Once, employers could take an ‘everyone is replaceable’ approach to turnover, hiring and its costs. With unemployment at lows not seen in two decades,1 that no longer works. Employers face fierce competition for talent, and the costs associated with turnover can seriously affect the company bottom line.
An uphill climb in a competitive talent market
- More than 20% of employers intend to increase hiring for the third straight year.2
- 75% of hiring managers have encountered or expect to encounter skills shortages in their industries.3
- Over 90% of employers note that these shortages are affecting productivity, staff turnover, engagement and employee satisfaction.4
- Voluntary turnover costs U.S. employers $536 billion annually.5
It’s more important than ever to be strategic about recruiting, rewarding and retaining talent. As a broker and benefits adviser, how can you help clients succeed in a candidate’s market?
Invest in robust, innovative benefits
Today, winning talent takes priority over benefit costs. That’s a shift for many employers, seeing as in the last decade many of them have focused on controlling primary plan costs and shifting more of the cost to employees. But consider this:
- 80% of employees would prefer a new benefit to a pay raise.6
- 84% of employees who are highly satisfied with their benefits report high job satisfaction.7
- Benefits are the #1 factor candidates consider when deciding whether or not to accept a new position.8
Supplemental expense reimbursed insurance is a powerful benefits tool to help employers drive down turnover, improve retention and attract the right talent in a tight market. This type of insured plan can be layered on top of the primary plan for select employee classes only—those for which it is difficult to recruit or for roles with high turnover.
ArmadaCare’s expense reimbursed insured products range from $5,000 to $100,000 in annual coverage, meaning there is an option for every budget and every need. In addition, these types of benefits do not need to sync with primary plans, meaning they can be put in place at any time of year.
7 EBRI
8 Indeed