As an owner of a company, you must have been thinking of the best way to provide employee benefits to your employees. After all, your employees are the crucial assets to the company, especially the ones with the best performance. The usual benefits are Paid Time Off, i.e. sick leave, maternity leave; Flexible or Remote working options, Perks and Bonuses, etc, but only 10% of the total SMEs in Malaysia have Healthcare Benefit in place for their employees.
Is Healthcare Benefit worth considering?
This article is specially written for business owners and employers who are new to Healthcare Benefit a.k.a Corporate Solutions offered by the insurance companies.
Key Challenges Facing SME owners
To attract and retain talents, you will need to invest in the right kind of benefits that give value to you and your employees. 68% of Malaysian employees ranked ‘attractive salary’ and ‘benefits’ as most important as the deciding factors on either to stay or to accept other offers, while 76% are most likely to stay with an employer because of their benefit programmes.
Let’s talk about employee replacements. Apart from the possibility of losing great talent to other companies or competitors, the cost of replacing an employee ranges from 0.5 to 2 times the employee’s annual salary. Costly, isn’t it?
An SME’s true potential is often not fully realized due to its lack of resources to stay current in the challenging market. It is difficult for small start-ups and SMEs to get access to the desired talent pool, thus attracting and retaining talents in the company are crucial for the business and future plans. Plus with the current ongoing trend of job-hoppers who would only stay within a company for less than 3 years in pursuit of better opportunities, why not make your company be their ‘next better opportunity’ with ‘better benefits’?
Employee Benefits Are Being Challenged to Do More
Employers will continue to face rising costs of healthcare and based on the current trend, healthcare inflation outpaces our economic inflation. Malaysia’s medical inflation rate is one of the highest in the region.
Right now, there has been an evolution of benefits from reactive to preventive action, where promoting mental and physical health start in the workplace. This is done by incorporating activities to promote employees’ well-being and make it as a top priority. Healthy and physically active employees are happier and motivated to perform better, with a lower absence rate than their less-active colleagues. A healthy workplace reduces healthcare claims and helps to avoid the case of loading during the renewal of premiums.
In this digital age, companies are looking at spending lesser time on insurance paperwork, entertaining medical claims by pushing digitalization in every operational process. Human resources’ main tasks are supposedly focused on attracting and retaining talents by offering the right benefits and staying competitive on the job market, not to be buried under the paperwork of claims and medical documents. We, on the other hand, would like to be able to book doctor’s appointments, submit clinic claims, update personal information and manage preventive care through apps.
Advantages Of Transferring and Sharing Your Risks
Insurance company such as AIA offers a long-term partnership to the emerging SMEs by delivering Corporate Solutions packages for employee benefits. This partnership does not only offer comprehensive Healthcare solutions but also focuses on maximizing value by improving efficiency and delivering cost benefits to your company.
One of the strengths of AIA being your corporate solutions partner is its digitalized healthcare model, making healthcare information and services accessible anywhere, anytime. A range of digital tools and services are readily available at your employees’ fingertips, these include digital medical cards, benefit utilisation, pre-registration at panel clinics, panel clinics and hospitals search, hospitals’ room rates and ongoing offers or campaigns, online consultation, etc.
For the human resources, you will be able to save time and cost with an easy to use corporate platform. Administration tasks such as addition and termination of employees or checking of bills and statements can be done online with real-time data and no paperwork is needed. All records will be saved and processed digitally.
Final Note
The corporate solution packages can be tailored according to your company’s needs and budget and as your company grow over the years, the plan can be revised before its yearly renewal.
I would love to share more but at the end of the day, what matters most is what you need and how to customize it. So, if you are ready to explore more about the packages and corporate solutions offered by AIA, kindly reach out to us at Contact Us and we will get back to you within 1-2 working days.
