High turnover rates are costly to businesses of all sizes. With more employees working as knowledge workers, each time you train them, they become more specialized. The possibility of losing one employee also means that you may lose all the knowledge they have about your business and systems. To make matters worse, they may become employed at a competitor’s business.
Many companies recognize the conundrum surrounding retaining employees. Managers don’t want to lose great talent to the competition, but many managers don’t know how to retain great employees. What do you do when an employee’s salary doesn’t provide enough motivation to remain with the company?
Many Human Resource Professionals Leverage Healthcare Coverage
A 2013 study conducted by the Society for Human Resource Management (SHRM) found that 70 percent of HR professionals polled stated that they use healthcare to help retain employees. Interestingly, in order to retain high-performing employees, healthcare was the benefit of choice for 58 percent of the HR professionals polled.
Overall, health is important for both workers and employees. With access to great healthcare benefits, employees don’t have to worry about not having access to medical care. In turn, employers may notice fewer employees absent due to sickness.
The Importance of Dental Insurance to Employees
Healthcare coverage has changed since the introduction of the Affordable Care Act. More and more, working for a company that provides employee-sponsored healthcare is a luxury. In particular, providing employees with comprehensive healthcare plans helps your business attract and retain top talent.
If you consider that many Marketplace insurance options don’t provide dental coverage for the entire family, then purchasing a health plan that includes dental insurance can potentially be an advantage to your company.
Figuring out how to retain your existing employees can be tricky if you don’t know what motivates them. However, with the right motivation, you can retain and recruit top performers for your business. Many HR professionals find that health insurance, along with dental coverage, is one of the leading reasons employees remain with the company. With dental insurance as part of your benefits package, you competitively position your business as an attractive place to work.
Does your business offer dental benefits? Call Cosmo Insurance Agency at (732) 363-3888 for more information on New Jersey group dental insurance.