The ongoing shock waves of the Great Resignation are rippling through the U.S. economy as 4.25 million workers quit their jobs and an unprecedented 11.3 million job openings were posted in January 2022 alone.1
This level of turnover is costly to your company both in time and money. It’s time-consuming to recruit and train new employees – not to mention the loss of institutional knowledge and reduction in productivity while positions remain vacant.
It is estimated that losing an employee can cost your company six to nine months of that employee’s salary,2 making current employee retention a concern for all industries.
To win this battle, you must proactively combat the top factors that cause employees to take other jobs including competitive compensation, better benefits, work/life balance, and a safe work environment – all while controlling costs. Finding this balance is no simple task.
A Culture That Puts Safety First
The simplest way you can demonstrate that your company culture values employees and is a desirable place to work is by focusing on workplace safety. When employees know that your company cares about their wellbeing, they are more motivated, energetic, and enthusiastic about their jobs which translates to higher retention.
- Take safety seriously. Every workplace carries some risks, from carpal tunnel to slips to malfunctioning equipment. EPIC’s experienced teams consult closely with you to identify, analyze and manage the broadest possible range of corporate and individual risk. Claims management, training and safety awareness strategies are important steps in demonstrating your company’s commitment to a safe work environment.
- Engage employees in safety. Does your organization have a proactive program to minimize litigation from workers’ compensation claims? EPIC provides onsite workshops to teach supervisors important skills such as active listening, accident investigation and how to bring employees back to work safely. Our approach allows your leadership to authentically care for staff before they engage an attorney.
Giving Employees What They Want
When exploring employee benefits through the lens of retention, you must give employees what they want, not just what they need.
- Conduct employee surveys. You don’t know what your employees want unless you ask. A recent poll in the December 2021 issue of Forbes showed that employees desire improved mental health support (29%), better health insurance (28%) and financial wellness training (27%). EPIC determines what your staff is thinking through meaningful surveys. We can even provide recommendations for enhanced executive and voluntary benefits.
- Re-evaluate your benefits package. Employers are getting creative to differentiate themselves as a desirable place to work. Some offer perks like student loan reimbursement, paid mental health days and four-day workweeks. Once EPIC determines what your employees are seeking, we can develop an attractive, competitively priced benefit plan with cost control in mind.
EPIC: Your Solution to Employee Retention
In addition to these important strategies, our dedicated teams help companies like yours develop cost-effective employee benefits and risk reduction strategies to retain your top talent with a full range of solutions through:
- Creating benefit strategies that appeal to diverse workforces
- Guiding implementation of health and wellness initiatives
- Educating employees about how to leverage their benefits
- Performing workers’ compensation claim reviews and analysis
- Ensuring employees with workers’ compensation claims receive quality care
- Establishing programs that recoup your investment in employee retention efforts
Learn about these and other solutions to improve your employee retention rate and combat the effects of the Great Resignation.
1 Society for Human Resource Management (SHRM), January 2022.
2 PeopleKeep, Inc., September 17, 2021.