It is said that a company is only as good as its employees. The quality and skills of your employees decide the growth of your company. Therefore, taking care of them will automatically double the profits.
One efficient way of taking care of your employees is by taking care of their finances. According to a report, the major reason people drain their savings is due to unforeseen medical emergencies.
Therefore, one way of showing them how valuable they are to you is by covering for their healthcare needs.
You can do so by providing health insurance. If you are still wondering how health insurance can affect the finance of your employees; here are some points that can enlighten you.
- Rising medical expense
Even a small illness can burn a hole in your employee’s pocket. The medical costs have increased significantly in the past couple of years, and are bound to keep rising.
Your employees might end up spending their personal savings in case of medical emergencies. A critical illness can even drain all of their lifelong savings; which will ultimately take a drastic toll on their future plans.
- Changing lifestyle
Medical emergencies can occur at any stage of our life. The main reason for the increase in health issues is the changing lifestyle.
Hectic work schedules, quality of food, commuting, rising levels of pollution, and incorrect eating habits are some of the many reasons which have increased health problems. This changing lifestyle requires the employees to be prepared financially; regardless of its magnitude.
- Pre and post hospitalization cost coverage
During hospitalization, patients are charged not only for the medical costs but also for the diagnostic tests and OPD (outpatient department).
These pre and post hospitalization expenses have risen recently. This can be covered by health insurance as per the policy.
- Income tax benefit
Under Section 80D of the Indian IT Act, payments made towards the health insurance are eligible for tax deductions.
Beneficiaries can claim deductions upto ₹ 25,000 if they are below 60 years of age.
- Additional benefits
The policy also has coverage for health check-ups, vaccinations, day-care surgeries, and ambulance coverage along with several other benefits.
Some of the insurance even covers the following which can otherwise drain your savings.
- a) Trips to the emergency room
- b) Care before and after your employee’s baby is born
- c) Prescription drugs
- d) Lab tests
- e) Outpatient care
- f) Mental health which includes counselling, psychotherapy, and behavioural health treatment
- g) Preventive services including vaccines for managing chronic diseases, screening, and counselling
The faster your employee opts for health insurance; the lesser she/he will have to pay for the treatment. This is because the health plans are determined by the beneficiary’s age and medical history among other factors.
Your employees will be able to choose from a wide range of policies such as dental, vision, and hearing. Though a health loan can be a perpetual backup; there is no harm in being ready for the unforeseen circumstances beforehand.
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Through electronic device channels such as Internet service, projectors (for large teams), reliable audio sources, laptops, tablets, webcams, etc., business employees and senior executives can communicate with each other back and forth using various virtual meeting platforms.Here is the list of Best Virtual Meetings PlatformsSkypeSlackGoogle HangoutsZoom meetingGoToMeetingMicrosoft TeamsFacetimeGoogle MeetGet to know more virtual meetings platform and its benefits.
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Having motivated employees willing to go the extra mile to help grow a company makes all the difference.However, many companies fail to take care of their employees.
Companies today understand that their employees are essential elements in their operations.
The bottom line is - if you want to increase employee productivity and loyalty, you need to show them how important they really are.2.
As a brand or company, your reputation depends on how your employees represent your business.
They want stable employment and a safer future.
Poor management, bad work conditions, and lack of respect are the primary reasons why employees look for other jobs.However, if you manage to keep your employees happy, they will want to stay.
Business productivity is an important aspect since it determines how well a business grows.
With that said, the following are simple ways of boosting business productivity.Invest in Quality EquipmentIf you want your workers to deliver quality work and operate efficiently, then you need to ensure the tools and equipment they use are quality and effective.
This is how you kill their morale.
So, find different ways of using it to your advantage.
For example, go digital with your operations.
Find out how you will incorporate technology in your business.Keep your Employees HappyIf your employees are operating under high pressure, they turn out to be less productive and unmotivated.
