valuable investments a business can make - for both its people and its long-term performance.

Matthew Reed, Chief Executive at Equipsme explains: “We think that your people make your business, and that looking after them is the key to staying one step ahead of competitors, and staying profitable during difficult times.

“Health benefits can help you in numerous ways, from reducing the impact of sickness absences to attracting and retaining top talent - and ultimately supporting both productivity and performance.

“Perhaps most importantly, we’re reaching the stage where the cost of doing nothing on employee health could actually be more than the cost of doing something. So the question becomes not, can ‘we afford to support staff health?’, but ‘can we afford NOT to?’”

8 benefits of health benefits – no matter what’s happening in the world

1. Reducing the impact of sickness absence

World events are impacting people, but personal events are still going on, and probably impacting them even more. People in your organisation are still falling ill and getting injured, for instance.

Faster access to diagnosis, treatment and rehabilitation can help employees return to work sooner, reducing the operational and financial impact of absences. At Equipsme, for example, our ROI research ¹ estimates we get people back to work 2 times faster than the NHS.

“If I’d have gone through the NHS for my hip op I think I’d still be waiting now. So I’d still be in pain - and I’d still be doing less than half of my job. Thank God I had an Equipsme plan to fall back on.” Equipsme member

2. Attracting and retaining top talent

Despite the economic climate, when things start to move again in terms of recruitment, employee benefits can play a significant role in employee’s decision making.

There are many sectors for which economic downturn actually increases competition for highly skilled workers, and your benefit package becomes more important rather than less of a priority.

Health insurance is consistently ranked among the most valued ² workplace benefits, and can help employers stand out in a competitive labour market.

“It’s great to have an edge over our competitors from a recruitment perspective. Now we can say we offer private health benefits as part of our employment package. That’s a great draw for people - especially in the charity sector.” Pay and Benefits Manager, Prior’s Court, Equipsme client

“At the end of the day, having Equipsme makes us a more attractive workplace. To be competitive and to retain and attract top talent our benefits package has got to be up to scratch. Now it is.” Finance Director, TBS Engineering, Equipsme client

3. Demonstrating commitment to employees

Investing in health benefits, particularly across the wider workforce, sends a strong message that an organisation values its people. This can strengthen employee relations and workplace culture during periods of uncertainty, which ultimately helps drive a successful business.

“The equitable thing for us to do was to modernise and equalise our health support - and that’s where Equipsme has come in. It was the nearest fit to getting full-blown PMI for every single person in our organisation, without breaking the budget.” Head of Reward, UK Power Networks, Equipsme client

“I’m really grateful my employer is so supportive and actually cares about employee health. It just makes good sense to take care of people – and what they get back is people who actually want to work hard for them.” Equipsme member

4. Boosting staff engagement

Employee engagement and satisfaction are key metrics for most organisations, and investing in health support can give a boost to how committed and content your employees feel – and how hard they work for your business.

“In the latest colleague engagement survey, reward and benefits saw the highest increase. Our score went up to 8.1 out of 10, against an industry average benchmark of 7.1. It can be incredibly hard to move the dial on employee engagement, so for us this represents a really positive shift, and puts our benefits offering in a good place.” Head of HR, Castle Trust Bank, Equipsme client

5. Supporting productivity and business performance

Healthy employees are more likely to be engaged, productive and present at work. Research³ shows a strong connection between workforce health and economic productivity.

“We wanted to make sure all of our employees could get the tests, scans and treatment they needed to get better faster and improve their health for the future. We think we will start to see a difference in our sickness absence rates, and the speed we can get people back to work.” Benefits specialist, Imerys, Equipsme client

6. Addresses growing demand for healthcare

With NHS waiting lists still hovering around 7 million ⁴, employees will increasingly look to their employer to provide health back-up – especially for health issues that impact them at work.

“For us, primary care was a real focus, because so much of our sickness absence is due to everyday health issues. We all know that the NHS is stretched thin, and we all know how difficult it is to get to see a GP and get the attention you need. We wanted to be able to help people with that.” Payroll and Benefits Manager, SOCOTEC, Equipsme client

“I really don’t know what I’d have done without having my Equipsme plan to turn to. I’d have been waiting for months for the NHS to get to me - in some of the worst pain I’ve ever experienced.” Equipsme member

7. Strengthening organisational resilience

Businesses cannot eliminate economic uncertainty, but they can take steps to help reduce the risks associated with workforce ill-health. Investing in employee health helps build a more resilient organisation that is better equipped to navigate disruption, and come out the other side as a strong and profitable business.

“At the end of the day, Equipsme is good for employers, too. There’s only a small pool of people who can do my job, so if I’m off sick they’re stretched thin and paying double-time for my cover.” Equipsme member

8. Mitigating the cost of doing nothing

The cost of doing nothing on employee health might actually be more than the cost of doing something. Equipsme’s Return on Investment research estimates that the full cost of having someone off work is about £446, allowing for day rate, lost productivity and continuity, and possible cover expenses. That’s helped us estimate a c£3 for every £1 spent. That’s good value, even when budgets are tight.

“As an accountant, I wasn’t sure Equipsme could be as good as it seemed. So I investigated several options – and Equipsme really was the one that suited us best.” Head of Support Services, Suffolk Mind, Equipsme client

“We went looking for great health insurance and great value for money, and Equipsme has more than fit the bill for us as a team - and clearly for employees across EDF. For us, it’s been the perfect solution.” Head of Reward, EDF, Equipsme client

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