3 Tips to minimize employee turnover
Employee turnover is one of the main causes of financial problems in a company. Training a new person takes time and money, so when you frequently lose employees, it can be very expensive. The company will have to pay the exit costs of the employee leaving and cover the expenses of recruiting and training new hires. Turnover also affects the productivity of the team representing incidental costs as well. In this article, you’ll find tips that will keep your employees happy, create a sense of loyalty and keep them in the company for a long period of time.
1. Health insurance
Some of the companies with the highest satisfaction rates from their employees have one thing in common: health insurance. People’s number one priority is their health and that of their families. When the company shows them that this is a subject that matters enough to give them a private plan of health insurance, they feel cared for and appreciated and not like just a recourse.
2. Show appreciation in every detail
People like to feel special, that’s why big corporations have dining areas, offer free meals, have places designed to relax, offer transportation facilities, and give bonuses for productivity to just name a few things. Details like this matter and even though it may seem like an investment, the companies that take care of their employees in these little details are proven to be more successful and productive. The cost of an unhappy employee can be more expensive than the investment to keep all of them loyal and working vigorously.
3. Retirement: a big concern for young employees
In Mexico, like in many countries, retirement is one of the main concerns of people in their 20s and 30s because the government doesn’t really have an effective solution that can guarantee their wellness in their elderly years. If a company offers a savings account or life insurance that works as an investment fund, you will get very happy, loyal, young, and productive employees.
Are you interested in building a benefits plan for your employees to reduce your turnover rate? Contact us! At AIR Insurance, we are ready to help you build a custom plan that fits employees’ and companies’ needs with our “360º Insurance Guidance”. For more information, call +52 55 4444 6043 or send us an email at info@air.com.mx
The information in this article is subject to terms and conditions applicable at the time of writing. If you have any questions about the current applicability of this information, please contact an AIR Insurance Brokers advisor.
