Without employees, corporations would be unable to produce a profit. That’s why employee retention is a critical component of operating a successful organization. Yet, employee retention has become a growing issue throughout the corporate world.
If you want to know why some companies struggle to retain employees, keep reading.
What is Employee Retention?
Employee retention is an organization’s ability to prevent employees from leaving their position with the company. Employees who leave voluntarily or involuntarily both have a negative impact on an organization’s employee retention because they no longer work for the company. By actively working to boost employee retention, organizations can keep employees around for longer.
Why is Employee Retention a Pressing Issue?
High employee turnover rates can cause an entire business to fail. If key employees continue to leave the company at times when they are needed, production will inevitably fail. That’s why business leaders have recently shifted greater attention toward creating the ideal conditions for employee retention. These efforts focus primarily on offering work conditions or other perks that increase employee loyalty, encouraging them to remain with the organization longer.
Health Benefits and Employee Retention
A person’s health is one of the most important things they have. Maintaining adequate healthcare coverage is critical to staying in good health. Being able to offer good insurance to your employees will certainly boost employee retention because 56% of adults said their happiness with their health insurance is a key factor in determining whether they stay in their current job. As long as the coverage you offer is competitive and affordable, you should be able to improve employee retention across the board.
Encourage Employee Retention With the CHAMP Plan™
The CHAMP Plan™ is a self-funded supplemental health program employers can offer alongside their group health plan. The additional health benefits are usually attractive to employees, so some will stay with your company just to keep their benefits. To improve employee retention by offering stellar healthcare coverage, work with Champion Health to implement CHAMP Plan™ coverage today.