Are you a business owner? Are you always searching for highly talented employees? If yes, then you probably have well laid out strategies that you use to attract and hire new prospective employees.
Whether it involves outlining job requirements, conducting in-depth interviews and training, many companies channel lots of resources to get the best talents to work for them.
Despite all the money and time invested during the hiring and recruiting process, one critical step is usually neglected by almost all employers, especially those running small companies.
Employers always tend to overlook and forget formulating and implementing strategies designed to ensure employee retention.
Employee retention strategies are just as important as the recruitment process. Many employees are not conversant with the fact that employee retention is highly critical; especially in the current job market where good talent is increasingly getting harder and harder to find.
Provide Employees With Health Benefits
Providing your employees with health benefits can be considered one of the most prominent factors that affect employee attraction and retention.
Failing to provide health care benefits to your employees is definitely one of the most expensive business mistakes any employer can make. Not only do you risk driving away many talented potential employees, but most of your employees may also end up working for your competitors who might have a more comprehensive employee health coverage.
To put things into perspective for you, according to a study conducted by Accenture, more than 75% of employees consider health benefits as a vital reason for remaining in their current workplace. If this is not a clear enough indicator of how essential health benefits are to employees, the study further states that nearly a third employees would jump ship if they lost their health insurance. Another survey, conducted by Glassdoor and Randstad concluded that employee benefits plus salary are the main attraction for employees.
According to these figures, it is evident that the cost of providing health benefits to employees directly impacts the turnover and productivity of a company. Always bear in mind that proper retention of employees not only evades costs incurred in re-hiring and re-training employees but also has a positive impact on the productivity and morale of your staff. Employee satisfaction is more important to a company's productivity and cannot be compared in any way to the meager cost companies incur when providing their employees with health benefits.