Missouri leaders have worked hard to foster a dynamic business landscape driven by a diverse economy, strategic location, and a strong commitment to fostering business growth. As an association leader, ensuring Missourians can build their lives here has been a top priority for us. These efforts start with supporting a strong economy that is competitive, free, and strong. We need robust and stand-out business partners who produce and employ home-grown talent to create a vibrant economy.
This requires making investments in the workforce. Beyond attracting major capital projects and working to keep Missouri’s stalwart employers here in the state, investment in the health and wellbeing of employees has become increasingly important. Employer-provided health coverage is a powerful tool that companies across the state utilize to protect workers and provide them a valuable employee benefit.
From corner offices to the manufacturing floor, health coverage provided in the workplace has long been used to attract and retain some of the best workers across industries. Make no mistake: this is often a significant investment made by employers, but it makes good business sense.
Coverage through work offers more than just a safeguard for employees and their loved ones’ health. It may also significantly bolster a company’s success. Offering health coverage is a strategic move that does more than meet a basic need. When companies provide health benefits, they position themselves as competitive players in the job market, attracting the best talent. A recent study from the US Chamber of Commerce uncovered the significant return on investment (ROI) that American employers receive when offering health overage – 47% estimated ROI to employers with 100 or more employees in 2022, and 52% in 2026. Key drivers of this ROI are cited as increased productivity, reduction in medical cost, and tax benefits.
Importantly, the staff working for these employers feel the investment in their health, and their financial wellbeing. Employers pay a significant portion of coverage costs, supporting their employees and making comprehensive coverage more affordable and easier to access when needed.
Any forward thinker in the business space must consider the financial gain garnered from reduced turnover rates, which are frequently a result of receiving benefits like health insurance. When workers are covered, they are more likely to engage in preventative care. This emphasis on early detection and routine check-ups can stave off more severe illnesses in the long run, which can translate to reduced medical costs for both the employer and the employee.
As mentioned, one of the most significant advantages of employer-provided health coverage is its ability to attract and retain talent. In the modern job market, candidates evaluate the salary and fringe benefits of a job offer. Comprehensive health insurance
benefits remain a leading factor in accepting or declining employment offers. By offering employer-provided coverage, companies can position themselves competitively in the market, ensuring that they attract the brightest minds and skilled hands.
As we strive to continue making Missouri the vibrant and incredible place, we are proud to call our home, creating a nurturing environment that fosters healthy communities is essential. We look forward to working with Missouri’s employers – large and small – to continue making investments in their workforce. Together, we can be competitive and promote the well-being of all Missourians.
President of Associated Industries of Missouri. Established in 1919, Associated Industries of Missouri is Missouri’s oldest, premier business association.
