Your job should support you to the fullest. Not merely by paying you, but providing you a means of getting back on your feet when life lays you low. When you find yourself scrambling around for purchase after suffering an injury or coming down with an illness, employee insurance benefits are able to take the edge off the pain. A benefits program can cover everything from dental to paid leave, depending on what you need, and is the resource you need to get through each work year with ease. Let’s talk basic benefits and coverages so you know what you should be getting out of your job.
What Is Employee Turnover And How Does It Affect Workers?
Businesses all over the country are frustrated about the increase in employee turnover. In fact, estimates see an average of $11 billion lost every year due to employees quitting prematurely. A recent study saw nearly 45% of Millennials saying, if they were given the choice, that they expect to leave their current employers within the next two years.
When businesses lose millions of dollars trying to fill the gap and employees are struggling to find steady work, employee turnover hurts us all.
Why Do Employees Keep Leaving Their Jobs?
There are many reasons why employees pack their bag and head to greener pastures. Individual health insurance and group insurance study this every day. Employees who are actively engaged in their work and have a high sense of well-being are found to be 40% more likely to evaluate their lives more highly. They are also 8% more likely to report recovering ‘fully’ after injury, illness or a personal hardship. On the other hand, actively disengaged workers are twice as likely as their peers to be diagnosed with depression.
Employee insurance benefits aren’t just a treat. They’re a necessity.
What Are The Most Common Worker Benefits?
Group insurance comes in a few different forms, to better address the unique needs of each worker and make sure they’re properly covered where they need to be. Medical care plans were made available to over 70% of workers in the private sector. However, only half of these workers actively participated in their plans. Paid leave is easily the most commonly available benefit for employees, totaling 77% in terms of paid vacation time and paid sick leave.
Companies that offered 11 or more benefits, however, had over 65% of their employees recommending them as a place to work.
How Are Cost-Effective Benefits Solutions Changing?
Employee insurance benefits mean you can work at your job without the fear of being laid off or underpaid because of incidents outside of your control. According to a recent Gallup poll, companies that actively increase their number of talented managers as well as their rate of happy employees achieve a stunning 150% higher average than the competition. Not only do benefits keep you healthy, they help you save money.
Despite dire warnings pushed in the news, it’s been found four out of five Canadians are financially on track for a healthy retirement. Will you apply for benefits today?