The measure is associated with significant expenses for the employer, and not every company can afford it, for example, an oil or gas company. Cumulative insurance involves setting aside a certain amount annually, which is paid to the specialist's family in the event of his death or loss of ability to work.
Life insurance or in NPF
The insurance company can accrue investment interest on the accumulated amount. If the employee suddenly needs significant funds, he can use this interest for his own purposes.
It works like this. Every year, the cambodia email list employer transfers a certain amount to the insured person's account. This amount is invested in various projects by an authorized organization, generating income. When the previously agreed upon insurance period expires, the money accumulated during this period is transferred to the employee. If an insured event occurs by this date, he receives the amount specified in the contract. In addition, the relevant legislation allows for the appointment of a beneficiary (i.e., the recipient of monetary compensation upon the occurrence of situations specified in the documentation) to a person other than the employee himself.
You can conclude an agreement with a non-state pension fund (NPF). In this case, it will pay the employee a pension in the future. And this amount almost always exceeds the state one.
All these options provide the employee with the opportunity to receive a guaranteed income under certain conditions. However, for this to happen, the time specified in the VHI or NPF agreement must pass. If the employee is dismissed before this period has expired, he or she loses a significant portion of the benefits.
Download a useful document on the topic:
Checklist: How to Achieve Your Goals in Negotiations with Clients
Criteria for choosing an employee retention tool
When choosing one or another method of retaining employees, it is necessary to take into account the specifics of the enterprise's activities. If the company has international contacts, then English classes at the company's expense can become an important advantage. If the staff is engaged in production activities, then such training will not be interesting for them. But for workers, given their average income, various financial bonuses will be relevant.
When choosing methods for retaining employees, you need to consider the following points:
what methods are used by other employers in the same industry (it is better to choose those measures that are not offered by competitors);
Do the chosen methods allow us to increase the level of professionalism of specialists, their level of satisfaction, loyalty to management and the company as a whole?
It is also necessary to take into account the demographic composition of the team, the age of employees, whether they have families. In the latter case, for example, issuing an interest-free loan for the purchase of housing can be a particularly effective way to retain a specialist.
For the younger generation of employees, educational programs and material benefits are much more attractive than for pre-retirement age employees. For the latter, in turn, health resort treatment at the employer's expense will be more relevant.
Get clients from the site every month
In a guaranteed volume
Read more
Often, a company invests in useless measures such as postcards and endless thank-you notes on paper, which are not accompanied by other measures. In themselves, they do not add any benefits to the employee, so they should not be overused, otherwise they will only irritate.
It would be useful to conduct a survey of specialists about what support measures they would like to receive. You can send employees letters with relevant questions by e-mail. Keep in mind that not everyone will choose the same options; you need to focus on the one indicated by the majority of employees, as well as on the resources that the company has.
Analyze the employees' responses, compare them with the measures that were taken earlier. It is worth abandoning those that are not used by specialists and replacing them with other options, based on the responses. Listen to the opinions of your employees, then you can create a truly effective system of employee motivation that will allow you not to worry about staff turnover.