Understanding the Issue
Employee stress is a significant concern for HR departments, and for good reason. While stress is a normal part of life for many Australians, excessive stress can catastrophically impact our mental health.
One of the major stress-contributing culprits is financial pressure. A recent study by NAB revealed that household financial stress is at its highest level in eight years. This startling statistic correlates with the rising financial anxiety in Australia’s workforce and underscores the critical role of HR teams in supporting and safeguarding the mental wellbeing of their employees.
Why Employers Should Care
Employee satisfaction and morale are crucial for enhancing workplace productivity, offering a significant competitive advantage to businesses. Financial stress leads to increased absenteeism and a negative work environment, impedes productivity and can work to dampen organisational success over time.
Currently, financial stress is the leading stressor for Australians. With a 2023 Beyond Blue study finding 37% of Australians identify cost of living pressure as the most significant factor harming their mental health. Although we can’t control the economy, we can manage how we cope with and support ourselves, which necessitates proactive measures at an organisational level.
So, what proactive measures can organisations take? For HR managers, investing in a great corporate private health insurance scheme is one way to possibly alleviate financial stress within your workplace and it may lead to more productive and engaged employees, benefiting the individual and the broader organisation.
Leveraging Corporate Private Health Insurance Programs
Healthcare costs are a significant source of financial stress. Although Australia has one of the best healthcare systems globally, certain aspects of healthcare can still be costly. While Medicare covers many services, there is often a wide variety of out-of-hospital procedures it does not cover, such as dental and optical care.
A common misconception is that these programs are too costly for organisations. However, at Navy Health, we have corporate health insurance programs that are affordable, accessible, and advantageous. Our corporate private health insurance programs will provide your employees with access to comprehensive healthcare and may offer a genuine solution to addressing financial stress in your workplace.
Navy Health offers organisations the flexibility to choose from three types of corporate policies: fully funded, partially funded, and self-funded - allowing organisations to tailor their coverage to align with financial considerations.
Another misconception is that organisations need to provide top-tier cover for both hospital and extras to see benefits. However, even our basic level of Extras cover, thanks to our restricted fund status, offers substantial support for out-of-hospital preventive healthcare.
By integrating preventive care into your company's wellness strategy, you might not only enhance employee health but also demonstrate a commitment to their overall wellbeing. This proactive approach could minimise absenteeism, reduce serious illness risks, and boost morale and loyalty. Discover how our corporate programs could support your organisation's goals and foster a healthier, more engaged workforce.
To learn more, contact our Corporate Relationships Partner through our website. For a detailed breakdown of how our programs could benefit your company, explore our other article here.
Disclaimer
The information in this article is for general information only. Navy Health is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the information in this article relates to your unique circumstances. Navy Health is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this article.