Corporate Benefits

A Whole New (Virtual) World for Training and Retention

3 minute read

In today’s dynamic economic environment, employers are challenged with attracting and retaining the best talent. Further, human resource executives know that once an employee is hired, the turnover cost (the cost to a company when an employee leaves voluntarily), can be substantial. According to Josh Bersin, a thought leader in human resources, talent and learning, employee turnover costs can range from tens of thousands of dollars to 1.5 – 2 times the employee’s annual salary.1 In aggregate, by 2020, the Work Institute estimates employers in the United States will pay $680 billion in turnover costs.2

Therefore, it’s no surprise that many enterprising companies see an opportunity to develop solutions, particularly technology-based ones, to solve the employee turnover problem. Some trailblazing employers, especially at the Fortune 500 level, have begun to invest in virtual reality (VR) training. Many of today’s VR features and enhancements are a result of employers in the video gaming and medical industry as well as military innovations.

What Is VR?

VR invokes computer technology to create a simulated, three-dimensional world that a user can manipulate and explore while feeling as if they’re in that world. Typically, a user affixes a VR headset in order to be immersed into the three-dimensional world. The degree to which VR technology is truly immersive depends on its ability to cause the user to forget their real surroundings. For example, several VR technologies offer capabilities where, as the user moves their head to the left or right, the three-dimensional world experienced by the user will reflect these movements.

How Can VR Technology Be Applied to Corporate Training?

Several Fortune 500 employers, including UPS and Walmart, have in recent years invested in VR technology to train their workforce. UPS rolled out VR technology to its workforce of drivers. The VR technology employed by UPS allows its drivers to identify potential hazards while simulating driving in a life-like environment. Walmart began a VR training program whereby some 4,600 of its stores encompassing more than one million employees are leveraging VR technology compliance, customer service, and disaster preparedness training. Walmart is even using VR technology to train its employees on real-life scenarios such as how to manage the throngs of customers shopping on Black Friday.

Impact of VR Training on Employee Turnover

While widespread studies of the impacts of VR technology on employee turnover are relatively sparse, some individual employer results are available and worth noting. UPS has achieved a 75% retention rate among its workforce since the introduction of VR training.3 Walmart witnessed an overall increase in its employee retention rate since VR training has been introduced.4 With respect to worker productivity and safety, Tyson Foods, the world’s second largest processor and marketer of chicken, beef, and pork, has seen a 20% decrease year-over-year in injuries and illnesses.5

There’s no doubt that virtual technology and its applications to employer training are still in the infancy stage. While great strides have been made, obstacles remain, such as the upfront costs of VR technology and the difficulty of creating VR content. Nevertheless, a key benefit of VR technology is that it can provide applied experience to employees not only in a safe and authentic manner but also make it easier for employees to master certain skills through repetition. In addition, VR technology frees the professionals who provide company training to focus on more strategic company initiatives. With employee turnover costs expected to continue to escalate over time, VR technology and its application to training can offer some interesting opportunities to solve a major employer headache.

1Bersin, Josh. “Employee Retention Now a Big Issue: Why the Tide Has Turned,” LinkedIn, August 16, 2013.
22018 Retention Report: Truth and Trends in Turnover, Work Institute, 2018
3Morris, Chris. “Why Walmart and Other F500 Companies Are Using Virtual Reality to Train the Next Generation of American Workers,”, 2018

Where There’s Smoke, There’s Fire

The “Financial Independence, Retire Early” movement is gaining momentum. Elite workers want to live their lives without the burdens of our work-focused society weighing them down. What’s your company doing to stand out in the war for talent?

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Property and Casualty

The Top 10 Causes of the Most Serious Workplace Injuries

2 minute read

Each year, the insurer Liberty Mutual documents the top 10 causes of the most serious workplace injuries — injuries that cause an employee to miss five or more days of work.

