Employee turnover is a serious concern in the United States. It’s estimated that the country loses about a trillion dollars from this problem alone. The high cost of employee turnover can be attributed to several factors, one of them being the cost of replacing each employee.
The estimated cost of replacing an employee is one-fifth to one-third of that person’s annual salary. So, if an employee making $50,000 per year is replaced, it will cost the company $10,000 to $15,000 to find and train a new person.
Several other factors contribute to the high cost of employee turnover. For example, when an employee leaves a company, they take all the knowledge and experience they’ve gained while working there. It can then put the company at a disadvantage if they don’t have anyone with the same level of expertise to replace them.
Additionally, losing key employees can negatively impact morale among the remaining staff. And finally, high turnover rates can make it difficult for a company to establish and maintain a good reputation.
There are many things companies can do to reduce their employee turnover rates. One is to offer competitive salaries and benefits. Another is to provide opportunities for professional development and growth. But the most essential is to provide competitive health benefits.
Harvard Business Review has found that health benefits are the most sought benefit. But simple health benefits are not enough. To attract and retain the best employees, you’ll need to offer competitive benefits. Here are some of them.
Dental Coverage
Did you know that majority of American adults have experienced a cavity? A decent chunk of this population also experienced tooth decay and other dental problems. As an employer, you can help your employees by offering dental coverage. This way, they don’t have to worry about the cost of dental procedures, and they can focus on their work.
Dental coverage is one of the most popular employee benefits. This is because it’s seen as an essential health benefit, and it’s something that employees use regularly. Unfortunately, dental care can also be pretty expensive, costing $1,000 per year.
By offering dental coverage, you’ll be able to attract more employees who value their oral health. And since it’s a regular expense, your employees will appreciate not having to worry about the cost.
Vision Coverage
The National Institutes of Health estimates that about 20 percent of American adults have some form of vision problem. This number is expected to rise as the population ages.
Vision coverage is another popular health benefit. With a growing number of Americans having vision problems, this benefit is more essential. Employees also use it regularly, as most people need their eyes examined at least once a year.
Substance Abuse Rehab
Substance abuse is one of the most severe problems facing the United States. It’s estimated that about 21 million Americans suffer from a substance abuse disorder.
Substance abuse rehab is a substantial benefit because it can help employees struggling with addiction. It can also help prevent substance abuse in the workplace. It’s not highly discussed in the office, but having this health benefit can ensure that an employee experiencing such a thing can visit you and talk to you about it.
You should also consider partnering with specific organizations that handle this mental disorder. These organizations can give you substance abuse detox programs that you can do inside your office. These programs can help your employees cope with addiction and eventually overcome it. It also enables you to create a support system that can encourage employees with mental disorders to stay in your company.
On-Site Health Clinic
An on-site health clinic is a great way to offer comprehensive health care to your employees. It’s especially beneficial for companies with large numbers of employees.
An on-site health clinic can provide a wide range of services, from primary care to dental care. It can also offer immunizations and health screenings. And since it’s on-site, employees don’t have to take time off from work to go to the doctor.
An on-site health clinic is a great way to show your employees that you care about their health. It’s also a great way to save money, as employees will be less likely to visit the doctor if they have an on-site clinic.
Fitness Programs
Fitness programs are a great way to encourage employees to live a healthy lifestyle. They can also help employees relieve stress and improve their overall health.
There are a lot of different fitness programs you can offer, from group exercise classes to on-site gyms. You can also offer discounts to employees who participate in fitness programs.
Fitness programs are a great way to promote a healthy lifestyle for your employees. They’re also a great way to improve employee morale and reduce absenteeism.
These are just some of the health benefits you should consider offering in your business. By providing these benefits, you’ll be able to attract more employees and keep them healthy and happy.
