TechCabal in collaboration with WhirlSpot Media and WellaHealth has released the report of a study that unveiled a hidden factor that can significantly impact job retention in Nigeria – Employee
Health Insurance.
The study employed a robust and comprehensive methodology, encompassing a substantial sample size of 104 employees across various industries in Lagos, Nigeria. By leveraging structured questionnaires and in-depth interviews, the researchers were able to capture the nuanced perspectives of employees, ensuring a comprehensive understanding of the subject.
According to the survey, 93 per cent of respondents value comprehensive health plans in their job contracts, but only 34 per cent would scrutinize their availability when accepting an employment contract. 64.1per cent have never considered quitting over insufficient healthcare coverage. While 66per cent say a lack of insurance wouldn’t affect their decisions to leave or stay.
Although health insurance is not always the determining factor for employee loyalty, 34 per cent of employees are willing to leave an employer for lack of healthcare insurance. The implication is that companies may suffer a 34-36 per cent employee turnover which is concerning. Therefore, the availability of health insurance can contribute to improved job retention and overall workforce stability.
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