New York Business Insurance: The High Cost of Employee Turnover

 New York Business Insurance The High Cost of Employee TurnoverNew York Business Insurance: The High Cost of Employee Turnover

Employee turnover can seriously hinder a New York business. Below is a breakdown of how much of daily business is affected by high rates of employee turnover.

  • Hiring a recruiter. Using an outside recruiter can be expensive; if you do it in-house, it can be time consuming and take away from daily managerial responsibilities. Either way, whether in time or financial costs, recruiting and hiring new candidates requires significant resources.
  • Advertising fees. Although online recruitment has lessened costs, it still can get expensive if you choose to advertise to fill open positions.
  • Training time. New employees not only take significant time and resources to train, it also takes away from co-workers and managers who must train them as well.
  • Lost productivity. The dead period when an employee leaves and a new one begins is wasted productivity. Not to mention the few beginning weeks or months it takes to become fully acclimated to a new position.
  • Instability. Employee turnover can leave a team in a constant state of instability and leave them in a state of flux adjusting to new co-workers and interrupted workdays that come with training and adjusting new team members. If not managed properly, this can lead to decreased employee morale.
  • Lost consumer confidence. It doesn’t paint a good picture to consumers to constantly be adjusting to new team members.
  • Lost knowledge. No matter how seamless the transition between employees is, the exiting employee may have developed specialized knowledge and skills about your business. You may have even invested in training, conferences, or special trade shows.

At the Rubin Group, our New York agents/brokers are trained specialists in all types of business insurance, both in New York and all across the nation. We have the expertise to understand your needs and can design a program that allows you to get the most for your Manhattan Business insurance dollar. Contact us today for more information about our Manhattan business insurance programs (877) 806-7239