Turnover and retention are top concerns, and it makes sense: building a team is expensive and time consuming, and losing talent triggers a cascade of problems, like decreased productivity and morale. You’re familiar with the standard playbook for attacking the turnover problem: offer career paths, create open dialogue with employees with surveys and frequent one on ones, invest in your managers. But there’s another secret weapon in your arsenal: benefits.
Paycor analyzed data from more than 30,000 of our customers nationwide and found that companies that offer six benefit plan types (basic plans, like health insurance, vision, retirement, dental, etc.) saw turnover improve up to 138%. Not only is this an amazing and unexpected return on investment, there’s another reason to be intrigued: the benefits programs that drive these results are not out-of-the box or exotic. These are meat and potato plans your benefits broker can help you set up.
Learn how to deploy the right mix of benefits to give your organization a competitive advantage.