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Write You - Employee Retention or Employee Turnover - You Decide!
Back when I was in manufacturing our most effective advertising came from New Product news releases! Magazine editors love them, for they are what turn on their technical readers, so accept them free! The great part is you write them, just as you would write an effective display ad and mail the one page News Release with color photo to as many editors as you can find that may have an interest.Our business was very specialized, making high voltage test equipment, so only found (42) magazines that might have an interest in publishing our news releases but at least one out of (42) always did and usually 2-3 took each one! Being National Magazines we could count on getting $5,000 - $10,000 in new orders from each release published!Once you get a few published you can even offer the next one to the best magazine in your field as an exclusive, as they like to "scoop" a new product introduction! The is nothing stopping you from sending the same release to others after they have published their "exclusive".Magazines will allow a old product that has been updated to be released as new, such as: "PII Announces Improved 100,000 Volt Model AP100". After all, their goal is to let their readers know about the latest and greatest products on the market, to maintain high reader i
The MOST IMPORTANT POINT on this issue: Once they get the plans you offer, if they can "keep them on their own," what "holds" them to you? Nothing! They can go to work for another company and not lose a thing!
But, YOU still have to spend that $3,500 or more to replace EACH and every one of them!
ON THE OTHER HAND…
If an employer's goal is to ATTRACT and RETAIN GOOD EMPLOYEES (and, after all, that's why you're even reading this, isn't it?) then GROUP VOLUNTARY PLANS ARE THE OBVIOUS CHOICE! Why? Because GROUP plans are NOT PORTABLE (except under some temporary circumstances)!
You want that employee to have a REAL REASON to STAY with your company. This choice becomes the GLUE that accomplishes your mission!
It is OK to have a couple of portable plans mixed in (like permanent life insurance or critical illness plans), but be sure that the most basic plans, like health and disability, are group!
A Real Case in Point…
A close personal friend of mine (I'll call her "Grace") took her daughter to lunch for her birthday about two years ago. You see, Grace is an independent sales person and didn't have access to affordable health insurance. A "pre-existing condition" didn't help matters.
When she entered the restaurant (a major national chain) she saw a sign that read "Join our team. Benefits Day One!" She inquired, picked up an employment application, and applied for a part-time position to get the benefits.
Did she get full major medical? No. They offered a "GROUP voluntary limited benefit plan." It does, however, give her access to doctors, prescription drugs, and other basic health care.
After two years, Grace is still there! She works at her sales job during the day and the restaurant in the evenings. She says she cannot "afford" to leave because o
Are you stuck in the Middle? Are you working in one job and feeling dissatisfied but are unsure if you should “stay or go” or if you left, where would you go “to?”As a Career and Business Coach I work with clients who are in career transition, they want to advancing in their career, exploring changing industries or owning a business or may be returning to work after a period of unemployment.Being in a state of transition is like being stuck in the Middle. The middle for career transition represents the psychological space where we are in between opportunities, one foot planted in our former work world and the other dipping our toe into a tentatively unknown work world.Most of my clients say that this in between stage of career transition is the most anxiety provoking. Transition simply by definition can be exciting as well as disorientating. Herminia Ibarra, author of Working Identity states “at the root of “transition” is “transit,” a voyage from one place to another. As in any voyage, there is a departure, a disorienting time of travel and, finally a destination.”I’ve gone through several working identities myself, from sales and marketing in the information technology industry to the quieter world of psychotherapy and then to my perfect place, the warm, comfortable and
Think back...a long time ago…when you had an open mind!
What attracted you to your first job? Maybe you were still living at home and just wanted to make a few extra bucks? Later, when you graduated from High School or College your goals had probably changed. Money was certainly important, but what about those extra "perks" offered by your new employer—enticing weren't they? Maybe you were impressed with being offered all kinds of benefits, from health insurance to a 401k, group life to disability insurance, and even birthdays to vacations days.
Perhaps your needs changed as you transitioned from a single person through raising a family. I am sure you have heard the old saying, "The more things change, the more they stay the same."
That is certainly true when it comes to basic needs!
Today, you may BE the Employer or maybe the Human Resource Manager. Either way, you feel the weight placed upon your shoulders to provide benefits to your employees, to help them feel appreciated, and hopefully somewhat secure. After all, they need you, and you need them.
With today's high costs of providing health benefits, more and more employers are finding it necessary to "re-think" how to tackle this difficult situation.
