INTERAMERICAN Hellenic Life Insurance Company S.A.
Part of Achmea
350, Syngrou Avenue, GR-176 74 Kallithea, Athens, Greece
The Value of Employee Benefits
Greece is experiencing its greatest crisis in the last 50-60 years. Despite the difficulties faced by companies, it is important to have a vision, set goals and to implement them accordingly. Today more than ever before, people are unquestionably the greatest asset in the development of a company. Attracting an retaining a talented, committed workforce is crucial for employers. While it may seem that retaining employees would be less important in a post-recession economy—with so many looking for employment— retention can actually become even more of a priority for employers. Replacing lost employees can be expensive, both in terms of employee morale and finances. Employers that are able to target their benefit package to attract and keep the employees need to succeed in order to gain a valuable competitive advantage. In addition, the company differentiates itself from its competitors and improves its image in the market. Of course, we should not forget the fact the premiums for additional benefits in human resources are tax deductible.
Employees worry about rising health care costs and retirement security, and most look to their employer’s benefits for solutions. Health care benefits have traditionally carried more weight than retirement benefits in terms of attraction and retention, but in the last years the gap has almost completely closed. Group insurance is the most important and effective benefit a company may offer to its employees. The outcome of many surveys shows that most employees value their group coverage as much as they do their salary. A good benefits package can help provide the financial stability employees seek. And by doing so, it can help employees establish a better work/life balance. The employees who enjoy the privilege of group insurance feel that the company listens to their needs and that their efforts are recognized and rewarded in practice. The positive mood in the workplace increases as well as their commitment and dedication toward the company’s goals.
Although it is possible for individuals to purchase insurance on their own, the high cost of private individual coverage amplifies the value that group coverage offers to employees. This phenomenon explains why, in the absence of any viable alternative, employees increasingly seek coverage through their employers. But group coverage is valid as long as somebody works in a company. What will happen when we leave the company?
As we go through life’s stages, we often need more health insurance. But, what if our health deteriorates and we cannot get health insurance? This is a concern that everybody has. Insurance companies could help individuals even if there is limited financial ability to pay for an individual contract to proactively ensure their insurability and have coverage now and in the future in order to be protected against the catastrophic costs of serious illnesses and to ensure access to medical care.
“If I had my way, I would write the word “insure” upon the door of every cottage and upon the blotting book of every public man, because I am convinced, for sacrifices so small, families and estates can be protected against catastrophes which would otherwise smash them up forever.”
Those words were written by Winston Churchill, describing the importance of insurance more than 50 years ago, and they are still relevant. Private insurance is imperative now more than ever!
By George Plomaritis, Group & Corporate Business,Manager, Interamerican, Part of Achmea
Reprinted with kind permission of "Business Partners"