Retail Quit Rates Are at an All-time High; Attract Workers with Better Temporary Disability Benefits
Temporary disability benefits and ancillary benefits make the difference in employee retention
The U.S. workforce lost 4.3 million employees in August. This represents the highest quit rate since December 2000. The hardest hit industries included food service and hospitality, with 892,000 people quitting, and the retail industry, where 721,000 retail workers quit, based on a recent Department of Labor Job Openings and Labor Turnovers Survey (JOLTS) report.
The labor situation creates unprecedented challenges for New Jersey business owners seeking to recruit and retain workers. It also creates opportunities, as more than half of U.S. workers told personal finance site Bankrate they plan to look for a new job in 2022. More than half the survey respondents (56%) said they are looking for adjustable working hours and remote work.
Give Employees the Temporary Disability Benefits and Ancillary Benefits They Want
If you run a retail business, it may be hard to provide accommodations such as remote work. After all, certain job functions can only be performed on the job, including sales clerks and stock people. But, you can set your retail business in New Jersey apart with temporary disability benefits and ancillary benefits such as:
- Group Life / AD&D
- Accident insurance
- Critical Illness insurance
Life insurance, accident insurance and critical illness insurance, especially, are in high demand as people came in touch with their own mortality during the Covid-19 pandemic.
What Are Critical Illness and Accident Insurance?
Accident insurance provides partial pay replacement if an employee is injured in an accident off-the-job. Critical illness insurance, sometimes called “specified disease insurance” can cover employees suffering from a range of illnesses, from cancer to heart disease.
Employers can customize the plans to their workplace demographics or projected needs. Some plans also include health screening benefits and child-specified benefits. Critical illness money can be used to cover mortgage or rent payments, living expenses, medical bills not covered by insurance, co-pays, transportation, and a host of other costs associated.
Bundle Private Temporary Disability Benefits with Ancillary Benefits for Savings
New Jersey mandates statutory disability insurance for all businesses with more than one employee. But many New Jersey retail owners and their HR teams or benefits supervisors don’t know you can privatize TDB coverage for better service and faster, more flexible payouts. You can also garner savings on your ancillary benefits by bundling statutory insurance and voluntary worksite benefits together under the same carrier.
With 40+ years in the insurance industry providing New Jersey TDB and employee benefits, EZTDB can help you find the plan that can help you recruit and retain retail workers in today’s tight labor market. Reach out to learn more today.