A study by Gallup found that 42% of employees quit for preventable reasons. The problem? Too many employers don’t act soon enough. But here's some good news – offering health benefits can keep your best people from walking out the door.
Let's look at how losing employees affects your business:
Turnover Disrupts Your Day-to-Day Operations
Losing a team member leaves a gap and shifts the weight onto everyone else. In a small business, this often means that others have to take on extra tasks, such as handling phones, stocking shelves or managing customers, on top of their regular work. That kind of disruption can lead to slower service, added stress and a team that's stretched too thin. When you're already running lean, losing even one person can throw off your entire day.
Replacing an Employee Is Costly
Finding and training a new employee takes much more than just filling out paperwork. It includes time spent interviewing, training and the inevitable productivity dip while they get up to speed. According to an article by WebMD, replacing an employee can cost up to 200% of their salary, an expense most small businesses can’t afford to do often.
You Lose Valuable Job Knowledge
When an experienced employee leaves, they take a great deal of knowledge with them. They know your regular customers, the peak hours, and how to handle things during stressful times. This kind of experience and reliability takes months or years to build. Without that, your team has to start over from scratch, slowing everything down and disrupting the workflow.
New employees need time to learn what your experienced workers already know by heart.
Decreases Team Morale
The departure of a well-respected colleague often hits the team harder than just losing a valuable resource; the relationships and camaraderie left behind leave a noticeable gap. According to a CNBC article, some 70 percent of employees believe that friends at work are the most crucial element to a happy work life.
Additionally, the remaining employees will likely need to pick up the slack, which may cause them to feel overwhelmed or even resentful. This added pressure can contribute to a decline in overall morale, making the work environment less enjoyable.
The result? Your remaining good employees might start looking for jobs elsewhere, too!
Keep the Team You Worked Hard to Build
In a tight job market where good workers are hard to find, it’s no time to skimp on fair compensation. Ideally, this should go beyond simply paying good salaries or wages. Smart business owners offer attractive perks and benefits, especially health coverage they can trust.
If you’ve been considering offering health benefits but weren’t sure where to start, now’s a great time to take the first step.
HealthChoice of Michigan makes it simple. We provide comprehensive health, dental and optical benefits through an extensive network of Metro Detroit's most respected physicians and hospitals serving Wayne and Oakland County businesses.
Visit our website to learn more and enroll in the right plan for your team, giving your business the advantage of a healthy, loyal workforce.