Stand Out to Jobseekers: Rethink, Renew, and Rebuild Benefit Offerings
By Richard Weinstein, Insurance Solutions Specialist
Employees Are the Foundation of Every Company.
What happens to a Building if the Foundation is constantly shifting? Does it affect the structural integrity? Will it have a ripple affect that could lead to total collapse?
I spoke with a Contractor today and he said, “My Employee Turnover rate is above 100%.” Another chimed in, “Ours is at 68%!” Still another, “HA!! We are only at 46%!”
I explained to them that it costs their company 50% to 150% of a person’s salary, just to replace them. Not to mention the loss of talent and lower moral.
Imagine you are building a house and you must continually replace 50% of the structure from top to bottom. How sturdy would that house be? What can be done to reverse that trend? Here is one approach.
New Approach with New Incentives
While Salary and Health Insurance are still at the top of the list for Job Seekers, many are also looking for employers that help them with their Student Loan debt.
As a matter of fact 60% would consider moving to a company that offered this type of program.
An even larger percentage would commit to 5 years of employment at a company.
There are 3.1 Million in Texas with student loan debt averaging $30,000. You do the math. Student Loan debt is approaching $2 Trillion in the US and it is one of the biggest areas of stress your workforce is experiencing.
“We offer 401-K and other Benefits. Isn’t that enough?”
Not when there’s a labor shortage. You should use every option you have to make your company more appealing.
Employees that are paying off student loan debt are not investing in a 401-k. It is difficult for someone to live in the present, or plan for their future, when they are paying for their past.
Student Loan Stats
• In Texas, there are 3.1 Million people with student loan debt averaging $30,000.
• Student Loan debt is approaching $2 Trillion in the US .
• 60% of Job seekers would consider moving to a company that offered Student Loan Help.
• An even larger percentage would commit to 5 years of employment at a company with a Student Loan plan.
Get The Hiring Edge: Rethink, Renew, and Rebuild Benefit Offerings
Wouldn’t it make sense to “Re-Think” and then Build Benefits that your employees and prospective hires want and need?
Imagine a General Contractor trying to build a “State of The Art” Hospital with Architectural Plans from the 1980’s…Would it meet the wants and needs of the ultimate user?
Stop stepping over dollars to pick up pennies and build a state of the art Benefits Package.
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