Park City, UT (PRWEB) September 12, 2013
Today, Zane Benefits, the number one online small business health benefits solution, published new information on businesses and employee retention.
According to Zane Benefits’ website, in many parts of the country, unemployment has decreased over the past few years. Currently, national unemployment is at a four-year low, at 7.4% - down from 10% in 2009 - and even lower than 5% in some big cities, such as Seattle.
This growth of the economy is good for employees in terms of having a steady income to support themselves and their families and benefits. Now that each individual is more competitive in the workforce, employers are feeling the pressure to offer perks and benefits to retain key employees and keep them from looking for jobs elsewhere.
These days, there’s less preventing disengaged workers from finding a new job that makes them feel more fulfilled.
Data from the U.S. Bureau of Labor show that the number of workers voluntarily leaving their job is up more than 10% in the last two years. HR professionals are even calling 2013 “the year of retention”.
A study by SHMR suggests that it costs an employer 6 to 9 months in salary each time they have to replace a salaried employee. So, the incentive to keep key employees is obvious from a personnel, morale, and budget standpoint.
In 2010, worker’s pay fell as much as 2%, but began to rebound in 2011. Since then, workers have reported pay increases as high as 3.9%, compared to a national maximum increase of 2.9%.
It’s more difficult to hire right now because unemployment rate has dropped and demand is up. As a result, companies are offering better employee benefits and rewards. They are also searching for hires using methods they’ve never used before.
Some tips for employee retention include:
Benchmark your employee retention rate;
Use proven retention strategies, not guesswork;
Don't assume employees are happy (create a high-feedback environment);
Implement a health benefits program such as a traditional health plan or defined contribution health benefits;
Provide different benefits for different employees (focusing on the high-value, expensive to replace employees);
Conduct exit interviews.
Click here to read the full article.
About Zane Benefits
Zane Benefits was founded in 2006 to provide a revolutionized SaaS (Software-as-a-Service) administration platform ("ZaneHRA") for Health Reimbursement Arrangements (HRAs) and defined contribution health care. The flagship software provides a 100% paperless administration experience to small businesses and insurance professionals that want to offer better health benefits without a traditional group health insurance plan at lower costs. For more information about ZaneHRA, visit http://www.zanebenefits.com.