The SVP of People Operations at Reliance HMO, Leila Abu, has said that investing in employee healthcare and ensuring their well-being have helped top companies in retaining top-performing employees and attract high-value talent, while also giving them a competitive edge in the talent marketplace.
Leila, who was sharing her insights on Lagos Talks 91.3 FM’s “Health Talk” segment, noted that leading businesses now leverage extended healthcare coverage for employees and their families to boost productivity and growth.
According to her, investing in employee healthcare and ensuring their well-being create a positive environment for employees to thrive and deliver the highest quality of service to clients, thereby ensuring business goals are achieved.i
With insurance in Nigeria, having one of the lowest penetration rates in Africa 0.5% compared to that of South Africa 12.2%, according to her, the nation’s insurance industry has continued to struggle with significant trust and confidence issues, dating back to the early 19th century.
She, however, believes emerging businesses are beginning to understand how employees’ health issues can reduce productivity, and are, in consequence, actively exploring various reliable health insurance options to empower their workforce and improve productivity.
“Research shows that health-related absenteeism costs small businesses between N23,399 and N113,399 per employee per year. That number rises to between N24,650 and N414,700 for large businesses.
“Unfortunately, some employers assume their employees are healthy, and there is no certainty they will fall ill. Healthcare does not work that way; accidents happen every day, and paying out of pocket for emergency care can severely impact anyone’s finances,” Leila stated.
She noted that a common trend among top-tier companies is establishing a strategic advantage in their industry by providing comprehensive healthcare benefits.
According to her, this approach helps them retain top-performing employees and attracts high-value talent, giving them a competitive edge in the talent marketplace.
Citing the 2023 Research from the WEF, Leila stated that businesses with comprehensive health initiatives recorded a 115% growth in earnings per share compared with their competitors’ 27% earnings per share, underscoring the competitive edge and financial benefits for businesses prioritising their employee health and well-being.
Furthermore, Leila touched on the demanding situations employees face and how investing in their health can improve and sustain productivity and profitability for business owners.
Regarding the expectations from HMOs, Leila highlighted the comprehensive Reliance HMO’s health insurance benefits, which extend beyond mere hospital visits.
“Health insurance benefits at Reliance HMO go beyond hospital visits when people fall sick. They also include preventive care such as wellness checks to monitor health status, gym access for fitness, health talks for lifestyle modifications, and telemedicine for days when you do not want to visit the hospital,” she stated.
and then