Motivation is the driver behind employee performance, and knowing how to motivate your employees is a tricky thing. You can be the most talented and experienced manager in the world. But if you don’t know how to motivate your team and get them to perform at their best, then you’re in trouble. There’s no way around that. This is where group benefits come into play. Group benefits are insurance benefits that a company can offer its employees. These benefits when planned and implemented well would help in effectively motivating employees.
The Importance Of Group Benefits
Group benefits are insurance plans that cover a group of people. Insurance plans that offer health benefits can be expensive when purchased by individuals. Group insurance involves a plan offered to a group of people, usually employees of a company. Group benefit plans are beneficial as they reduce the cost of insurance. This makes it useful for employees as well as for the company.
They are attractive, since they allow them to get health benefits through insurance at a lesser-priced premium. Apart from medical benefits, dental plans, and even visions care benefits can be offered.
Group benefits are one of the various employee benefits they offer to motivate employees. The benefits offered by the employer can motivate employees and can help them be more productive.
Group Benefits And Their Motivational Impact On Employees
The various motivating benefits of group plans are why employers offer them. In the past, the belief was that a high salary would attract talented people to join a company. Promotions and salary rises were believed to be sufficient to retain talent in the company. Trends have changed and employers today need to be more proactive to retain good talent. Offering various employee benefits, including group benefits is a proven strategy to motivate employees.
The Maslow model of need hierarchy explains how motivation works. Group benefits help to meet the safety needs as well as esteem needs of employees, motivating them to work better. When an employer offers group benefits, the employee’s health needs are taken care of. This makes the employee feel comfortable without having to worry about the high costs of insurance premiums. The employee would also feel thankful for the company for having provided this plan and would be motivated to perform better.
The following explains the use of group benefits to motivate employees:
- Of the various group benefits, health coverage can be a great motivator. Studies have shown that 55% of employees say that health benefits create job satisfaction.
- Apart from medical benefits, insurance also offers mental health benefits. Employees, as well as their family members, can receive support for problems like depression, anxiety, PTSD, etc.
- One of the attractive group benefits is that of paramedical services. Younger employees who don’t need medication are more likely to avail of paramedical services like that of a chiropractor, physiotherapy practitioner, etc.
- One more way of motivating employees is to add experience-based benefits. This will give them access to dental benefits, vision care, coverage for medical equipment, etc. Including this while planning the policy can help motivate employees better.