This article is brought to you by Imagine360.
ALEXANDRIA, Va.—To say the current labor market is competitive is an understatement. While U.S. job vacancies are beginning to decline, openings still vastly outnumber the number of available workers. Additionally, the national quit rate was at a record high of 2.9% for April 2022.
Total turnover for the convenience retailing industry was 150% last year, the highest it’s been since 2012. The full-time employee turnover rate is at 118.8%, and the part-time employee turnover rate is at 181.6%, according to the NACS State of the Industry Compensation Report of 2021 Data.
In addition, the inflation rate is at an all-time high, making competitive salaries even more difficult for employers. Convenience retailers offering traditional health-care plans are now having to decide whether to take on these higher costs or pass it on to their employees—whose salary isn’t keeping up with inflation.
And health insurance can be expensive. Convenience retailers paid nearly $15,000 per store hourly employee in annual premium contributions for family coverage last year, according to the NACS report.
Convenience retailers are looking for creative ways to lure in potential employees, while retaining their current ones. For some companies, pay can only be increased so much, but a low-cost, reliable health insurance plan can be what differentiates them from their competition. In fact, it can be the key to putting more money back into the hands of their employees and adding additional benefits.
“A strong and cost-effective health plan is what gives c-store retailers the competitive edge in attracting and retaining talent,” said Jeff Bak, president and CEO of Imagine360, which provides total health plan solutions for self-insured businesses. “In this ultra-competitive labor market, health insurance and other perks are key differentiators.”
Forty-three percent of workers who quit their jobs last year said that lackluster benefits were a major reason why they left, according to a study by Pew Research. Offering employees a health insurance plan is no longer a bonus benefit—it’s an expectation—therefore, a low-cost, reliable health-care plan can give employers the flexibility to add unique benefits to attract and retain talent.
So how can c-store retailers offer a health insurance plan that reduces costs for both the employer and employees? Imagine360 has the answer.
This is the first installment of a two-part NACS Daily series on how a low-cost, reliable health insurance plan can help attract and retain employees. Look for part two in this Thursday’s NACS Daily. Learn more about Imagine360’s health-care solutions.