A recent study has shown that employees posted overseas are increasingly valuing international health insurance plans as part of their rewards package, and independent health insurance broker Medibroker says that HR Executives should take note.
The new importance of health plans for international professionals comes at a time when the OPEC countries are seeking alternative revenue generative industries to ease the rift that the drop in crude oil prices is inflicting. The new vigour of high-tech industries that do not rely on natural resources means expatriate talent is flocking to the UAE. This renewed pull for expatriates is likely to kick-start the global battle for talent once again, so forward-thinking employers within these target sectors should review their compensation and benefits strategy if they want to attract and retain the best staff.
The pressure on corporations is also reflected in new laws on insurance requirements, as international duty of care obligations become increasingly important to employers with a globally mobile workforce. The Dubai Health Authority Legislation is implementing changes that create an employer responsibility when it comes to employee health insurance, with fines for non-compliance expected shortly.
While salary increases and company cars please employees in the short term; getting the right international health insurance plan for your workforce is one of the wisest long term strategies a corporation can use, and it can shape a rewards and benefits programme that meets wider HR and company objectives.
Cover for dependents was also cited as an attractive benefit in the study, and Medibroker can find an international health insurance plan for your employees that is tailored to meet their needs.
Pros of offering employee IPMI:
Being posted overseas can be a stressful career move, particularly if the transition involves moving to a country with a very different culture, such as Dubai or Singapore.
Employee health becomes even more important both to the individual and to the company when the cost of having an overseas workforce is considered. It’s important that Human Resources executives understand that IPMI is an investment, not a cost.
Stress and illness that can arise after a move abroad translates to lower staff productivity and so it’s important that employees have access to healthcare and treatment overseas. By ensuring your workforce has a tailored healthcare plan, bosses benefit from earlier return to the workplace when their staff are ill and less sick days overall. This can mitigate the increasing cost of recruitment and training, as well as demonstrating to the employee that they are valued by the business.
If staff feel safe in the knowledge that their health is covered and they can submit claims easily, they are more likely to cite greater job satisfaction and trust in their employer.