Why Insure My Group

By on February 24, 2013

Why Insure My Group

Cost of employee turnover
There are many reasons to buy group health & dental benefits:

  1. Attract & retain top employees
  2. Provide something more than just a pay cheque
  3. Make employees feel like family
  4. Provide coverage for your own family
  5. Fulfill employee requests for coverage

There are many other reasons to get health benefits for your employees. Below you will find some statistics that explain the financial benefits of having group coverage. In practice, group benefits can save you more money than they cost.
Employee Turnover Causes

The Society for Human Resource Management and Aon Consulting did a study that discovered the top three reasons employees voluntarily leave a company.

  1. To advance their career with greater opportunities for training and career development.
  2. A better compensation and benefits package.
  3. Poor management

Employee Turnover Statistics Including Cost

The Wall Street Journal reports the cost of replacing an employee ranges from a low of 50% to 60% (The Hay Group) to 100% to 150% (Hewitt Associates) of the employee’s annual compensation.

Imagine the savings if your company retained one or two additional employees each year by having better managers, providing better training and career development, and offering a great benefit package. Take an employee that earns $35,000.  If you had to replace this person, at minimum it would cost your business $17,500.  How many people does your company lose per year? If your business loses two employees in a year, that’s $35,000. Five people, is $87,500. Ten people, that’s $170,500!
Our Group Benefit Providers include….

 

Blue CrossGreat West

Maximum Group

RBC Insurance

Encon

Group Medical Services

SunlifeDesjardins Financial

Equitable

Manulife

Empire Life