With Euro football fever sweeping the nation and many starting to believe this could be England’s year, our friends at WPA Health Insurance explain what businesses can learn from professional sports.
Well, let’s start by imagining your favourite professional football, rugby or cricket team. Or even a favourite golf or tennis player – who’s yours?
What happens when your team’s star player gets injured? Let’s pretend this star player suffers a nasty cruciate ligament injury of the knee, which will rule them out of the game for months.
As a business, that sports club or team know that they need their best players on the pitch to give them the best chance to succeed. That is why they provide medical insurance to their players so that they can access medical treatment fast without having to wait for treatment on the NHS, enabling their star player is back to full fitness ASAP.
Doing so can lead the team to pick up more wins and points, which can help them secure a higher league position which in some instances – for example, the premier league – can earn a club millions of pounds. In addition, success can mean shirt sales and demand for season tickets remain high, while the team goes from strength to strength. All because of the club’s commitment to trying to field the strongest team as often as possible, which involves helping their star player ‘back to work’.
Now – think about your business. Who is your star player? Who is your captain? Ask yourself what happens to your business if your star player is off work with an injury or illness? Are you going to lose out on sales? Will you have to pay overtime to other staff to cover the workload? Are you going to have to hire a temporary employee if it’s a more serious condition?
What are you doing to get your ‘star player’ back to work? According to Personnel Today magazine, absenteeism costs UK businesses an average of £568 per person per year, with an employee taking 6.4 days off each year. Having your star players off work costs you money.
Private medical insurance is not exclusively for your favourite sports team. At WPA, we specialise in providing medical insurance for the self-employed, SMEs and families of all sizes.
Investing in your health can really help protect your wealth!
To find out more, please contact Jonathan Pitts from WPA Healthcare on Jonathan.pitts@hcp-plc.org.uk