Among the list of considerations when it comes to joining a company, medical benefits seem to be a priority.
Of the respondents, almost 40% of employees say they are more likely to stay in a company that provides the same benefits. Almost 50% of the respondents say they see companies that provide medical benefits are more caring. Most respondents cited small company size and high cost of group insurance as reasons why their company does not provide medical benefits. When asked how much budget is set aside for their company’s medical benefits per year, almost two in five SME owners and human resource professionals said $10,000 and below.
“Awareness of health and protection has gone up since the pandemic, so understandably, employees value medical benefits and appreciate investments in their wellbeing and future. An ageing workforce coupled with rising healthcare costs are also driving employees to want support in the area of medical protection so that they can focus on their work with greater peace of mind,” he adds.