…Not me before you start 😂
This is the experience we have within the Health Insurance Group, employee churn is incredibly low.
212 years, 2,544 Months, 77,645 earth rotations 🌍, we are extremely proud to have retained such talented employees.
This got us thinking…in a recent management meeting, we discussed how employee retention is a big outcome for our clients via the employee benefits we set up for them…Maybe this could be a marketing tool for our Employee Benefit offerings?
Quite often in management meetings, businesses talk of ;-
- Units sold 💹
- Profit 💰
- Market share ⚖
- Projects 📂
BUT do you talk about EMPLOYEE RETENTION AND ENGAGEMENT ?
Harvard Business Review report (albeit US stats, but you get the picture)
- It typically takes eight months for a newly hired employee to reach full productivity.
And a quick internet search of “cost of employee turnover” will throw back general figures for replacing employees such as: –
- Entry-level employee costs 30% – 40% of their annual salary.
- A mid-level employee 150% of their salary.
- And a highly skilled employee up to 400% of their salary.
In addition to employee turnover, according to Gallup’s recent State of the Global Workplace report, 85% of employees are not engaged or actively disengaged at work.
Gallup also state:-
‘Following a steady rise over the last decade, employee engagement decreased globally by two percentage points, from 22% in 2019 to 20% in 2020. Leaders will need to address this decrease and the business impact on workplace culture, employee retention and performance.’
So how to address the above? How can reduce the cost to the business… the lost productivity, cost of recruitment, cost of training etc.
Well, here are our top ten tips for reducing the churn and engaging the team 🙌🔥
- Know your numbers, what is the churn?
- Communicate, Communicate, Communicate
- Provide employee benefits (cash plans, medical insurance, death in service)
- Gather feedback from employees if they leave
- Encourage professional development
- Include the team and demonstrate transparency
- Embrace team building activities
- Identify soft skills within your team
- Adopt regular appraisals and recognise achievements
- Promote health and wellbeing
We hope you also enjoy such a high level of experience within your teams and a low employee churn.
We have grown together through the years and formed a tight bond, we are fortunate enough to also have our family members join the team.
Marriages, births, graduations, driving tests…we’ve had them all at the Health Insurance Group.
Friends, family, colleagues.
Stay tight 🤝