BROKERS – How to Help Clients Reduce Employee Turnover and Generate Revenue
We have developed the most effective solution to help employers retain top performers, and we are collaborating with the employee benefits Broker as the most effective channel to reach the employers who will benefit the most.
THE PROBLEM WE ARE TRYING TO SOLVE
With unemployment at its lowest point in the past 20 years, what we are seeing is that the competition for talent among employers has increased significantly.
One of the main drivers for the increase in competition is because employers have become more innovative, when it applies to talent acquisition. Instead of the traditional approach in investing valuable time and resources in hiring, training and developing new employees, they have become laser-focused in poaching talented performers directly from their competitors.
Unfortunately, the tipping point is reached when all the employers in the same Industry and in the same location are directly poaching talent away from each other – high employee turnover is normally the result for everyone. This is on-top of the challenge that already exist in finding top talent.
THE BROKER/RECRUITER COLLABORATION
We believe that this is an organic partnership, because our strategy complements the Brokers’ strategy and together, both strategies provide significant value to employers. Also, there will not be a conflict in the execution of both strategies, that is because we execute our attract & retain strategy through recruitment tactics, and the Brokers execute their attract & retain strategies through the employee benefits programs they design.
Another value we add to the Broker is that – since we specialize our recruitment efforts in the employee benefits space – as a result, we understand the attract & retain strategies from both the recruitment and the employee benefits sides. So, we are well aware of the competitiveness among Brokers in acquiring and retaining clients.
5 REASONS WHY THE BROKER IS THE KEY TO REDUCING HIGH EMPLOYEE TURNOVER
- They are also in the business of helping their clients attract and retain talent.
- They have existing relationship with employers
- They do not need to be an expert on recruitment issues
- They do not need a special license to provide recruitment services
- They do not need to make any changes in their normal business activities
HOW BROKERS SOLVE HIGH EMPLOYEE TURNOVER
We believe that the solution to solving high employee turnover is to incorporate a scientific method to the hiring process. Our proprietary solution will determine the long-term success of each new hire, for each job vacancy – before the hiring decision is made.
In a recent study by The Department of Labor, it stated that:
- I in 3 new hires will leave within 6 months from the date of hire
- Bad hires results in $565 billion in loss productivity
- 32% of employees are un-engaged
How do these numbers impact the clients of the Broker?
BENEFITS TO EMPLOYERS
What if employers could accurately predict the success of each new hire, before they made a hiring decision?
They would have a work-force consisting of all happy employees!
- Happy employees are more productive. A more productive work-force translates to more revenue for that employer.
- Happy employees are more engaged. An engaged work-force translates to lower employee turnover
BENEFITS TO BROKERS
How will a solution that will help their clients generate additional revenue through the hiring of only revenue producing employees – who will stick around for the long-haul, add value to the Broker?
- Client retention – They will never lose a client because of a huge renewal increase
- BOR letter – They will never have to worry about another Broker muscling-in on their BOR relationship
- CFO-level prospect meetings. Transferring a client’s recruitment budget from the expense side of the table –to the revenue side of the table – is the type of conversation that will separate one Broker from all the other Brokers
We believe that clients will not replace an incumbent Broker, when they are blown-away by the additional revenue that was generated by the ingenuity of their Broker.
That’s how we solve the employee retention problem through the efforts of the employee benefits Broker!