What's a company to do?
Employers from virtually every industry are asking themselves:
- Do we cut back on the health benefits we offer?
- Do we raise deductibles and/or co-pays?
- Do we transfer more risk and/or costs to our people?
- Do we offer benefits based on employee "class?"
- Do we eliminate health benefits altogether?
Many employers have already made some of these changes, if not all of them, or they are possibly contemplating doing so at some future date.
However, REDUCING BENEFITS, or NOT PROVIDING THEM AT ALL, even for some of their staff, can have a detrimental effect on ALL THREE MAJOR BUSINESS GOALS:
- Increasing Revenues
- Decreasing Expenses
- Increasing Efficiency
Making decisions that could have a negative effect on their overall profitability makes many business owners very nervous indeed!
Can a company actually CONTROL the rising costs of Major Medical coverage?
It is no surprise to most companies that rate increases in the double digits are not at all uncommon these days. These rates reflect the "experience" of the group. Higher "utilization" of the plan often translates into much higher premiums at renewal.
No wonder so many companies are being forced to "re-evaluate" their options!
However, there is a new generation of Voluntary Benefit plans, commonly called "gap" coverage that allows a company to increase their deductible, resulting in a significant reduction in premium. This plan is designed to "match" the changes in the major medical plan.
They then "add" the voluntary gap plan to the "front end" of their benefit plan to cover most of the new "exposure" to the employee. This plan can cover most of the expenses that would have been covered by the "old" major medical plan, up to the new deductible. The result: The TOTAL premium for both plans COMBINED can cost an employer from 10% to 20% LESS THAN THEIR PREVIOUS PREMIUM! Lower premiums—with no significant reduction in benefits! It is almost like having your cake and eating it, too.
It is a simple mathematical calculation. Check it out, and let the numbers do the talking!
There is ANOTHER MAJOR BENEFIT to making this move: Much of the "front end" exposure is absorbed by the gap plan, and does not show up in the major medical experience. Renewal premiums, then, often drop to single digits. So, the company not only saves premium dollars immediately, but possibly for years to come! Pretty cool.
This can have a positive effect on turnover, primarily for those employees that are already on the major medical plan, in other words, the more "highly" compensated.
BUT, most employers' turnover problems come from the "lesser" compensated! This includes those who are NOT QUALIFIED to participate, or CANNOT participate because they simply cannot afford it.
What is the root cause of Turnover?
I do not have to tell you how employee morale can affect a company's bottom line. I am sure you see it in your everyday life.
Have you ever noticed that when you go out to your favorite restaurant, you can almost "sense" the morale of your server by their very attitude and the quality of the service you receive? There is probably a very strong correlation between that restaurant's benefit program and the server's job satisfaction—and it shows up right at your table!
Don't get me wrong—I'm not picking on food service—it's just a little more "visible" there. It also shows up with customer service personnel, sales people, line workers, fork lift operators, and, oh yes, it even shows up in break rooms! The truth is: It shows up EVERYWHERE—INCLUDING a company's BOTTOM LINE!
It's very simple: Satisfied employees stay. The others go.
What is the actual cost of Turnover anyway? And why should I care?
In every study I have researched, and information I have received from some of the most experienced and respected human resource managers anywhere, the answer is the same:
VERY EXPENSIVE!
It seems that the number STARTS at $3,500, at a minimum, to replace ONE $8.00 per hour employee! That's almost THREE MONTHS WAGES SPENT—for just one lost employee! The cost goes up exponentially for the more highly compensated people. This includes advertising for the job opening, interviews, screening, training the new hire…Oh, you know the rest.
Therefore, many employers are turning to Voluntary Benefits to provide more VALUE! But, Voluntary Benefits are just what they say they are!
Voluntary benefits are FIRST voluntary to the employer who takes the time to find out what kinds are available, decides which ones best suit his or her company's objectives, and then VOLUNTARILY decides to make them available to their employees.
Voluntary benefits are THEN voluntary to the employees, who can pick and choose among the choices offered, based on his or her personal needs.
Oh, and ONE OTHER IMPORTANT CONSIDERATION: It is painfully obvious that losing good people is a very expensive reality. However, Voluntary Benefits are usually paid 100% by the employee! And, they will still love you for it!
In addition, most voluntary plans qualify for "pre-tax" treatment under Section 125 (Cafeteria Plans). This is an opportunity for a company to save a significant amount on "payroll taxes."
