Employee benefits: the secret to staff retention

Written by Ed Barnes, director at Champion Health and Benefits

The UK has one of the lowest staff retention rates in Europe, with a recent UK Money study estimating that around 16.8% of employees leave their jobs each year. That figure rises to 37.6% in the hospitality industry – the country’s worst affected sector.

This low retention has a huge impact on a business’s success. Research by Oxford Economics puts the cost of replacing a staff member at around £30,000. This includes hiring fees, onboarding and training, and the loss of productivity while a new employee gets up to speed.

If you’re replacing multiple staff members every year, your finances are taking a staggering and preventable hit.

So, how do you improve staff retention? There are lots of elements at play, including pay, working conditions, managers, opportunities, and providing a work / life balance. One key area that’s often overlooked, and can be introduced at speed, is a compelling employee benefits package.

We know that 63% of UK employees consider benefits a key factor when choosing a job (Canada Life Group Insurance, 2020), and those benefits remain a key factor when choosing to leave that job. For some employers, the expense of a benefits package is a deterrent, but it’s essential to balance the cost of staff turnover against the price of retention.

At Champion Health and Benefits, we have long-established relationships with numerous health and protection insurers, providing us with wide access to the benefits market. We offer a holistic and tailored approach for businesses looking to implement or review their employee benefits package, and ensure all our clients get the best value and adopt a proactive approach to managing renewals.

Employee benefits packages can include:

  • Individual/Family Private Medical: quick diagnosis and treatment
  • Group Private Medical Insurance: quick diagnosis and treatment for SMEs and corporates
  • Healthcare Cash Plans: low-cost, high-value employee benefit
  • Dental Plans: comprehensive dental coverage
  • Group Life Assurance / Death in Service: a low-cost, tax-efficient benefit
  • Group Income Protection: financial security for your employees
  • Group Critical Illness Cover: financial help when it’s most needed
  • Employee Assistance Programmes: improve employee wellbeing
  • Business Protection: shareholder and keyman insurance

The key to an effective benefits package is to tailor it so that it’s right for your business and your employees. With access to the whole market of benefits, Champion Health and Benefits designs the right policy for your business, and guides you through the process.

For more information or to discuss your employee benefits package, get in touch with me on 0161 703 2545 or ed.barnes@championhb.co.uk.