Can a group medical plan help prevent turnover in my company?
The cost of employee turnover is expensive and is estimated at the equivalent of 6 to 9 months in salary. Other studies predict the cost is even more; losing a salaried employee can cost as much as 2x their annual salary, especially for a highly-educated employee (Source).
Health benefits are the number one benefit offered by employers and are an important part of employee recruiting and retention strategies. Many employers look at health benefits as an investment in employees.
Employers can save approximately half of these expenses, $10,000 or more per replaced employee, with a health benefits plan that helps them recruit new employees and retain existing employees.
