The Value of Fundamental Care® for Employers with High Employee Turnover Solutions

High employee turnover is a significant challenge for many businesses, particularly those in industries like retail, hospitality, and healthcare. Frequent hiring and training of new employees can be costly and disruptive to business operations. The 2023 KFF Annual Health Care Affordability Report highlights the financial burden of turnover and the importance of offering affordable, attractive benefits to retain employees​ (KFF)​​ (KFF)​. Fundamental Care® Limited Day Health Plan offers an effective solution to help businesses reduce turnover by providing accessible and affordable health coverage.

Understanding the Impact of High Employee Turnover

High turnover rates can have several negative impacts on businesses, including:

• Increased Costs: The costs associated with recruiting, hiring, and training new employees can add up quickly. According to SHRM, the average cost of replacing an employee can range from six to nine months of the employee’s salary​ (KFF)​.

• Reduced Productivity: New employees often require time to get up to speed, which can lead to temporary drops in productivity. High turnover can also disrupt team dynamics and workflows.

• Lower Employee Morale: Frequent turnover can negatively affect the morale of remaining employees, leading to decreased job satisfaction and further turnover.

How Fundamental Care® Limited Day Health Plan Can Help

The Fundamental Care® Limited Day Health Plan can be a valuable tool for businesses looking to reduce turnover and improve employee satisfaction:

1. Affordable Coverage: The plan offers lower premiums compared to traditional health plans, making it an affordable option for both employers and employees. This can help businesses attract and retain employees who might otherwise struggle to afford health insurance.

2. Comprehensive Benefits: Despite its affordability, the plan includes a wide range of benefits such as preventive care, mental health services, and doctor visits. These comprehensive benefits can enhance employee satisfaction and loyalty.

3. Flexibility: The plan’s flexibility allows businesses to tailor coverage to meet the specific needs of their workforce. Whether employees are full-time, part-time, or seasonal, the plan can be adjusted to provide appropriate coverage.

4. Improved Morale and Retention: By offering affordable and comprehensive health benefits, businesses can improve employee morale and retention. This leads to a more stable and motivated workforce, reducing the costs and disruptions associated with high turnover.

Supporting Data from Additional Sources

In addition to the KFF report, data from other reputable sources further supports the importance of offering affordable health benefits to reduce turnover:

• SHRM: SHRM emphasizes the high costs associated with employee turnover and the role of attractive benefits in improving retention​ (KFF)​.

• Willis Towers Watson: Research by Willis Towers Watson highlights the correlation between comprehensive health benefits and lower turnover rates​ (KFF)​.

• BenefitsPro: BenefitsPro discusses various health insurance options that can help businesses reduce turnover by offering valuable employee benefits .

How Brokers Can Support Employers With High Employee Turnover Solutions

Brokers have a critical role in helping businesses understand the value of the Fundamental Care® Limited Day Health Plan and how it can help reduce turnover. Here’s how brokers can support employers:

• Educate on Costs and Benefits: Provide detailed information on the costs and benefits of the Limited Day Health Plan, emphasizing its affordability and comprehensive coverage. Use data from KFF, SHRM, and other sources to illustrate the plan’s value.

• Tailor Solutions: Work with employers to customize the plan to meet the specific needs of their workforce. Highlight the flexibility and comprehensive benefits of the plan.

• Promote Employee Education: Encourage employers to educate their employees on the benefits of the plan and how to use it effectively. This can improve employee satisfaction and retention.

Conclusion

High employee turnover can be a significant challenge for businesses, but offering affordable and comprehensive health benefits can help mitigate this issue. The Fundamental Care® Limited Day Health Plan provides a cost-effective solution that can improve employee satisfaction and reduce turnover. Brokers can play a key role in helping businesses implement this plan and realize its benefits.

To learn more about how the Fundamental Care® Limited Day Health Plan can help reduce employee turnover, visit Fundamental Care® Limited Day Health Plan.

References

1. Kaiser Family Foundation. (2023). 2023 KFF Annual Health Care Affordability Report.

2. Society for Human Resource Management. (2023). Healthcare Benefits for Small Business.

3. Willis Towers Watson. (2023). Health & Benefits.

4. BenefitsPro. (2023). Health Insurance Options for Small Businesses.

5. Fundamental Care®. (2023). Limited Day Health Plan.