Nowadays, it is extremely hard to find the best talent. Therefore, it is important to hire the right employees and to retain them. The fewer employees you lose, the better it is for the company, because it costs a lot of money to find, hire and train new employees. Therefore, more and more companies provide employee benefits to increase employee satisfaction and minimize turnover.
According to a research published by CV Library in January 2017, the biggest risk that comes as a result of a poor recruitment strategy is high staff turnover, which is 44.4% of all the risks. According to their study, 56.7% of companies spend up to £5,000, 21.3% spend between £5,000 and £10,000 and 15.6% can spend up to £20,000 on hiring a new employee. In addition, 66.1% admitted that they lost a significant amount of money on new employees that didn’t work out. Their study also shows that nearly one in five (19.5%) of the companies have lost between £15,000 and £30,000 in the past year, while 14.4% admitted that they lost over £30,000.
High attrition can greatly affect the company’s finances. It is costly to keep on recruiting new employees to replace the ones you lost. That is why more and more companies are realizing how important it is to retain their best employees.
Employee benefits attract the best talent, enhances engagement and helps retain employees. Including insurance, such as life insurance, medical and dental insurance, critical illness cover and income protection in your employee benefits package, shows your employees that you genuinely care for their well-being and their future. Healthier employees mean less absenteeism and better productivity.
Your employees are the backbone of your business. Therefore, it is crucial that you take utmost care of them. The Right Cover is dedicated to finding you the best umbrella package at the best possible price to ensure that you, your staff and your business are protected should the worst happen. We give fee-free and can design a right employee benefits package either for a company paid scheme or employee salary deduction scheme designed for Directors of the company to employees or even for a sole trader.