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Retaining Employees by Sticking to the Basics

December 15, 2008
Related Topics: Work/Life Balance, Compensation Design and Communication, Recognition, Featured Article, Benefits
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The explicit costs of unwanted turnover are approximately $6,000 per new hire, according to results of a joint APQC, IBM and Workforce Management benchmarking initiative. Such explicit costs are only the beginning. Costs such as ramp-up time for new hires, lost sales and lower morale among remaining employees are harder to quantify. Fortunately, it is fairly simply to increase engagement levels and retain valued employees.
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