In today’s recessionary environment, it is very tempting for organizations and employees to feel as if they are victims, carried away by macroeconomic events that they cannot influence. But HR can arm itself with data for a different approach—one that involves taking control and helping to turn things around. APQC, a benchmarking organization, offers three suggestions for how to begin.
Articles by Rachele Arnett
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.
Less than half of respondents to a benchmarking survey by APQC, IBM and Workforce Management have a knowledge retention plan in place for employees approaching retirement.
A joint APQC, IBM and Workforce Management data collection initiative with more than 200 participants shows how investing in your employees through training and development can really pay off.
A joint APQC, IBM and Workforce Management data collection initiative with more than 350 participants shows the multiple benefits of having a well-coordinated overall HR strategy.