In today's competitive job market, Canadian companies are constantly seeking ways to attract top talent and maximize employee productivity. One often overlooked strategy is the provision of healthcare benefits. Let's explore how investing in employee health can lead to increased productivity and overall business success in Canada.
Key Points
- Canadian public healthcare has gaps that employers can fill with comprehensive benefits
- Chronic diseases like diabetes significantly hurt employee productivity and company costs
- Offering comprehensive health benefits is crucial for ensuring long-term employee productivity and retention
- NiaHealth offers innovative at-office biomarker blood testing, providing a practical solution for companies looking to implement proactive healthcare strategies.
The Current Canadian Public Healthcare Landscape
While Canadians enjoy public healthcare, many essential health and wellness needs aren't covered by government plans. Canadian healthcare falls under the category of reactive healthcare (or medicine 2.0). The purpose of reactive healthcare is to treat illnesses once they come up. Someone gets sick, and Canadian healthcare is there to react to that sickness. Despite lengthy wait times and common physician shortages, Canadian healthcare does a fine job of providing care within this reactive framework.
The Benefit of Medicine 3.0
An aspect of health that the Canadian system doesn’t provide is proactive care (also known as the increasingly popular; medicine 3.0). Medicine 3.0 has a slightly different approach than reactive healthcare: instead of treating people once they become sick, wouldn’t it be better to prevent them from becoming sick in the first place? Even though Canadian healthcare recommends yearly checkups, there is little to no infrastructure supporting Canadians to do this seemingly intuitive technique.
Why Companies Should Care
The biggest threat to companies is not that their employees will suddenly come down with a severe illness and miss work the next day. What's even more concerning is that an unhealthy lifestyle can translate into chronic illnesses which will eventually damage employee's long term well-being and productivity.
The Cost of Chronic Diseases: A Case Study on Diabetes
Understanding the impact of chronic diseases on productivity highlight the importance of comprehensive healthcare benefits. Let's look at diabetes as an example:
- Employees with diabetes incur significantly higher medical and productivity costs
- The average annual per capita cost for beneficiaries with diabetes is $7,778, compared to $3,367 for those without diabetes
- Work loss costs for diabetic employees are 1.7 to 2.2 times higher than for non-diabetic employees
With diabetes affecting a significant portion of the Canadian population (15% in 2023, projected to rise to 17% by 2033), addressing this issue through healthcare benefits can lead not only to substantial productivity gains but also maintaining talent retention.
Attracting and Retaining Talent
In the quest for top talent, competitive salaries are important, but a robust benefits package can be the deciding factor. Consider these statistics:
- 60% of employees would accept a lower salary for better benefits
- 16% have resigned or refused a job due to unsatisfactory benefits
- 42% of workers say better benefits would encourage them to stay in their jobs
Health benefits, in particular, are the most expected and desired type of employee benefits.
Protecting Valuable Assets
By investing in employee health, companies protect their most valuable asset – their workforce. This allows businesses to grow without the distraction of health-related concerns.
Here are some strategies for implementing effective healthcare benefits:
- Offer Comprehensive Coverage: Include services like mental health support, preventive care, and chronic disease management.
- Promote Wellness Programs: Implement initiatives that encourage healthy lifestyles and preventive care.
- Provide Easy Access to Services: Ensure employees can easily access medical services.
- Educate Employees: Help staff understand and make the most of their benefits.
- Regular Review and Update: Continuously assess and adapt your benefits package to meet changing needs.
The Bottom Line
Investing in comprehensive healthcare benefits is not just a cost – it's a strategic move that can significantly boost employee productivity and overall business success. By addressing the healthcare needs of employees, Canadian companies can create a healthier, more focused, and more productive workforce.
A healthy employee is a productive employee. By prioritizing healthcare benefits, you're not just investing in your staff's well-being – you're investing in the future of your business.
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NiaHealth is one of the only Canadian companies that offer convenient home or office blood draws, analysis of up to 50+ healthspan-related biomarkers, and personalized health reports with actionable insights. What sets us apart is our commitment to a seamless user experience, oversight by health experts, and tailored concierge services. In addition, we provide other diagnostics such as VO2 max tests and DEXA scans, ensuring comprehensive insights into health and fitness levels.
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