Significance of Health Plans for Culture and Talent: Employees Underutilize Benefits
In a recent report released by Cigna Healthcare, it was revealed that a staggering 58% of HR leaders believe that the benefits they offer are not being fully utilized by their employees. This comes as a surprise, considering that health benefits are deemed to be the most impactful employee value proposition (EVP) when it comes to attracting top talent.
The report, titled Harnessing Health – Measuring the Impact of Employee Health and Well-being Benefits, is the result of a survey conducted among 1,000 managers and directors in HR and benefits functions across various countries including Hong Kong, Singapore, UAE, UK, and the US. It highlights the importance of employee wellbeing as a top priority for organizations, with benefits playing a crucial role in producing tangible advantages for the entire workforce.
One of the key findings of the report is that employee wellbeing is ranked as the top priority among respondents from international organizations, while those from domestic companies consider it to be the second priority, following closely behind employee retention. Moreover, health and wellbeing benefits are believed to have a positive impact on business outcomes, with two-thirds of the HR leaders surveyed acknowledging that health insurance helps reinforce a company culture that supports health. Additionally, a majority of respondents believe that such benefits play a significant role in attracting talent, maintaining employee loyalty, and even improving productivity and reducing absenteeism.
Interestingly, despite the overwhelming majority of organizations providing health and wellbeing benefits (93%), only six in 10 employees feel that their employer proactively supports their health and wellbeing. This disconnect between employer intentions and employee perspectives may be attributed to the underuse of benefits, as reported by 58% of HR respondents. It is clear that there is a need for employers to not only offer comprehensive benefits plans but also to create a workplace culture that encourages proactive health and wellbeing management.
According to Jason Sadler, President of International Health at Cigna Healthcare, the survey results highlight the significant impact that health and wellbeing benefits can have on workplace performance, talent retention, and overall employee health and engagement. He emphasized the importance of providing benefits plans that cater to the specific needs of each workforce, while fostering a culture that promotes proactive health management. Wendy Sherry, CEO of Global Health Benefits at Cigna Healthcare, echoed this sentiment, stating that a holistic and tailored benefits plan is key to retention and engagement.
In other news, Cigna Healthcare recently announced the appointment of Neil Kirby as the CEO of its Global Individual Health (GIH) business. This move is expected to further enhance the company’s commitment to providing innovative and comprehensive healthcare solutions to individuals around the world.
Overall, the findings of the report shed light on the importance of prioritizing employee health and wellbeing in the workplace. By leveraging health and wellbeing benefits effectively, organizations can not only attract and retain top talent but also create a culture of health and wellness that benefits both employees and the organization as a whole.
