How Group Life Insurance Can Boost Employee Retention and Satisfaction

Companies, regardless of their sizes, may face a downfall if they don’t focus on employee retention and satisfaction at the right time.

However, employers, especially SMEs in the UAE, seem unaware of it, which may result in difficult consequences. Hence, the benefits of offering group life insurance to employees need to be discussed more so that employers can be well-prepared beforehand and retain talent.

8 Ways How Group Life Insurance Can Boost Employee Retention

Every employer may not have to reach this level initially, especially when they are small businesses or start-ups. Still, they must begin the journey by providing their employees with a standard group health insurance facility.

Before you think more about the profits and losses of including life insurance in your company policy, read here how group life insurance can boost employee retention:

1. Reduce employee absenteeism

Often, sick or injured employees remain absent due to a lack of medical facilities. This is a loss for both employers and employees. The former loses the productivity output, and the latter loses their confidence and enthusiasm for work. A group life insurance plan covering medical expenses for workers illnesses and injuries can help solve the issue.

2. Improves job satisfaction:

Paying salary alone cannot retain employees, especially in this age of millennials and Gen Zs, with diverse work opportunities. A company must ensure job satisfaction for their employees. It comes with workers-friendly programs at the office, assurance of regular work-life balance, and a standard group life insurance plan.

3. No discrimination against any employee

As the group life insurance coverage is provided in a group, no employee feels less valued than others. This creates a healthy professional relationship among employees and, eventually, between them and the employer.

4. Creates a healthy work environment

Ensuring a healthy work environment that promotes everyones emotional well-being is paramount. A group life insurance plan secures your employees lives, giving them peace of mind. Thus, a peaceful work environment free from stress or anxiety is created for them.

5. Gives financial security:

Sometimes, critical illnesses, major injuries, etc., bring heavy financial burdens upon employees. Due to that, employees often be away from work for a long period of time or leave the company. A comprehensive group life insurance plan from trusted companies like CoverB can solve these issues. It covers medical expenses and other associated costs, reducing the stress on employees and their families. Thus, it effectively brings the employees back to the workplace.

6. Brings employee loyalty

Providing insurance benefits makes workers stay loyal to their employer. In fact, sometimes, the fear of losing the benefits also works. Hence, business owners must obtain group insurance policies from reliable insurance companies like CoverB and provide their employees with a sense of security that they would barely want to lose.

7. Ensures peace for families

Nothing can compensate for the loss of a loved one! However, the assurance of financial security when a significant breadwinner of the family passes away brings peace to some extent.

8. Impresses workers with company goodwill

Offering facilities like group life insurance coverage creates a positive impression of the company. Such a brand reputation makes employees trust the employer and remain in the company.

Thus, offering group life insurance coverage is one of the best ways to retain employees and attract job seekers to choose your organisation over your competitors.

How to Measure the Success of Including Group Life Insurance in terms of Employee Retention

As a start-up, small business, or medium enterprise, an organisation may have to track the outcome of every action. Obtaining group life insurance is also one such factor that needs to be supervised regularly. But how is that possible? Let us see. 

• Productivity metrics, or tracking the everyday performance of employees through work reports, bring forth the output they provide to the company with peace of mind.

• Tracking absenteeism or calculating the days of absence for employees helps employers understand whether the employees are benefiting from the group insurance facility.

• Conducting surveys on employee satisfaction, virtual or in-person, is another way to get a clear idea about workers satisfaction at the workplace.

• The current employee turnover rate, or the average number of employees leaving the company, is another parameter to measure the success of the group life insurance facility’s strategy.

Final Words

Employers often fail to retain employees while focusing on client retention. Finally, they become concerned when their backs are against the wall. But then, they are mostly left with no choice but to make futile efforts to fix the issue.

That is why it is important to provide security to employees lives by offering group life insurance from trusted insurance providers like CoverB beforehand. This is not just a facility that you provide as an employer. Rather, it is an investment for your organisations sustainable growth and long-term success. Thrive and go ahead of your competitors with a happy and healthy workforce!