Beyond Insurance: Addressing the Challenge of Recruitment & Retention

10/07/2024

Recruitment - Morton Michel

A good nursery insurance package will protect your business from a wide range of risks. An advantage of a policy created by a specialist such as Morton Michel is that you can be confident your policy has been designed by specialists who have carefully considered the unique risks associated with your industry. However, there are risks and challenges that go beyond what insurance is designed for but are every bit as important to ensuring your business can grow and thrive.

The challenge of recruitment and retention

Recruitment and retention is one of these. Your ability to grow and expand your business is heavily reliant on attracting and keeping high quality staff. While an insurance policy cannot guard against staff turnover, our wider business support package can play a role underpinning your wider recruitment and retention strategy.

Although it is certainly the case that being able to recover losses after an incident is critical to business stability, and indeed paying staff wages, that assumption is likely to already be priced in. Instead, in Morton Michel’s case, the wider business support package we include with our policies is intended to help you to compete in a tough recruitment market.

Staff training

Our package includes access to a free online training platform from flick learning. This can be rolled out to all staff and every premises in your business.

In larger organisations finding ways to ensure staff feel personally valued can make a real difference Providing training is well known to support businesses looking to retain staff longer. A 2022 study of 1,000 UK residents by High Speed Training found 63% of workers agreed that training stopped them feeling disconnected from their employer.

Most nursery businesses invest in training for their staff, often at significant cost to the business. Morton Michel’s package is intended to relieve some of that cost, potentially allowing for reinvestment in other practical benefits.

Mental health support

Morton Michel offers a free 24/7, confidential, counselling line, provided by ARAG, that can be used by policyholders’ staff and their families, subject to a fair use policy.

Childcare workers tend to love their jobs, but that does not stop stress being a factor. Everything from junior staff dealing with the pressures of adult life, to senior staff balancing multiple responsibilities can contribute to mental health struggles. Today, businesses are rightly expected to take their employees’ mental health seriously, and doing so can result in stronger retention.

One key component of handling a stressful situation is not feeling alone. Studies have shown that even the knowledge of access to a mental health counselling line can improve employee retention, through the knowledge that there is a safety net.

Employee benefits

Morton Michel offers free access to our employee discount portal, BenefitHub.

In a highly competitive labour market, benefits on top of a competitive salary offer may make the difference when seeking to recruit the best staff. BenefitHub offers a range of discounts for high street shops, entertainment, consumer goods and more. These can be readily accessed through an easy-to-use smartphone app.

Access to benefits potentially enables staff to treat themselves more often, leading to a better quality of life for them, and their families. This in turn contributes to ensuring they feel valued by your organisation.

Protecting your business means more than just being there in a crisis. At Morton Michel we want to support you throughout your commercial journey.

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