If you own a business that employs hourly and part-time workers, you’ve probably noticed the pool of potential workers is shrinking.
In the restaurant business, for example, studies show only one new employee is entering the workforce for every two who are leaving.
1
Help squelch the high turnover rate by adding Select Benefits, a limited benefit medical insurance plan. Here’s how:
It’s designed for your workers.
Select Benefits is designed to provide coverage for hourly and part-time employees — workers who might otherwise go without medical insurance.Benefits are proven to reduce turnover.
In a survey, restaurant operators that offered basic health, dental or 401(k) benefits had average annual turnover rates 25 percent lower than their competitors that offered no benefits.2Retaining quality employees impacts your bottom line.
In fact, studies show that the higher the tenure of the workforce, the higher the sales per square foot and per employee.3
Instead of viewing employee benefits as an operational expense that weakens your bottom line, think of them as a necessary investment that can work to increase your profitability.
1 People Report’s 2004 Annual Best Practices Conference.
2 People Report’s 2004 "Survey of Unit Employment Practices
(sulep)."
3 Hudson Riehle, NRA spokesperson as quoted in press
release.
