How do you attract top talent? It’s more than just the salary that you pay your employees; the benefits you offer them are also a key factor to entice the talent that you want. And if there’s one benefit that ranks higher than others it’s health insurance. A 2018 Clutch Report surveyed more than 500 full-time employees, and found the following insights:
Offering health insurance to your employees shows that you care for their physical and mental wellbeing, and that you place value on them and not just their work. This also holds true for employers who manage distributed teams. With the wealth of information available and the access of technology at your fingertips, there are no excuses for not getting your remote employees health insurance.
You might be asking, “Why do I need to provide health insurance if I already pay the mandatory health insurance as per the country’s regulations? Isn’t that enough?” Many countries have a mandatory health insurance system for employees to benefit from local healthcare services.
However, because the local healthcare system is public and open to all local employees, there can be issues in terms of the quality of healthcare that is received as well as the lack of preferential treatment that is given. Many employers choose to find their own health insurance providers to ensure quality, priority, ease, and efficiency.
But let’s be honest, insurance premiums are not cheap and – given the rise of insurance premiums in the last few years – employers are getting more and more anxious about just how much they have to cover. “Is it worth it?” you might be asking. Before you make up your mind, here are a few advantages to providing your employees with health insurance...
Despite the numerous benefits of health insurance, there are a few obstacles that stand in the way of employers. Besides the obvious one of increased costs, the daunting task of choosing a reliable and trustworthy healthcare provider can dissuade employers from providing a health insurance benefit.
This can be especially difficult if you’re managing a distributed team, which means having to look for a specific local health provider or an international health provider that will be able to cover all your employees from different countries around the world. Add to this the administrative stress that comes with filling out forms and remitting premiums, and the overall time and effort of this process can be a hassle many employers are not looking forward to.
However, there is an easy way to get around this. Professional Employer Organizations (PEOs) like Multiplier will take care of everything for you. From choosing a credible healthcare provider to taking care of the administrative work, all you need to do is focus on building your business and leave the worrying of your team to them.
When you hire a PEO, you must opt in to and pay for coverage under the PEO's policy in addition to carrying your own insurance. When you hire an employer of record, your employees are covered by the EOR's insurance policy. The EOR ensures that all insurance regulations, including healthcare mandates, are followed. Your employees' health insurance is provided by the EOR on your behalf.
They already have trusted healthcare providers in their network and can easily take care of the necessary paperwork you need to get your employees set up. Besides healthcare perks and other employee benefits, you can even use Multiplier to pay your remote employees and comply with local labor laws. You can rest easy knowing that Multiplier only has the best intentions for your remote employees.
British magnate and entrepreneur Richard Branson is quoted to have said, “Take care of your employees and they will take care of your business. It’s as simple as that.” Many employers will agree that their employees are their greatest asset and also one of their most valuable resources. Yes, health insurance is quite a costly benefit, but think of it as an investment on your people which you will earn back in productivity, loyalty, and trust.
Want to learn more about how you can use Multiplier to provide the best benefits to attract remote employees? You can visit our website or contact us today.
Global Employee Benefits
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