Analyzing Employee Turnover Expenditure - Analyzing Employee Turnover Expenditure in Insurance Organization

Over twenty years insurance services and its evoluting history that has offered clients support by identifying their requirements and aligning suitable solutions for obtaining the business objectives. Insurance services have come a long way especially in terms of insurance process outsourcing services.

The insurance process outsourcing business is always prone to changes and challenges. It has to make sure that it is doing everything in its capacity to keep its employees satiated. The present times are witnessing a staggering cost of employee turnover, which is much higher than most people realize. In addition to this the emerging situation and present conditions in the insurance industry is in the middle of a severe talent crunch. This tends to worsen the situation, as it tends to influence the organization with each departing employee. One of the recent surveys conducted in this regard revealed that among the millenials who make up more than a whopping majority of the workforce, only 10% of them seem to be very interested of pursuing a career in the insurance field. Despite this stark reality, another report states that around 28% of the companies in the insurance industry have either no employee retention strategy or a very outdated one that fails to offer a workable solution.

It should however be remembered that it is never too late to encounter, accept and adopt the change or fight for the same. The first step in this process is to create a strong, sustainable and suitable talent strategy in the challenging work environment to understand the costs involved when the employees are ready to leave. Calculating these expenditures along to the own expenses with the help of the SHRM’s spreadsheet can help analyze better at how to understand the cost of unplanned employee retention.

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