MINNEAPOLIS, Oct. 22, 2019 /PRNewswire-PRWeb/ -- Studies show that on average, 27%, or nearly a third of employees, voluntarily leave their jobs each year resulting in their employers having to spend up to 20% of a person's annual salary to replace each employee.* The new white paper from the Incentive Engagement & Solution Providers (IESP,) a Strategic Industry Group of the Incentive Marketing Association, provides step-by-step guidance and eight downloadable calculator tools to help managers develop strategies for reducing employee turnover, track the costs, and understand the ROI.
Brant Dolan, CPIM, director business development, Quality Incentive Company, and IESP board member and past president; says when incentive solution providers are helping employers design programs to improve employee retention, we often help them look at the entire picture, not just the reward and recognition components.
"When looking at employee turnover, you're not just looking at why one person leaves and what it costs to replace that person, you're looking for bigger trends or issues the company can address to reduce turnover across the organization," Dolan said. "Employers need to understand what employees like about working there, but also what frustrates or disappoints employees so they can address system-wide improvements as well," Dolan explained.
The IESP white paper "Strategies for Reducing Employee Turnover and Tools for Calculating ROI" includes eight downloadable calculator tools to help managers measure everything from the costs of turning over each employee such as advertising the job, hiring, and training to the costs and ROI of the turnover reduction strategies such as reward and recognition programs.
*Data from 2018 studies by the Bureau of Labor Statistics and the Center for American Progress as cited in the white paper.
About the Incentive & Engagement Solutions Providers (IESP)
The Incentive & Engagement Solution Providers (IESP), a strategic industry group of the Incentive Marketing Association (IMA), is a trusted resource for business leaders globally in helping their organizations achieve results through engagement and incentive solutions.
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