Attract and retain top talent with Group Insurance/Employee Benefits Insurance
The right people for your business are hard to find and expensive to replace, so it’s important to demonstrate how much you value them.
Group Life Insurance is a cost-effective way to show your staff you care. By partnering with Steadfast Life, cost effective Group Insurance can now be accessed by SME businesses, much smaller than the large corporates the product is often associated with.
You make an enormous financial investment in finding and training the right people. When you have them, you need to keep them.
Unfortunately, Australia has one of the world’s highest rates of staff turnover, with around 6 out of 10 employees seeking new jobs each year[1]. And when staff leave, it can have a huge impact on your business.
Some studies estimate that replacing an employee can cost you up to 100% of their base salary.[2] But the good news is, research also shows that there is a lot you can do to encourage staff to stay. 80% of employees leave because they feel they are not enriched, valued or rewarded.[3]
One way to improve staff satisfaction and loyalty is to safeguard their long-term financial security. That’s where Group Insurance can be used effectively.
Group Insurance enables you to offer tangible benefits to attract and retain the right people. And the best part is, your business will benefit as well.
What is Group Insurance?
Group Insurance provides your employees the security of Life, Total and Permanent Disability and Income Protection Insurance at a discounted rate without the need for medical underwriting (up to certain limits). Because the risk is spread across everyone in the company, the cost for each employee can be up to 40% less expensive than the premium they would pay for a personal insurance policy.
By offering an attractive insurance package, you can provide valuable protection for your employees and their families. What’s more, you’ll also be cushioning your business against the costs of paying extended sick leave if your employee has to take time off work.
Benefits for employers
- Drive employee loyalty and engagement
- Stand out as an employer of choice
- Attract and retain exceptional talent
- Reduce employee churn and avoid the costs of hiring and training new staff
Benefits for employees
- They’ll feel supported by their employer
- Gain peace of mind with access to quality insurance cover
- Increase financial security for themselves and their families
Find out more
Steadfast Life are business risk specialists, tailoring Group Insurance solutions to our clients’ business needs. With the benefit of size and scale we provide the necessary resources to help ensure Group Insurance plans are comprehensive, cost-effective and effectively implemented through staff education and training.
If you’d like to find out more about the benefits of Group Insurance, please call Daniel on 02 8456 7806 or email daniel@steadfastlife.com.au.
[1] Kelly Global Workforce Index, Australians are world’s leading job movers, 2013.
[2] The Society for Human Resource Management, Measuring and Mitigating the Cost of Employee Turnover, 2012.
[3] The 2012 Insync Surveys Retention Review.
*The above advice is general. Before you decide to purchase life insurance or retain your existing cover, you should consider whether the advice is appropriate for your financial situation, needs or objectives and consider the applicable Product Disclosure Statement.