7 Employee Retention Mythbusters

By: The Performance Improvement Council
 
Dec. 10, 2014 - PRLog -- “The cost of turnover isn’t that high.” Oh, really? That’s Myth Number One. When you factor in all of the negative elements of losing an employee, replacing them can run as high as 200 percent of their annual salary. “That’s one big number,” explains the Incentive Marketing Association’s (http://www.incentivemarketing.org/) (IMA) Performance Improvement Council (http://www.thepicnow.org/) (PIC) President Beau Ballin.

The PIC whitepaper, “7 Misconceptions about Employee Retention,” explains that employee retention is key to a company’s employee engagement strategy, talent acquisition efforts and long-term planning. With today’s greater focus on improving the customer experience, retaining the critical human element in that equation is vital to a company’s success.

“When ‘A’ players leave, companies are left with their ‘B’ and ‘C’ players – employees who are less skilled, less effective, and less engaged – and the company’s service levels and financial performance suffer,” says Ballin, who authored the paper and is also Vice President of marketing for MotivAction.

The research behind the paper shows that many companies are effectively ignoring the root causes of employee turnover and instead ascribing it to one – or more – of the 7 Myths. That can lead to serious issues going forward in an increasingly competitive global economy.

The paper addresses myths such as:

·         “We can’t compete with other companies’ compensation and benefits”

·         “Retaining talent will not be a problem since Baby Boomers can’t afford to retire”

·         “We know why our people leave, based on employee feedback”

·         “Our new recognition program will solve our retention issues”

For the complete whitepaper and the rationale behind the responses to the misconceptions that underlie the Myths, visit www.thepicnow.org and click on the link on the home page.

# # #

The Performance Improvement Council (PIC) is a strategic industry group within the Incentive Marketing Association. Its purpose is to create a forum to define and develop the common interests of companies of the full-service Performance Improvement segment of the Incentive Industry. More information is available at  www.thepicnow.org.

Business improves when employees and customers are recognized, rewarded, and engaged through effectively structured programs with defined goals and proven returns. The Incentive Marketing Association (IMA) is comprised of the companies who are leaders in the incentive industry.  IMA provides education, resources and research topromote the use of incentive programs to the business community and is the umbrella organization for the Global Incentive Council (GIC), the Incentive Gift Card Council (IGCC), the Incentive Manufacturers & Representatives Alliance (IMRA), the Incentive Travel Council, the Performance Improvement Council, the Recognition Council, IMA-Australia Council, IMA-Canada Council and IMA-Europe Council. More information about IMA and the incentive marketplace is available at http://www.incentivemarketing.org/.
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Source:The Performance Improvement Council
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Tags:Employee Retention
Industry:Business
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