Under this scenario, both the EMPLOYEE AND EMPLOYER save money. A WIN, WIN for sure!
What is best to offer: PORTABLE Voluntary Benefits…or GROUP Voluntary Benefits?
The answer lies in what the employer wants to accomplish! If the company already has a "benefits rich" program, portable benefits are just fine—with one caveat: When a company uses ONLY portable voluntary benefits, although they have enhanced their program, they have in reality become a "collection facility" for the insurance company. The employer collects premiums through payroll deduction and forwards them each month to the insurer and, except for the "good will" it generates, doesn't even get compensated for it!
The MOST IMPORTANT POINT on this issue: Once they get the plans you offer, if they can "keep them on their own," what "holds" them to you? Nothing! They can go to work for another company and not lose a thing!
But, YOU still have to spend that $3,500 or more to replace EACH and every one of them!
ON THE OTHER HAND…
If an employer's goal is to ATTRACT and RETAIN GOOD EMPLOYEES (and, after all, that's why you're even reading this, isn't it?) then GROUP VOLUNTARY PLANS ARE THE OBVIOUS CHOICE! Why? Because GROUP plans are NOT PORTABLE (except under some temporary circumstances)!
You want that employee to have a REAL REASON to STAY with your company. This choice becomes the GLUE that accomplishes your mission!
It is OK to have a couple of portable plans mixed in (like permanent life insurance or critical illness plans), but be sure that the most basic plans, like health and disability, are group!
A Real Case in Point…
A close personal friend of mine (I'll call her "Grace") took her daughter to lunch for her birthday about two years ago. You see, Grace is an independent sales person and didn't have access to affordable health insurance. A "pre-existing condition" didn't help matters.
When she entered the restaurant (a major national chain) she saw a sign that read "Join our team. Benefits Day One!" She inquired, picked up an employment application, and applied for a part-time position to get the benefits.
Did she get full major medical? No. They offered a "GROUP voluntary limited benefit plan." It does, however, give her access to doctors, prescription drugs, and other basic health care.
After two years, Grace is still there! She works at her sales job during the day and the restaurant in the evenings. She says she cannot "afford" to leave because of
Remember when we last talked about sustainable marketing we looked at how PlanetArk and the Direct Marketing Association in the UK are publicising the message of sustainability. And we also noted the conflict of interest that arises with direct mail.Now I'd like to look at how stationery and how you use it affects the environment. 4 Ways Your Stationery Hits The Environment Marketing and marketing related activities consume a vast amount of ink and paper. There are at least 4 ways. These include business cards, letters, bills and brochures which all affect the environment: Forests themselves Printer Inks Dampening solutions Chlorine The Forests Themselves Paper production has a major environmental impact on forests when paper fibre is produced from trees cut from virgin forest without replanting. The good news is that you can encourage sustainable paper use by choosing printers who only use paper from European forests where more trees are planted than felled.Printer Inks The most common inks are petroleum-based. Using these can creates large quantities of volatile organic compounds. (VOC).Vegetable dye inks are more sustainable. They
However, REDUCING BENEFITS, or NOT PROVIDING THEM AT ALL, even for some of their staff, can have a detrimental effect on ALL THREE MAJOR BUSINESS GOALS:
- Increasing Revenues
- Decreasing Expenses
- Increasing Efficiency
Making decisions that could have a negative effect on their overall profitability makes many business owners very nervous indeed!
Can a company actually CONTROL the rising costs of Major Medical coverage?
It is no surprise to most companies that rate increases in the double digits are not at all uncommon these days. These rates reflect the "experience" of the group. Higher "utilization" of the plan often translates into much higher premiums at renewal.
No wonder so many companies are being forced to "re-evaluate" their options!
However, there is a new generation of Voluntary Benefit plans, commonly called "gap" coverage that allows a company to increase their deductible, resulting in a significant reduction in premium. This plan is designed to "match" the changes in the major medical plan.
They then "add" the voluntary gap plan to the "front end" of their benefit plan to cover most of the new "exposure" to the employee. This plan can cover most of the expenses that would have been covered by the "old" major medical plan, up to the new deductible. The result: The TOTAL premium for both plans COMBINED can cost an employer from 10% to 20% LESS THAN THEIR PREVIOUS PREMIUM! Lower premiums—with no significant reduction in benefits! It is almost like having your cake and eating it, too.
