Stress at work is a serious problem for businesses everywhere.
It negatively impacts productivity, staff retention, and more.
And unfortunately, the stress of running a small business falls disproportionately on owners, many of whom simply don’t have the same resources as their larger counterparts.
Fortunately, providing your employees with comprehensive health coverage is one of the best solutions.
Not only does it help lower workplace stress, it’s also a total game changer for your business.
Here’s what we’ll cover:
- Why Workplace Stress Is Costing Businesses More Than Ever
- How Health Coverage Reduces Employee Stress
- The Connection Between Benefits and Retention
- Building a Healthier Workplace Culture
Why Workplace Stress Is Costing Businesses More Than Ever
Workplace stress is at epidemic levels. In fact, the American Psychological Association found that 77% of U.S. workers reported stress at work within the last month.
That’s a huge number of people.
What’s worse is that there are some major negative consequences to employees being stressed. They take more sick days. They’re less productive. They quit more.
Think of it like this…
When employees feel burned out, or like they’re struggling without any support, their work suffers. They make more mistakes, they disengage from tasks, which then hurts the business.
Then there’s the financial cost to employee burnout. On average, it costs employers thousands per year for every burned-out employee through things like lost productivity, higher absenteeism, and increased healthcare claims.
For small businesses operating on razor-thin margins, these hidden costs can be crushing.
Luckily, there’s a solution that has been shown to address these problems head on. Providing employees with quality small business health plans allows them to access the support they need to manage stress before it becomes a problem.
How Health Coverage Reduces Employee Stress
Health insurance isn’t just for the unexpected medical bills.
It also gives employees peace of mind.
Let’s take a look at why this is so important…
Having health insurance means that your employees won’t have to constantly worry about being able to afford healthcare. If they get sick, they can actually see a doctor. If they have a medical issue, they can get it treated.
The added peace of mind is especially important when it comes to mental health. The National Alliance on Mental Illness discovered that 92% of employees say mental healthcare coverage is important for creating a healthy workplace culture.
Super important, right?
The thing is, quality health coverage typically includes a ton of great things for your employees like:
- Primary care visits, including for illnesses
- Mental healthcare, such as therapy and counseling
- Preventive care, like screenings and checkups
- Prescription drugs, for any medications they might need
When employees have access to mental health resources in their health plan, they are far less likely to report being affected by a loss in productivity. They are able to effectively navigate challenges at work without it impacting their ability to do their jobs.
The bottom line? Health coverage takes a major source of stress away from your employees. If they don’t have to worry about affording healthcare, they can focus on doing their jobs well.
The Connection Between Benefits and Retention
Good employees are expensive to lose. The time and money that goes into recruiting and training new workers, not to mention the hit to productivity, all add up in a hurry.
Let’s take a moment and look at a fact that might surprise you…
Turns out, health benefits play a major role in whether employees stay at a company or look for work elsewhere.
Businesses that offer health insurance have an easier time attracting qualified employees. Gusto found that businesses offering health insurance are 13% more likely to report no difficulties recruiting new employees.
The good news?
The same businesses also have better employee performance. When people feel that their employer cares about them, they work harder. They’re more engaged, more committed, and more productive.
Now think about the alternative. A small business without health coverage and benefits is going to struggle against businesses that do provide comprehensive coverage for workers. If a potential employee has two equally desirable jobs to pick from, which one do you think they’ll choose?
The one that offers health coverage and that looks out for their wellbeing.
Investing in small business health insurance pays off by:
- Lowering turnover, so you save money on hiring and training
- Improving employee morale, so you get more productivity every day
- Increasing job satisfaction, so employees are less likely to call in sick
- Increasing workplace loyalty, which makes your team more stable
Building a Healthier Workplace Culture
Health coverage is important, but it’s only one part of the equation. The businesses that do the best job of retaining staff are those that combine insurance with a company culture that values employee wellbeing.
So, what does that look like?
Let’s start with communication. One of the biggest problems employers face when it comes to health coverage is that employees don’t know how to use it.
Make sure employees are aware of what their health insurance covers, and how they can access healthcare.
Encourage employees to use preventive care services. Visiting the doctor for regular checkups and screenings helps your employees catch health issues early on. This means they’re cheaper to treat and easier to manage.
If you have the budget for it, it’s also a great idea to throw in a few wellness programs to go along with health coverage. Flexible scheduling to accommodate medical appointments, or mental health days as part of your leave policy, can go a long way to showing your employees that you have their back.
Resources and support for stress management, along with open dialogue around workplace pressures, are other easy (and free) things you can do to lower workplace stress.
The key is to create an environment in which employees feel that they can take care of their health without fear of being judged or penalized in any way.
The better employees understand that it’s okay to address health concerns when they arise, the sooner they can access the support they need to stay healthy and perform at their best.
Bringing It All Together
Workplace stress is real and it’s not going away on its own. It takes conscious effort on the part of business owners who truly want to build strong, sustainable businesses.
Offering your employees comprehensive health coverage is one of the best things you can do.
It not only combats employee stress, but it also provides them with access to the medical care and mental health support they need to do their best work.
Let’s review:
- Workplace stress is an epidemic that costs businesses major money
- Health insurance helps reduce employee stress by giving workers peace of mind
- Benefits packages are a major factor in retention and recruitment
- Creating a culture of wellness multiplies the positive effects of health coverage
Successful businesses are the ones that take care of their people. Providing your employees with quality health coverage is not only good for them, but it also makes good business sense.