According to the 2019 Liberty Mutual Workplace Safety index, the 10 most costly causes of workplace injuries and illnesses are:

Injury Case Cost (billions) Percentage
Overexertion involving outside sources $13.11 23.65%
Falls on same level $10.38 18.72%
Struck by object or equipment $5.22 9.42%
Falls to lower level $4.98 8.99%
Other exertions or bodily reactions $3.69 6.65%
Roadway incidents involving motorized vehicle $2.70 4.88%
Slip or trip without falling $2.18 3.93%
Caught in or compressed by equipment or objects $1.93 3.48%
Repetitive motions involving micro tasks $1.59 2.87%
Struck against object or equipment $1.15 2.07%
Cost of the top 10 most disabling workplace injuries $46.93 84.66%
Total cost of the most disabling workplace injuries $55.43 100%

The injuries are ranked by their direct cost to employers, which includes medical and lost-wage payments. The report also identifies the top causes of serious workplace injuries by key industries. Eight industries account for a high majority of all workplace injuries: manufacturing, health care, construction, professional services, retail, wholesale, transportation and warehousing, and leisure and hospitality.

The good news is, all of these risks can be addressed through work design, system controls, technology, training, and strategic risk management. Partner this with the aid from your insurance carrier and your local NFP Risk Consultants to help achieve the best results for your business.


Ranking Cause of Loss

    1 2 3 4 5


All Industries Overexertion, outside sources Falls, same level Struck by object or equipment Falls, to lower level Other exertions or bodily reactions
Construction Falls, to lower level Struck by object or equipment Overexertion, outside sources Falls, same level Slip or trip without a fall
Professional Services Falls, same level Overexertion, outside sources Falls, to lower level Roadway incidents Struck by object or equipment
Manufacturing Overexertion, outside sources Falls, same level Struck by object or equipment Caught in, compressed by equipment Repetitive motions, micro tasks
Health Care Overexertion, outside sources Falls, same level Intentional injury by person Roadway incidents Other exertions or bodily reactions
Retail Overexertion, outside sources Falls, same level Struck by object or equipment Other exertions or bodily reactions Falls, to lower level
Transport & Warehousing Overexertion, outside sources Falls, same level Roadway incidents Other exertions or bodily reactions Falls, to lower level
Wholesale Overexertion, outside sources Struck by object or equipment Falls, to lower level Falls, same level Other exertions or bodily reactions
Leisure & Hospitality Falls, same level Overexertion, outside sources Struck by objects or equipment Struck against object or equipment Other exertions or bodily reactions

The annual Liberty Mutual Workplace Safety Index is based on information from Liberty Mutual, U.S. Bureau of Labor Statistics and the National Academy of Social Insurance. The 2019 index is based on non-fatal 2016 injury data, with more than five days away from work. To allow for cost development, every index has been based on claims data three years prior to publication.

“Workplace Safety: The Top 10 Causes of Disabling Injuries at Work,” Liberty Mutual Insurance, 2019.

Summer Vacations in Mexico

1 minute read

As June heats up, Mexico will receive millions of tourists from the USA this summer. Families across the United States preparing to visit surfer's paradise in Mazatlán, swim with whale sharks in Los Cabos, or zip line over the movie set of Predator in Puerto Vallarta. Millions of tourists will flock south of the border to enjoy a getaway from the monotony of life or visit family members for the first time since Christmas.

Start Planning Now

When talking with your friends and family about their plans for summer make sure they are properly covered with Mexico Tourist Auto Insurance from NFP Cross Border Insurance, so they can truly relax this summer. Not only will they be thankful to be properly covered from high-quality Mexican carriers if the worst happens, but it takes only a few minutes to issue.

NFP insureds will be among those traveling south of the border and you will need to be covered. We believe NFP Cross Border Insurance is the best insurance program out there, covering everything from cars, RVs, motorcycles, watercraft, and ATVs.

In-Country Rental Considerations

Due to Mexican regulations and laws, we’re unable to insure rental vehicles registered in Mexico. If you fly to Mexico and plan to rent a vehicle from car rental agency there, you only have two options for insurance.

