Employee satisfaction drives demand for enhanced medical cover
A new report from Bayzat, based on their activity for the last 12 months, found that two-thirds (67 percent) of UAE companies have increased the amount they spend on premiums per employee in order to deliver better coverage. Bayzat’s data also highlighted the average increase in spending by these organisations is an impressive 31.4 percent.
Of the companies that have enhanced coverage for their staff, 56 percent moved to better providers, while the remaining 44 percent stuck with their incumbent providers or equivalent, electing for plans with a greater number of benefits. This translates to enhancements for these companies such as employees gaining access to a wider network of clinics and hospitals, improved maternity cover, alternative medicines treatment, higher annual limits, and dental and optical cover.
In addition, nearly 65 percent of Dubai-based companies now offer medical insurance coverage for their employees’ dependents. This is despite the coverage of dependents not being made mandatory by local regulations.
Ahmad Bayaa, Chief Operating Officer at Bayzat explained, “With remote work dramatically expanding employees’ job prospects, the onus is now on organisations to make themselves as attractive as possible to existing staff and potential hires. The legislation by Dubai and Abu Dhabi, which mandated that insurance be provided for all employees, has meant that companies that truly prioritise employee benefits must differentiate themselves by offering more comprehensive policies.”
The value of employee satisfaction is evidenced by a recent Accenture report which found that companies that provide a great employee experience outperform the S&P 500 by up to 122 percentage points.