As a startup, it’s not easy to pay the same salary as a big corporation. Also, employee perks and benefits are harder to provide, given your smaller revenues and profit margins. As a result, employee retention is a big challenge.
You aren’t alone. All over the world, employee retention is a challenge startups struggle with. A 2018 LinkedIn survey found that the turnover in the tech sector is as high as 13.2%, the highest of any industry. That should alarm everyone, but startup founders and CEOs the most. That’s why we suggest using employee healthcare as a tool to improve retention rates.
Before we explain how though, you need to understand the why.
The Startup Challenge
Before COVID, funding for startups was easy to get. Yet, many companies often struggled with cash simply because they were building on unsustainable business models. Take WeWork for example, the company failed even though it received plenty of funding. When you aren’t making a profit, employee welfare is likely to be last on your list of priorities.
Employee healthcare plans and good perks often cost a lot of money, which is why they often get passed over when it comes to a list of priorities. Despite knowing this, many employees still choose to work at startups because of promises of short-term gains. Promises of “changing the world”, stock options, and great work cultures attract millions of workers each year.
Choosing short-term gains over long-term ones is a huge reason why startups suffer from high attrition rates. If you want to build a sustainable team for the long run, you need to think beyond the short term. And that’s where employee healthcare benefits come in.
Let compromise on your employee’s healthcare needs. With Onsurity, give them the access to best healthcare benefits possible.
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Value of Employee Healthcare
Employee benefits are great ways to attract talent, and in a post-COVID world there is none better than employee healthcare plans. A survey by Mercer Marsh Benefits found that 26% of respondents would be more likely to stay with an employer that offered digital employee healthcare solutions.
Employee healthcare matters, and that’s not something you should ignore as a startup founder or executive. Here are just 3 reasons why employee healthcare is now a more in-demand benefit:
- Rising costs of healthcare mean it is harder for people to afford their own health plans and medical costs
- Gen Z workers are more conscious of their health, and put wellbeing first
- In a post-COVID world, healthcare is going to become a necessity, not a luxury.
If you want the best talent, you don’t have to offer the best salary. Ensure you have a good employee healthcare plan. How can you do that as a startup or SME? Why not provide employee healthcare benefits through Onsurity. It’s economical, and flexible to your needs.
Onsurity’s plans offer benefits like doctor teleconsultations, discounted check-ups and medicine orders and group health insurance through our insurance partner. It’s the easiest way to show your team you care about their wellbeing, without putting a strain on your finances.
Onsurity’s carefully thought-out plans are built keeping startups and their requirements in mind. With us, you will give your team another great reason to stay and help build your vision. We at Onsurity have made employee healthcare simple, efficient and economical as it should be. After all, why should healthcare be an afterthought?