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30 May 2016

How can Group Salary Continuance Insurance be more affordable in attracting and retaining talent?

The right people for any business are hard to find and expensive to replace, so it’s important to demonstrate how much they are valued. Group Life and Income Protection is a cost-effective way to show employees the business cares. As a client of Planned Cover, the cost effective benefits of Group Insurance can now be accessed by SME businesses much smaller than the large corporates the product is often associated. Further with the benefit of size and scale, Planned Life have been able to save our clients significantly in premium, sometimes by up to 60%.

Businesses make an enormous financial investment in finding and training the right people. When they have them, they 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 the business. Some studies estimate that replacing an employee can cost up to 100% of their base salary.[2] But the good news is, research also shows that there is a lot employers 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 employers to offer tangible benefits to attract and retain the right people. And the best part is, businesses also benefit by alleviating the financial burden of continuing to support employees after their sick leave entitlements have expired.

What is Group Insurance?

Group Insurance provides employees the security of Life, Total & 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 Group Income Protection for example, can be as little as 1% of the firms’ payroll.

By offering an attractive insurance package can provide valuable protection for employees and their families whilst at the same time cushioning the financial impact on the business by covering the costs of employees requiring extended leave whilst unable to return to work.

Benefits for you and your employees

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 staff

  • 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

Planned Life Cover are business risk specialists and tailor Group Insurance solutions for our clients’ business needs.

With the benefit of size and scale Planned Life Cover provide the necessary resources to ensure Group Insurance plans are comprehensive, cost-effective and effectively implemented through staff education and training.

If you would like to find out more about the benefits of Group insurance please contact your Account Manager for assistance.

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