HR Support Services
Employee Benefit Plans
In many countries around the world, employees are given staff insurance benefits in addition to their income. These generally include family health care, life cover, disability cover and income protection. Research in other countries shows that these benefits tend to encourage employer loyalty.
There is not much research on NZ employees and staff benefits out at the moment, but there are many research projects looking at this area due to the increase in employers offering these types of benefits
Good employee benefit plans and programmes are designed to reward staff, that remain with a company for a longer period of time.
There are many hidden costs, that impact a business as staff leave an employer. These can include:
* Down time ...Just before a staff member leaves a role, their productivity reduces, as they 'know they are leaving' and their focus is in other areas.
* Lost training, staff experience, product knowledge, or worst of all, lost company intellectual property ...These are the trade processes that your competitors would like to know or mimic. A drop in staff loyalty can lead quickly to additional HR time required to exit a staff member ..... handing back tools, lost opportunity costs, email accounts, and work handover that is never perfect.
* Rehiring costs, recruitment fees, more HR time, background checks, interviews and replacement of bad candidates, lost opportunity costs, company process training, mentoring, and staff security requirements.
* New staff non-productive time, until they are working at the same speed as the previous employee.