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The Blueprint

The Critical Role of a Strong Benefits Offering in Attracting and Retaining Talent

The backbone of any company is its workers. But did you know that that it can cost up to 400% of an employee’s annual salary to replace them if they leave?1

It seems a ridiculous number, but it only serves to emphasize the importance of employee retention. Talent and tenacity keep the wheels of a business turning, and no matter how incredible a business’ product or offering may be, that doesn’t change. A company lives and dies by its people, and to keep those people on board, it’s vital to provide attractive health benefits.

The world of healthcare is a muddled one, of course, and determining the best benefits to attract and retain talent can add a lot onto your already busy schedule, but it’s worthwhile. Turnover, especially in the climate of the “Great Resignation”, is more of a threat than ever, and retention can quickly become an uphill battle. Studies show that nearly 50% of employees may begin searching for a new job within a year if they’re dissatisfied with their offered benefits. Conversely, the same study reports that around 78% of employees are more likely to stay at their job if the benefits they’re offered are attractive.2

To sum it up, offering better benefits can save you a considerable headache in the long run.

Investing in your workers’ health is essential, as it’s often one of the main things people are looking at. But beyond the tempting sway of a good healthcare plan, guaranteeing employees’ health goes a long way. When someone falls ill, their productivity and ability to perform takes a hit. Even more, it’s just demoralizing to try and produce your best work when your health is suffering. Ensuring people that their health is looked after gives them a safeguard— and, to put it simply, healthier workers produce better work.

Most vital, perhaps, is the reflection of better benefits on the leaders offering them. Being able to offer strong benefits to employees, potential or long-standing, shows that you aren’t just investing in the business. You’re investing in their futures, from their time working and into retirement. And it feels a good deal more rewarding to work for a business that you know cares for you than it does simply existing as a cog in the machine.

There isn’t a “one-size-fits-all” solution to address employee retention in any business, and at RMTS, we understand that. It’s why we pride ourselves on solutions that are customized to meet the needs of every client. From stop loss policy options to efficient and accurate claims adjudication and more, our industry expertise and strategic approach allows us to meet an organization’s distinct needs and goals so leaders can offer better benefits with confidence.

And offering those benefits is worth it. The better talent you have propelling your business to success, the better your company will do overall. A lack of quality employees, or a lack of employees at all, can easily spell doom for any organization that knows the game. Even on a basic level, people tend to be in better moods when their health is looked after, and that kind of boosted workplace morale never hurts.

Strong benefits go an undeniably long way in helping attract and retain talent. So if you’re looking for a plan customized to your business, look out for your own wellbeing and make it easy—reach out to us today.