In today’s competitive business landscape, prioritizing employees’ welfare has become a key factor in attracting and retaining top talents. But what is the true impact of employee health insurance on job retention especially in the height of harsh macroeconomic realities? To dive into the relationship between health insurance packages and employee retention in Nigeria, TechCabal Insights, WellaHealth, and Whirlspot Media, collaborated on a study to explore insights into how employee health insurance plans through Health Maintenance Organizations (HMOs) influence employees’ decisions to stay or leave their current employment.
The study surveyed employees across 12 industries to report that more than 90% of employees considered health coverage as a very important aspect of employment contracts and about 34% would make a decision based on the quality of the package. The report found that employees are willing to pay privately for health insurance, even where it is not provided by their employers, underscoring the value they place on their overall well-being.
However, the report also demonstrates that employee health insurance may not always be the sole determining factor when employees consider job offers or decide to stay or leave a company. Despite its importance, other factors such as nominal income and job security also play significant roles. Nevertheless, the significance of health insurance becomes more critical in sectors prone to work hazards, where employees value the protection and support provided by a comprehensive health plan.
With 76.7% of respondents reporting out-of-pocket health expenses not covered by their employers, this report further validates the widespread need for comprehensive health coverage in Nigeria. Moreover, it presents an opportunity for employers to expand their health coverage offerings to enhance job satisfaction.
Overall, the insights from the study become important for companies to strike a balance between employees’ salaries and optimal health coverage, especially at the height of harsh macroeconomic conditions and the wave of brain drain in the country today. Employers have the power to positively influence employees’ decisions and enhance job satisfaction by expanding the coverage of minimum packages and addressing the gaps in employee health insurance.
To gain more understanding of the findings and fresh insights into health insurance management, we invite you to download and explore the full report. Unlock the power of employee health insurance and pave the way for a future where well-being is central to organizational success.