  • Check with your rental car company to inquire about any physical damage coverage that extends to Mexico.
  • Purchase minimum liability insurance from the rental agency. Although the daily rate to rent a vehicle tends to be inexpensive, the insurance coverage generally is the most expensive part of any rental in Mexico.

Until Mexico law changes, we cannot help in this instance, as we are only authorized by the government of Mexico to insure "foreign plated vehicles."

Quote/Issue Mexico Tourist Auto Policy

Quote/Issue Mexico In-Water Watercraft Liability Policy

Quote/Issue Mexico Home Owners Policy

Individual Solutions

Running Your Personal Finances Like a Business

2 minute read

Most individuals don’t regard themselves as businesses, trying to turn a profit and beat the competition. But, occasionally, it may help to look at your financial situation this way to determine where you might cut expenses and boost cash flow. Here are some tips.

Lay Out Your Financials

Where an executive might reach for financial statements to get a read on the company’s standing, you can create or update a net worth statement. Essentially a monetary scorecard, a net worth statement helps you determine where you stand financially and whether you’re on track to meet your goals.

You can calculate your net worth by adding all your assets, including cash and cash equivalents, brokerage account balances, retirement funds, real estate and other fixed assets and personal property. Then subtract your liabilities, including mortgages, personal loans, credit card balances and taxes due.

The result provides some important clues about where your money is going and how you might be able to trim spending and increase savings. Are you relying too heavily on credit cards with high interest rates? Could you cut back on food or entertainment costs?

Practice Risk Management

To maintain their companies’ financial health, business executives also practice risk management. You can do the same by first assessing compensation and benefits elections. A major life change – such as a marriage or birth – may require an update to your W-4 withholding allowances with your employer.

Unexpected medical costs can be a huge risk. Review your health insurance to ensure it’s providing the best value. Now might not be an ideal time to switch to a spouse’s plan but, if it’s a better deal, perhaps make a note to do so when you can. Also, if you have a health savings account or flexible spending account, make sure you’re using it to your full advantage.

Think about other insurance, too. Perhaps your home has increased in value, necessitating a corresponding increase in your homeowner’s coverage. Or maybe you no longer have enough life insurance to protect your growing family. Talk to your insurance professional to determine the right amount of coverage.

Finally, check your credit report. If you wait until something is obviously wrong, it may be too late to prevent significant damage. Federal law requires the three major credit reporting agencies to provide you with one free report per year.

Think About Retirement

Business owners must think about succession planning. But even if you don’t own a company, you should think about life after employment.

If your employer allows you to adjust your retirement plan contributions during the year, consider boosting them to take full advantage of tax-deferred compounding and, if available, employer matching. Similarly, if you plan to make an IRA contribution this year, do so as early as possible to give your assets more time to grow.

Also review your estate plan and, if necessary, update it. Financial priorities change over time, so make sure the beneficiary designations for your retirement accounts and insurance policies still match your wishes. Check your will or living trust to ensure no changes are necessary. And, if you’re looking to reduce the value of your taxable estate, remember that you can make $15,000 ($30,000 for married couples) in annual exclusion gifts per recipient this year without using up any lifetime exemption.

Get Rolling

Some might say that the beginning of the year is the most important time for financial planning. Others might say it’s year end, when you start preparing to file your tax return. In truth, the whole year is important. And right now, with the arrival of summer and the year well under way, is a perfect time to adjust objectives set a few months ago — and really get rolling. Contact us for help.


Improve Your Smile and Save Money on Dental Insurance with Beam

A healthysmile is its own reward, but what if you could save money on your dentalinsurance by behaving healthfully? Innovation Conversations with NFP speakswith Alex Frommeyer from Beam Dental, a new company that offers a new approachto dental insurance. Beam uses connected devices and a subscription service towow its customers — because when customers share usage data from theirconnected toothbrushes, their good habits may drive lower premiums.

Innovation Conversations Podcast

NFP is embracing innovation in a big way. In a series of podcasts, we’re featuring different topics and companies who embody innovation in everything they do. Tune in to our latest episode.

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