Competition for talent in the job market is always fierce. The more value you can offer top talent, the greater your chances of hiring and retaining them. Today, we’ll explore how insurance helps retain employees and why it’s one of the best benefits you can offer.
Beyond the Paycheck: What Really Matters to Employees
A common assumption is that salaries are the main factor in people’s decision-making when choosing between job offers. While this certainly factors into people’s decisions, data from job markets over the past decade show that today’s employees value more than just the paycheck.
Aside from workplace culture, flexible work arrangements (a result of the COVID-19 pandemic), and generous leave policies, companies are finding that employees, both current and potential, place high value on their health and overall well-being.
Comprehensive health plans, especially those that offer mental health coverage, can tip the scales when it comes to people deciding to go with your business and staying with it.
The Rising Cost of Healthcare
A big reason for health insurance increasingly becoming someone’s key deciding factor is the rise of healthcare costs over the years. Medicine prices and the fees charged by medical facilities and professionals can put a significant dent in anyone’s bank account.
The rise of “experience-first” and active lifestyles also puts more people at risk of accidents, whether during travel or exercise. Emergency room and rehabilitation costs can easily skyrocket. Insurance coverage for medical emergencies can lead to significant savings and peace of mind, allowing people to live more confidently and securely.
Why Mental Wellness Matters More Than Ever
A casual scroll through any social media platform shows a growing concern over one’s mental health. October is even observed as Mental Wellness Month in the Philippines, and media coverage of celebrity breakdowns and suicides has highlighted the importance of mental well-being.
It’s no wonder mental health has shown up in hiring and retention surveys over the last decade. As the world becomes more turbulent and the cost of living continues to rise, people are looking for more ways to relieve the stress of everyday life. Mental healthcare remains one of the least covered and most expensive aspects of traditional health plans.
Employers who offer mental health coverage as part of their insurance benefits become more attractive to potential hires and help retain existing employees. It still remains uncommon, so if you can offer coverage, you’ll easily stand out as a top employer of choice.
Family Benefits: A Key to Employee Loyalty
Filipinos are family-centric for the most part. If there’s one thing we value above ourselves, it’s our family. Some of the biggest medical care costs, too, involve family members like the elderly and the very young. Additionally, your staff who are looking to start a family may be considering what you can offer for maternity coverage beyond what’s mandated by the government.
Including family members in health plans can help insurance benefits retain employees and attract top talent. Every company, big and small, offers personal plans, but it’s still rare for employers to cover more than one dependent or the entire nuclear family, even for minor health concerns.
How Insurance Shows Employees You Truly Care
Perhaps the most important reason insurance helps retain employees is that it shows genuine care from the employer. The basic pay, plus bonuses (government-mandated or not), is part of the contract you have with your staff, which you agreed on as the worth of the work they do for your business. It is expected of you, as much as you expect your people to clock in every workday and give their best.
Insurance benefits show that you go beyond a simple transactional relationship. They demonstrate that you value your employees as people and care about their health, mental well-being, and their families. While it can be said that it also serves the business to keep staff healthy, it can’t be denied that health benefits are something extra that an employer does, and something your people will appreciate.
When the time comes for your staff, especially your top performers, to decide whether to stay or leave, these benefits can make all the difference.
Contact Information for Inquiries and Support
If you have any questions or need assistance with your insurance, feel free to reach out to us:
- Call: +63 2 8631 9285 to 86
- Mobile: +63 917 138 5120
- Email: info@reliable-insurance.ph
- Messenger: m.me/reliable.insurancebrokersph
Sources:
- PCMI Asia (No Date), How Employee Benefits Insurance Boosts Productivity and Talent Retention.
- PWC (2025, March), On the front lines: How insurers can win the war for talent.
- Small Business Coach (2024, November 20), Why Offering Health Insurance Improves Employee Retention.
- Glassdoor (2016, June 10), How 50+ Benefits Correlate with Employee Satisfaction.
- People Dynamics (No Date), The Importance of Insurance as an Employee Benefit.
