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Employee Engagement & Retention: Benchmarking Metrics and Networking Opportunity to Help Solve Today's Workforce Challenges
Friday, May 09, 2008
CHAPEL HILL, N.C., May 9 /PRNewswire/ -- The cost to replace an employee
can be as high as 2.41% of annual salary, but the long-term cost to the
organization's Service-Profit Chain is even higher. A benchmarking report by
Best Practices, LLC addresses the effects of turnover on the bottom line and
offers insights on how companies can keep their employees engaged to
tremendously improve productivity and the overall customer experience.
According to data from the report, a reduction in turnover rates by just two
percentage points, can result in a savings of $3 million annually. Depending
on the level of employees (supervisors versus front-line employees) and the
reduction rate, this figure can escalate to savings as high as $40 million
annually.
The full report, "Employee Engagement and the Service-Profit Chain," is
available with a complimentary summary at
http://www3.best-in-class.com/rr942.htm. It highlights the best practices in
identifying and improving drivers that are proving most effective in engaging
employees in their jobs, their companies and their work groups.
Best Practices, LLC and the Global Benchmarking Council are hosting a
related business conference that you and/or a colleague might find timely and
insightful. Join Fortune 500 companies to share insights on talent retention
and workforce management and learn from case studies presented by 3M, The Home
Depot, Shire Pharmaceuticals, Cardinal Health, Nationwide Insurance, Metlife
and others at the 10th Annual Human Resources Conference: Leadership
Development - Finding, Growing & Retaining Top Talent, June 4-6, 2008, at The
Ritz-Carlton Hotel, Sarasota, Fla.
To register for this event, visit http://www3.best-in-class.com/ge478.htm.
Sign up TODAY to receive special hotel rates!
For more information on the benchmarking report or the conference, please
contact Anna Buhr, Manager of Research Operations at (919) 809-7560 or
abuhr@best-in-class.com.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC, conducts work based on the simple yet profound
principle that organizations can chart a course to superior economic
performance by studying the best business practices, operating tactics and
winning strategies of world-class companies. Best Practices, LLC has been a
leader in pharmaceutical research and consulting for nearly 15 years. Visit
our website at www3.best-in-class.com.
SOURCE Best Practices, LLC
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