There is no Band-Aid approach to fixing the problems of low engagement and high turnover in any sector - these are often merely the symptoms of larger organizational shortcomings. Addressing these issues requires you to take a step back and think about how your company can make the workplace more motivating, inspiring and welcoming so that employees will feel compelled to give it their all every single day. Revamping your employee benefit management systems is one way you can empower your workforce and start building a culture that will attract and keep the best in the business.
The turnover epidemic
Every day, executives across the country scratch their heads in confusion and frustration as they wonder why they can't hold onto their employees. Not only do the logistical problems of turnover plague these organizations' HR departments and general productivity, but the extra costs of constantly hiring and training new staff can be downright debilitating if the cycle goes on long enough. According to a recent blog post from Zane Benefits, the cost of replacing the average salaried employee is six to nine times a month's salary, between lost time, recruiting, training and onboarding processes.
Doesn't seem like a very good business model, does it? Unfortunately, the story is a far too familiar one for many organizations. So, instead of taking a passive approach and hoping that turnover and engagement issues will magically reverse themselves, take action with a new HR management plan.
How can you expect your workforce to put their best foot forward day in and day out when you don't provide them with the resources and motivational atmosphere they need to thrive? Employee management is a two-way street, and you need to be able to assess and respond to worker needs to maintain a harmonious workplace environment. Benefits enrollment is just one part of the puzzle, but a vital one that you can't overlook when developing your corporate culture.
Help your employees help themselves
It may not seem like benefits administration would play a very big part in the employee engagement equation, but think about it - insurance coverage accounts for some of the most basic and crucial services that a person needs to survive and support a family. In light of today's difficult economic conditions and an unpredictable outlook for the future, being able to rely on a benefits package is a core reason why so many employees work as diligently as they do. Giving your staff the power to research, choose and tweak coverage options is a sign that you genuinely care about the well-being of your workforce - a gesture that never goes unnoticed.
Zane Benefit suggested that switching to a private health insurance exchange that facilitates a defined contribution benefits model is a proven way to retain top-performing employees and cut down on the costs and inconveniences of turnover. Once you take the first step toward a staff-centric benefits management system, you may find things starting to fall into place in other areas.