Investing in worker healthcare and making certain their well-being creates a optimistic setting for workers to thrive and ship the best high quality of service to shoppers, thereby making certain enterprise objectives are achieved, the senior vice chairman of Individuals Operations at Reliance HMO, Leila Abu, posited.
This attitude underscores why trendy companies have prioritized worker well being and well-being to enhance total efficiency and repair high quality, she added.
In accordance with world insurance coverage market report, Nigeria has one of many lowest insurance coverage penetration charges (0.5 per cent) in Africa, in comparison with 12.2 per cent in South Africa.
Abu, whereas discussing the direct connection between worker wellbeing, pushed by complete medical health insurance plans and total enterprise profitability on Lagos Talks 91.3 FM’s “Well being Speak” section, averred that the Nigerian insurance coverage trade has struggled with important belief and confidence points relationship again to the early nineteenth century.
“Nonetheless, rising companies now perceive how staff’ well being points can scale back productiveness. They’re actively exploring numerous dependable medical health insurance choices to empower their workforce and enhance productiveness. Analysis exhibits that health-related absenteeism prices small companies between N23,399 and N113,399 per worker per yr. That quantity rises to between N24,650 and N414,700 for giant companies,” she revealed.
Leila Abu addressed the widespread false impression amongst employers that staff are perpetually wholesome and defined how surprising well being points can impose a heavy monetary burden on staff. She said, “Sadly, some employers assume their staff are wholesome, and there’s no certainty they’ll fall ailing. Healthcare doesn’t work that method; accidents occur on daily basis, and paying out of pocket for emergency care can severely impression anybody’s funds.”
Abu additionally famous {that a} widespread development amongst top-tier corporations is establishing a strategic benefit of their trade by offering complete healthcare advantages.
“Prime corporations now use entry to healthcare as a technique for maintaining their finest expertise. That is additionally a tactic used to draw the most effective expertise available in the market. Staff really feel valued after they know their firm covers healthcare for them and their households,” she shared. In accordance with her, this method helps them retain top-performing staff and attracts high-value expertise, giving them a aggressive edge within the expertise market.
2023 analysis from the WEF confirmed that companies with complete well being initiatives recorded a 115 per cent progress in earnings per share in contrast with their rivals’ 27 per cent earnings per share, underscoring the aggressive edge and monetary advantages for companies prioritising their worker well being and well-being.
Moreover, Leila touched on the demanding conditions staff face and the way investing of their well being can enhance and maintain productiveness and profitability for enterprise homeowners. “The stress to carry out might be very draining for workers, and sustaining or attaining profitability stays a precedence for each enterprise proprietor. That’s the reason our healthcare plans had been designed to maintain individuals wholesome and companies productive,” she emphasised.
Relating to the expectations from HMOs, Leila highlighted the excellent Reliance HMO’s medical health insurance advantages, which prolong past mere hospital visits. “Medical health insurance advantages at Reliance HMO transcend hospital visits when individuals fall sick. In addition they embody preventive care equivalent to wellness checks to watch well being standing, fitness center entry for health, well being talks for way of life modifications, and telemedicine for days when you don’t want to go to the hospital,” she elaborated, including that these holistic advantages present employers with preventive care and total well-being, which they should foster a more healthy and extra engaged workforce.
The important thing perception from Leila Abu’s interviews is the vital function of medical health insurance in efficiency and enterprise progress. By strategically investing in staff’ well being and well-being, enterprise homeowners can improve their workforce’s efficiency and enhance enterprise competitiveness. This forward-thinking method to medical health insurance is crucial for companies aiming to thrive in at the moment’s dynamic market.