It is a simple mathematical calculation. Check it out, and let the numbers do the talking!
There is ANOTHER MAJOR BENEFIT to making this move: Much of the "front end" exposure is absorbed by the gap plan, and does not show up in the major medical experience. Renewal premiums, then, often drop to single digits. So, the company not only saves premium dollars immediately, but possibly for years to come! Pretty cool.
This can have a positive effect on turnover, primarily for those employees that are already on the major medical plan, in other words, the more "highly" compensated.
BUT, most employers' turnover problems come from the "lesser" compensated! This includes those who are NOT QUALIFIED to participate, or CANNOT participate because they simply cannot afford it.
What is the root cause of Turnover?
I do not have to tell you how employee morale can affect a company's bottom line. I am sure you see it in your everyday life.
Have you ever noticed that when you go out to your favorite restaurant, you can almost "sense" the morale of your server by their very attitude and the quality of the service you receive? There is probably a very strong correlation between that restaurant's benefit program and the server's job satisfaction—and it shows up right at your table!
Don't get me wrong—I'm not picking on food service—it's just a little more "visible" there. It also shows up with customer service personnel, sales people, line workers, fork lift operators, and, oh yes, it even shows up in break rooms! The truth is: It shows up EVERYWHERE—INCLUDING a company's BOTTOM LINE!
It's very simple: Satisfied employees stay. The others go.
What is the actual cost of Turnover anyway? And why should I care?
In every study I have researched, and information I have received from some of the most experienced and respected human resource managers anywhere, the answer is the same:
VERY EXPENSIVE!
It seems that the number STARTS at $3,500, at a minimum, to replace ONE $8.00 per hour employee! That's almost THREE MONTHS WAGES SPENT—for just one lost employee! The cost goes up exponentially for the more highly compensated people. This includes advertising for the job opening, interviews, screening, training the new hire…Oh, you know the rest.
Therefore, many employers are turning to Voluntary Benefits to provide more VALUE! But, Voluntary Benefits are just what they say they are!
Voluntary benefits are FIRST voluntary to the employer who takes the time to find out what kinds are available, decides which ones best suit his or her company's objectives, and then VOLUNTARILY decides to make them available to their employees.
Voluntary benefits are THEN voluntary to the employees, who can pick and choose among the choices offered, based on his or her personal needs.
Oh, and ONE OTHER IMPORTANT CONSIDERATION: It is painfully obvious that losing good people is a very expensive reality. However, Voluntary Benefits are usually paid 100% by the employee! And, they will still love you for it!
In addition, most voluntary plans qualify for "pre-tax" treatment under Section 125 (Cafeteria Plans). This is an opportunity for a company to save a significant amount on "payroll taxes."
Under this scenario, both the EMPLOYEE AND EMPLOYER save money. A WIN, WIN for sure!
What is best to offer: PORTABLE Voluntary Benefits…or GROUP Voluntary Benefits?
The answer lies in what the employer wants to accomplish! If the company already has a "benefits rich" program, portable benefits are just fine—with one caveat: When a company uses ONLY portable voluntary benefits, although they have enhanced their program, they have in reality become a "collection facility" for the insurance company. The employer collects premiums through payroll deduction and forwards them each month to the insurer and, except for the "good will" it generates, doesn't even get compensated for it!
The MOST IMPORTANT POINT on this issue: Once they get the plans you offer, if they can "keep them on their own," what "holds" them to you? Nothing! They can go to work for another company and not lose a thing!
But, YOU still have to spend that $3,500 or more to replace EACH and every one of them!
ON THE OTHER HAND…
If an employer's goal is to ATTRACT and RETAIN GOOD EMPLOYEES (and, after all, that's why you're even reading this, isn't it?) then GROUP VOLUNTARY PLANS ARE THE OBVIOUS CHOICE! Why? Because GROUP plans are NOT PORTABLE (except under some temporary circumstances)!
You want that employee to have a REAL REASON to STAY with your company. This choice becomes the GLUE that accomplishes your mission!
It is OK to have a couple of portable plans mixed in (like permanent life insurance or critical illness plans), but be sure that the most basic plans, like health and disability, are group!
A Real Case in Point…
A close personal friend of mine (I'll call her "Grace") took her daughter to lunch for her birthday about two years ago. You see, Grace is an independent sales person and didn't have access to affordable health insurance. A "pre-existing condition" didn't help matters.
