A recent whitepaper from Decisely, a company specializing in benefits, human resources, and compliance management services, underscores the significance of health benefits in employee retention, emphasizing the positive impact on morale and workplace culture. Decisely contends that investing in attractive health benefit packages can foster a loyal and committed workforce, contributing to the long-term success and growth of organizations. However, the paper notes that small businesses face challenges in offering competitive health benefits due to affordability issues, limiting their ability to attract top talent. Decisely’s research reveals that companies providing easy-to-use and affordable benefits witness an average employee tenure of 29 months, compared to 15 months for those without such offerings.
The whitepaper also highlights the cost-effectiveness of retaining employees with accessible benefits, stating that the expense of retaining an employee is significantly lower than the three to four times the annual salary cost associated with employee turnover. In addition to the financial savings, the paper emphasizes the “soft costs” linked to turnover, including negative impacts on morale, productivity, and workplace culture.
The insights from Decisely align with sentiments from industry professionals, such as Kris Burton, owner of Rosslyn Auto Body, who emphasizes the positive impact of benefits on employee retention and cultural development within organizations. The paper suggests that addressing rising benefit costs for small businesses requires innovative solutions and collaboration with insurer partners to better assess risk factors and offer more accessible plans grounded in accurate industry information.
Read more: https://lnkd.in/e8-qP_tG
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