Running a business, especially a small or new one, requires more hat changes than there are days in a year. One minute we have our finance hat on, the next it‘s personnel, then health and safety and probably salesman too. So when we are told relentlessly that we must think about staff health and wellbeing, let‘s cut to the chase:are there real tangible business benefits? Does this simply mean private medical insurance? And who‘s going to pay for it all anyway?
These are very valid questions. The business case for health and wellbeing support is certainly well established among larger businesses, but there has always been concern that smaller companies may not see the same benefit. Budgets can be generally tighter in small and growing firms so costs such as private medical insurance may seem like a luxury early on. At Standard Life Healthcare we set out a while back to establish what benefits small business owners saw in supporting staff health and wellbeing, and then decided to translate that into really affordable support - but more on that later.
Between December last year and January of 2007 we asked more than 300 owners of small businesses what they thought about business healthcare. More than 98 per cent said that healthier, happier employees made better employees and six out of ten bosses encouraged staff to lead healthier lifestyles. In fact, eight out of ten said that they should be directly involved in supporting staff health and wellbeing.
It seems though that for many people, the biggest barriers to doing something about building a healthier workforce are perceptions about cost and other priorities. That‘s why only one in ten actually has in place a formal prevention and protection programme for healthcare. But what exactly constitutes a health and wellbeing programme?
At the heart of health and wellbeing support at work, private medical insurance (PMI) is the strongest form of protection for when something does go wrong with someone‘s health. Certainly so if they are a key employee or if business will be disrupted by their absence. It helps bosses manage workflow; in fact in our survey nearly three out of four said that was an important benefit of PMI. But what else should companies think about in terms of health and wellbeing at work?
Apart from comprehensive medical insurance there are also smaller benefits such as dental care - which can help staff avoid short notice absences, or long waits for dental appointments. And as anyone who‘s experienced dental pain that can‘t be treated straight away will know, anything that will make it better will make you happier! You can also think about cash plans that provide money for the extra expenses often incurred by people when they are ill. And there are services that can check a potential employee‘s health history and make recommendations so that you can still get the best from them, and - crucially - stay within the law.
Something that is really catching on with companies of all sizes is preventive health services. these can be actual services, such as all-over health screens at a leading hospital group, or they can be virtual, such as online health and wellbeing services that offer tips, assessments, health, diet and exercise advice. Some services even allow employees to speak to a GP or nurse at any time of the day or night, sometimes just for reassurance, but often helping to avoid time off work for an unnecessary appointment with their own doctor.
While it‘s becoming accepted that there is a case for doing some if not all of the above - more than three in four bosses said that staff PMI alone would make them a more attractive employer - you can‘t be all things to all people, but there is a duty of care on employers that includes workplace related wellbeing that can‘t be ignored.
The key to ensuring that you honour your legal obligations as an employer, attract and retain staff with good benefits and avoid loss of production through sickness is to set a budget, no matter how small, and build a list of what concerns you - with your biggest worries and obligations at the top. That way you can maybe start with some medical insurance now, and know that when you can extend your budget you can add in health screens or pre-employment health checks. You will find products that suit even the most limited of budgets and if you shop around or use a specialist intermediary you will often get extras included, such as GP helplines.
If you want to know what other business owners and managers think about health and wellbeing in the workplace, please visit standardlifehealthcare.co.uk for a full report on this topic. You will find that the benefits of health and wellbeing at work, and private medical insurance in particular, are more tangible than they first look. It was our research among bosses that showed that to us, so taking a few moments to find out more might be a better business investment than you might have thought.
Standard Life Healthcare is an award-winning private medical insurer - one of the largest providers in the UK - covering over 600,000 people. It currently employs just over 900 staff, with its head office in Bournemouth. The company was established as Prime Health in 1988 and was bought by Standard Life in 1994, changing its name to Standard Life Healthcare in 2000. In 2006 it purchased the PMI book of FirstAssist. It supplies a range of PMI plans to large companies, small to medium sized companies and individual customers, offering full cover options for in-patient, out-patient and day patient hospital treatment, along with an integral online health & wellbeing service.
For more information on Standard Life Healthcare private medical plans for companies please call 0845 272 8816
