The Insurance You May Not Have, But Really Need

Feb 12, 2013

I’ve been renegotiating my car insurance.

Maybe renegotiating is not the right term. I wish there were negotiations involved, but so far it’s just me calling around looking for a better price. Like most of you, I buy insurance for my car, my home, my life and my business. I insure the things that if I were to lose them, I – or someone I love – would be in big trouble. 

Mitigating Risk in Business

Insurance is basically anything that reduces or manages risk. Training your employees mitigates the risk that they will make a mistake, offend a client, fail to produce high quality deliverables. This is common sense. Professional development has been show to improve performance, result in higher retention rates, and reduce risk of error.

But there’s one major area of training and development that most businesses fail to provide for their staff. And in doing so, they overlook a potentially enormous opportunity to improve their business.

Are you making this mistake?

Personal development has long been considered by most businesses to be, well, personal for their employees. Not the responsibility of the workplace. Something you do at home, on your own time.

However, with absenteeism due to health concerns and stress listed as one of the top causes of lost productivity in the workplace, people’s personal lives have become the concern of employers.

But never the details. 

Trudeau was right: only the people you invite into your bedroom have any business being there. Employers have no business getting involved in the details of their employees’ personal lives. If done right, personal development offered in the workplace will never require employees to divulge any details of their personal life to an employer, manager or coworkers.

This is worth re-stating; it is never appropriate for employers to give any sort of advice or directive to an employee about their personal choices or require them to discuss their personal lives (it’s also illegal). However, an employer can provide training and resources that provide supports for employees who may be struggling.

A New Kind of Business Insurance

Today – Bell’s Let’s Talk day – seems like an appropriate day to talk about the psychological wellbeing of employees. Mental illness and depression are only two examples of factors that contribute to high attrition and absenteeism in the workplace. We know that one in five Canadians will experience a form of mental illness at some point in their lives.

But we also know that these are only two examples: people get bogged down in their personal lives for many other reasons, and having the skills and resources to manage these situations can help people bounce back and return to work faster.

If 20 percent of the workforce got sick and couldn’t work, that would cripple most businesses. Knowing this, responsible businesses are looking for solutions that don’t cross the employer-employee barrier and do not require disclosure, but which offer support for their employees so that they can continue to work and receive help.

Businesses are buying insurance – in the form of personal development and support opportunities for their staff – that will help protect against this endemic absenteeism. And it’s working.

Guess what?

BizXcel offers a full suite of personal development opportunities that can provide this insurance for your company, covering topics such as: personal empowerment, goal setting, having a positive attitude, embracing the imperfect self, increasing resilience, dealing with conflict, finding energy and focus, and more.

Our training is sensitive to people’s personal issues, provides tools for growth and learning, and ties the results back to increased success in the workplace.

Best of all, we provide you with the insurance you need to create and maintain a positive, comfortable and active business.