Recruitment & Retention
The mobility of employees seems to increase with each generation that comes through. Expectations about benefits and working environments are increasing. Employees who feel unsupported are more likely to leave, seeking workplaces with better mental health policies and benefits in general.
High Cost
This is one thing that is certain as all employers will know. The cost of employee turnover is significant. It will include recruitment, training, and the lost productivity during the transition period.
According to research by Oxford Economics, replacing an employee on a salary of more than £25,000 can cost over £30,000.
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Benefits and that feeling of being valued
Employees are increasingly aware of their value and want to feel valued in return. Ensuring you have a plan for financial wellbeing is not a nice to have, it demonstrates the values of the business in wanting to look after the staff. The benefit is greater productivity and less absence in return.
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