Employee retention is essential for businesses because it costs less to keep an employee than to find and train a new one. According to the Society for Human Resource Management, replacing a salaried employee can be up to 150% of that employee’s annual salary. That’s a lot of money that could be saved by keeping employees who are already trained and familiar with the company’s processes.
In addition, businesses lose a lot of time and money when employees leave. The time it takes to find and interview new candidates, onboard them, and get them up to speed on the company’s processes can be several weeks or even months. And that doesn’t include the cost of training new employees.
Employee retention is essential for businesses because it leads to a more stable workforce, improved customer service, and higher profits. According to The American Institute of Stress, unhappy workers lead to low customer and business loss. A study by Harris Interactive found that 82 percent of customers who had a bad experience with a company stopped doing business with that company altogether.
So how can businesses keep their employees from leaving? There are several things they can do, such as offering benefits. Here are a few you should consider if you want to improve employee retention.
Health Insurance
Employers offer health insurance as a way to attract and keep employees. A study by the Kaiser Family Foundation found that, in 2013, 59 percent of workers with employer-sponsored health insurance plans said they would have difficulty finding a new job that offered health insurance. And, once they lost their employer-sponsored health insurance, only 10 percent of those workers could find another job with health insurance.
Health insurance is essential for businesses because it helps them attract and keep quality employees. In addition, it helps improve employee morale and reduces turnover rates. Employees who feel happy and secure in their jobs are more likely to be productive and provide good customer service.
Health insurance in the Philippines is a little different from health insurance in other countries. For instance, in the Philippines, there is no government-sponsored health insurance program like Medicare in the United States. However, several private health insurance companies offer a variety of plans.
Health insurance premiums in the Philippines are relatively low compared to other countries. For example, a family of four can expect to pay about $200 per year for a basic health insurance plan. This is much less than what families would pay in the United States, where premiums can be several thousand dollars annually.
Life Insurance
Life insurance is another benefit that employers offer to attract and keep employees. A study by the LIMRA Secure Retirement Institute found that, in 2017, 61 percent of workers said they would be more likely to stay with their current employer if they offered life insurance.
Life insurance is a way for businesses to protect their employees’ families in the event of the employee’s death. It can also be used as a tool to attract and retain quality employees. In addition, it helps improve employee morale and motivation.
There are several types of life insurance available in the Philippines. The most common type is term life insurance, which provides coverage for a specific period, typically 10, 20, or 30 years. An insurance plan in the Philippines usually costs about $5 per month for every $1,000 of coverage.
Permanent life insurance, which provides coverage for the rest of the policyholder’s life, is also available. This type of insurance plan tends to be more expensive than term life insurance, but it can be a good option for businesses that want to provide long-term security for their employees.
Retirement Plans
Another benefit employers offer to attract and keep employees is a retirement plan. A study by the Society for Human Resource Management found that, in 2017, 78 percent of organizations offered some type of retirement savings plan, such as a 401(k) or 403(b) method.
A retirement plan helps businesses attract and retain quality employees by providing them with a way to save for their future. In addition, it helps improve employee morale and motivation.
There are several types of retirement plans available in the Philippines. The most common type is a 401(k) plan, which allows employees to contribute a portion of their salary to a retirement account. This account is then used to provide income during retirement.
Other retirement plans available in the Philippines include 403(b) plans, 457 plans, and pension plans. Each type of plan has its own rules and regulations.
Final Thoughts
Employers in the Philippines offer a variety of benefits to attract and keep quality employees. These benefits include health insurance, life insurance, retirement plans, and other types of insurance.
These benefits can help businesses improve employee morale and motivation and reduce turnover rates. In addition, it can help companies to attract and retain quality employees.
