Benefits Offerings to Avoid the Great Resignation
Employees are walking away from their employers in record numbers; some are calling it the “Great Resignation.” A Prudential survey conducted toward the end of 2021 found that 46% of workers were actively seeking or considering finding a new job, and labor statistics backed those findings. According to the U.S. Labor Department, approximately 4.5 million workers quit their jobs in November 2021, setting a new record.
This might appear like welcome news for employers looking to hire—greater unemployment means more potential job candidates. However, confoundingly, there were still around 1.5 available jobs for each unemployed person near the end of 2021, according to USA Today. And, for the last six months of the year, job openings posted by employers topped 10 million, according to the U.S. Labor Department.
This information helps illustrate the key problem employers face right now: Workers are willing to quit jobs—and turn down open positions—that don’t satisfy their needs. Expanding employee benefits offerings is one of the best ways employers can show they provide workers with more than just a paycheck. The following are some of the most attractive perks employers are using to strengthen their attraction and retention efforts:
- Affordable health plan options
- Retirement benefits
- Flexible working conditions
- Personalized well-being resources
Webinar on Business Continuity Planning
Joe DeLucchi & Dr. Peg Jackson hosted a lively one hour discussion about Business Continuity Planning. Dr. Peg Jackson is a nationally recognized lecturer on risk management, business continuity planning, and SOX compliance. The webinar focused on the importance of Business Continuity Planning which is critical for any business, academic institution, and nonprofits.
- What is a business continuity plan?
- How hard is it to set up?
- What is the value proposition of installing such a plan?
Private Client Services
Florida’s Challenging Insurance Market Faces a New Roadblock
Securing property coverage in Florida is notoriously challenging due to the state’s susceptibility to hurricanes and a rising rate of insurance fraud. Hurricane damage from Irma (2017) and Michael (2018) wreaked more than $30 Billion in damage according to an article published by Forbes Advisor. The Palm Beach Post reported that in 2019, Florida Homeowners accounted for 76% of lawsuits against insurance companies, even though Floridians only accounted for 8% of claims filed nationwide. These circumstances have led to many homeowners in Florida finding themselves dropped by their carrier or having their rates skyrocket at renewal. Unfortunately, it does not seem relief is on the horizon as companies are declaring insolvency, with experts predicting more insolvencies are to follow. To read more about the insurers exiting the Florida Insurance Market and legal challenges they have faced, please check out this article published by Insurance Business Magazine <– (LINK) and if you find yourself facing challenges securing coverage in Florida, or any state, give CAL a call; we have market availability in all 50 states and beyond!