When she entered the restaurant (a major national chain) she saw a sign that read "Join our team. Benefits Day One!" She inquired, picked up an employment application, and applied for a part-time position to get the benefits.
Did she get full major medical? No. They offered a "GROUP voluntary limited benefit plan." It does, however, give her access to doctors, prescription drugs, and other basic health care.
After two years, Grace is still there! She works at her sales job during the day and the restaurant in the evenings. She says she cannot "afford" to leave because o
When an employee gives a two-week notice of resignation, is the company required to honor it? Alternatively, can the employer make the notice date the last day of work?Employers are not required to honor an employee’s resignation notice period. However, there are several issues to consider before making the notice date an employee’s last day of work. However, before making the notice date of a resignation the last days of work consider how it will affect the following.1. Other Employees will wonder what the reasons were for an early tenure. Consider the impact this would have on your remaining employees. An immediate separation could reinforce poor attitudes toward the company and cause other employees to forego the practice of giving two weeks’ notice of resignation.2. The employee’s resignation could now be considered an involuntary separation from the company. This may entitle the employee to unemployment insurance benefits that she or he otherwise would not have been entitled to receive.3. Consider whether company policy requires employees to give two weeks’ notice, if so; an employee could rely on the policy to support a wrongful termination claim if the employer made the resignation effective immediately. Have counsel review your company’s employment-at-will polici
This can have a positive effect on turnover, primarily for those employees that are already on the major medical plan, in other words, the more "highly" compensated.
BUT, most employers' turnover problems come from the "lesser" compensated! This includes those who are NOT QUALIFIED to participate, or CANNOT participate because they simply cannot afford it.
What is the root cause of Turnover?
I do not have to tell you how employee morale can affect a company's bottom line. I am sure you see it in your everyday life.
Have you ever noticed that when you go out to your favorite restaurant, you can almost "sense" the morale of your server by their very attitude and the quality of the service you receive? There is probably a very strong correlation between that restaurant's benefit program and the server's job satisfaction—and it shows up right at your table!
Don't get me wrong—I'm not picking on food service—it's just a little more "visible" there. It also shows up with customer service personnel, sales people, line workers, fork lift operators, and, oh yes, it even shows up in break rooms! The truth is: It shows up EVERYWHERE—INCLUDING a company's BOTTOM LINE!
It's very simple: Satisfied employees stay. The others go.
What is the actual cost of Turnover anyway? And why should I care?
In every study I have researched, and information I have received from some of the most experienced and respected human resource managers anywhere, the answer is the same:
VERY EXPENSIVE!
It seems that the number STARTS at $3,500, at a minimum, to replace ONE $8.00 per hour employee! That's almost THREE MONTHS WAGES SPENT—for just one lost employee! The cost goes up exponentially for the more highly compensated people. This includes advertising for the job opening, interviews, screening, training the new hire…Oh, you know the rest.
Therefore, many employers are turning to Voluntary Benefits to provide more VALUE! But, Voluntary Benefits are just what they say they are!
Voluntary benefits are FIRST voluntary to the employer who takes the time to find out what kinds are available, decides which ones best suit his or her company's objectives, and then VOLUNTARILY decides to make them available to their employees.
Voluntary benefits are THEN voluntary to the employees, who can pick and choose among the choices offered, based on his or her personal needs.
Oh, and ONE OTHER IMPORTANT CONSIDERATION: It is painfully obvious that losing good people is a very expensive reality. However, Voluntary Benefits are usually paid 100% by the employee! And, they will still love you for it!
In addition, most voluntary plans qualify for "pre-tax" treatment under Section 125 (Cafeteria Plans). This is an opportunity for a company to save a significant amount on "payroll taxes."
Under this scenario, both the EMPLOYEE AND EMPLOYER save money. A WIN, WIN for sure!
What is best to offer: PORTABLE Voluntary Benefits…or GROUP Voluntary Benefits?
The answer lies in what the employer wants to accomplish! If the company already has a "benefits rich" program, portable benefits are just fine—with one caveat: When a company uses ONLY portable voluntary benefits, although they have enhanced their program, they have in reality become a "collection facility" for the insurance company. The employer collects premiums through payroll deduction and forwards them each month to the insurer and, except for the "good will" it generates, doesn't even get compensated for it!
