Maybe it’s just the sorts of groups my wife has as clients, but she claims close to 50% of her business falls off the books after 1 year due to employees switching jobs and not transferring their benefits.
Could this be true?
Her clients are mostly small to mid sized firms, no really big ones, so this might just apply to one sector of the economy.
But 50% turnover?
NOBSCOT has some official numbers for us:
How might we explain this?
Comments (2)
“How might we explain this?”
Ooooo, pick me! *raises hand high in the air*
Jessica needs to stop selling insurance to hotel and restaurant owners.
Right Jeff. But she doesn’t. There are high turnover rates even among medical professionals, etc. It may be due to a thick, robust market locally, and migration intra-nationally.
Another graph on NABSCOT shows turnover for government / public sector employees close to just 10%. Depending on the size of the public sector, that means different interpretations for the rest of the market resulting in a total of ~23% total.
I’d expect small town unemployment to be higher with less turnover and metropolitan unemployment to be lower with more turnover.
Jessica cannot sell to public sector employees, so she is exposed to the more volatile side of the market.