The MOST IMPORTANT POINT on this issue: Once they get the plans you offer, if they can "keep them on their own," what "holds" them to you? Nothing! They can go to work for another company and not lose a thing!
But, YOU still have to spend that $3,500 or more to replace EACH and every one of them!
ON THE OTHER HAND…
If an employer's goal is to ATTRACT and RETAIN GOOD EMPLOYEES (and, after all, that's why you're even reading this, isn't it?) then GROUP VOLUNTARY PLANS ARE THE OBVIOUS CHOICE! Why? Because GROUP plans are NOT PORTABLE (except under some temporary circumstances)!
You want that employee to have a REAL REASON to STAY with your company. This choice becomes the GLUE that accomplishes your mission!
It is OK to have a couple of portable plans mixed in (like permanent life insurance or critical illness plans), but be sure that the most basic plans, like health and disability, are group!
A Real Case in Point…
A close personal friend of mine (I'll call her "Grace") took her daughter to lunch for her birthday about two years ago. You see, Grace is an independent sales person and didn't have access to affordable health insurance. A "pre-existing condition" didn't help matters.
When she entered the restaurant (a major national chain) she saw a sign that read "Join our team. Benefits Day One!" She inquired, picked up an employment application, and applied for a part-time position to get the benefits.
Did she get full major medical? No. They offered a "GROUP voluntary limited benefit plan." It does, however, give her access to doctors, prescription drugs, and other basic health care.
After two years, Grace is still there! She works at her sales job during the day and the restaurant in the evenings. She says she cannot "afford" to leave because o
Why do movie stars look the way they do? It’s not just genetics. It’s because they spend lots of time working out, choosing clothes and doing their hair and makeup so they are photo gorgeous every time they step out the door. Yes, movie stars know the extra time and effort is what separates them from mere mortals like us.It is the same in business. While some companies spend their time, energy and resources getting the hundreds of tiny details just right, others are left wondering why their one advertisement on page three didn’t make a difference to their bottom line.If you want to find the star potential in your business, you have to be willing to have a good hard look at where it is at right now and be prepared to go the extra mile to make it shine. Visit your website as if you are seeing it for the first time. Drag out every brochure, manual, sales docket and letter and look at it from your customer’s perspective. Look at these items as salespeople for your business and question whether or not they are doing their job properly...... and trust your gut instinct! Your customers make most of their decisions about your business from an instinctive, unconscious level so you have to do it too. If you think something isn’t up to scratch, you can be pretty sure your customers will be t
Therefore, many employers are turning to Voluntary Benefits to provide more VALUE! But, Voluntary Benefits are just what they say they are!
Voluntary benefits are FIRST voluntary to the employer who takes the time to find out what kinds are available, decides which ones best suit his or her company's objectives, and then VOLUNTARILY decides to make them available to their employees.
Voluntary benefits are THEN voluntary to the employees, who can pick and choose among the choices offered, based on his or her personal needs.
Oh, and ONE OTHER IMPORTANT CONSIDERATION: It is painfully obvious that losing good people is a very expensive reality. However, Voluntary Benefits are usually paid 100% by the employee! And, they will still love you for it!
In addition, most voluntary plans qualify for "pre-tax" treatment under Section 125 (Cafeteria Plans). This is an opportunity for a company to save a significant amount on "payroll taxes."
Under this scenario, both the EMPLOYEE AND EMPLOYER save money. A WIN, WIN for sure!
What is best to offer: PORTABLE Voluntary Benefits…or GROUP Voluntary Benefits?
The answer lies in what the employer wants to accomplish! If the company already has a "benefits rich" program, portable benefits are just fine—with one caveat: When a company uses ONLY portable voluntary benefits, although they have enhanced their program, they have in reality become a "collection facility" for the insurance company. The employer collects premiums through payroll deduction and forwards them each month to the insurer and, except for the "good will" it generates, doesn't even get compensated for it!
The MOST IMPORTANT POINT on this issue: Once they get the plans you offer, if they can "keep them on their own," what "holds" them to you? Nothing! They can go to work for another company and not lose a thing!
But, YOU still have to spend that $3,500 or more to replace EACH and every one of them!
ON THE OTHER HAND…
If an employer's goal is to ATTRACT and RETAIN GOOD EMPLOYEES (and, after all, that's why you're even reading this, isn't it?) then GROUP VOLUNTARY PLANS ARE THE OBVIOUS CHOICE! Why? Because GROUP plans are NOT PORTABLE (except under some temporary circumstances)!
You want that employee to have a REAL REASON to STAY with your company. This choice becomes the GLUE that accomplishes your mission!
It is OK to have a couple of portable plans mixed in (like permanent life insurance or critical illness plans), but be sure that the most basic plans, like health and disability, are group!
A Real Case in Point…
A close personal friend of mine (I'll call her "Grace") took her daughter to lunch for her birthday about two years ago. You see, Grace is an independent sales person and didn't have access to affordable health insurance. A "pre-existing condition" didn't help matters.
When she entered the restaurant (a major national chain) she saw a sign that read "Join our team. Benefits Day One!" She inquired, picked up an employment application, and applied for a part-time position to get the benefits.
Did she get full major medical? No. They offered a "GROUP voluntary limited benefit plan." It does, however, give her access to doctors, prescription drugs, and other basic health care.
After two years, Grace is still there! She works at her sales job during the day and the restaurant in the evenings. She says she cannot "afford" to leave because o
For many people looking for part time work and some extra spending money, Ebay is on the top of their list. Most people check the classifieds for part time work or surf the internet for opportunities, unfortunately most are get rich quick schemes or outright scams. Ebay on the other hand gives you the choice of being your own boss and easily being able to make a few hundred dollars per month or more. Millions of people can’t be wrong. Ebay is one of the best places to work part time as an entrepreneurial merchant.Ebay is extremely easy to use, has low costs and is practically free to start. You can find plenty of things around your home to sell on Ebay or you can purchase some inventory from local vendors. Selling on Ebay takes very little effort, you can use Ebay tools to list and organize items and Paypal is a great way to collect your money from customers.For many people looking for part time income, you can easily work less than 2 hours a day and make hundreds per month. If you are looking for a sure fire way to earn some extra income without having to deal with get rich quick schemes or scam artist, look into being an entrepreneur on Ebay.
The MOST IMPORTANT POINT on this issue: Once they get the plans you offer, if they can "keep them on their own," what "holds" them to you? Nothing! They can go to work for another company and not lose a thing!
But, YOU still have to spend that $3,500 or more to replace EACH and every one of them!
ON THE OTHER HAND…
If an employer's goal is to ATTRACT and RETAIN GOOD EMPLOYEES (and, after all, that's why you're even reading this, isn't it?) then GROUP VOLUNTARY PLANS ARE THE OBVIOUS CHOICE! Why? Because GROUP plans are NOT PORTABLE (except under some temporary circumstances)!
You want that employee to have a REAL REASON to STAY with your company. This choice becomes the GLUE that accomplishes your mission!
It is OK to have a couple of portable plans mixed in (like permanent life insurance or critical illness plans), but be sure that the most basic plans, like health and disability, are group!
A Real Case in Point…
A close personal friend of mine (I'll call her "Grace") took her daughter to lunch for her birthday about two years ago. You see, Grace is an independent sales person and didn't have access to affordable health insurance. A "pre-existing condition" didn't help matters.
When she entered the restaurant (a major national chain) she saw a sign that read "Join our team. Benefits Day One!" She inquired, picked up an employment application, and applied for a part-time position to get the benefits.
Did she get full major medical? No. They offered a "GROUP voluntary limited benefit plan." It does, however, give her access to doctors, prescription drugs, and other basic health care.
After two years, Grace is still there! She works at her sales job during the day and the restaurant in the evenings. She says she cannot "afford" to leave because of her benefits—and, after all, she says she loves working with the other people there because they always seem to be in a good mood. Do they have good morale? You bet!
In Conclusion:
Quality Group Voluntary Plans are available to any company that is willing to do their homework, seek out advisors they can trust, analyze the programs available in their state, and choose the plans that will work best for them.
These unique business management TOOLS can provide you with the LEVERAGE you need to REDUCE your employee TURNOVER.
Will these suggestions solve 100% of your turnover problem? Of course, not! But, they can certainly put a huge DENT in it! And that dent can show up as a "positive bubble" on your bottom line.
VOLUNTARILY deciding to provide the GLUE that will help your good employees STICK AROUND will not only be APPRECIATED, but also may be highly PROFITABLE!
Will you take advantage of Group Voluntary Benefits? Only you know the answer to that question.
As I said in the beginning—YOU DECIDE!
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