Le Lézard
Classified in: Business
Subject: NPT

New IESP White Paper Provides Strategies for Reducing Employee Turnover and Tools for Calculating ROI

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.



These press releases may also interest you

at 13:40
PenderFund Capital Management Ltd. ("Pender") is pleased to announce that the Pender Corporate Bond Fund (the "Fund") has been awarded a Lipper Fund Award from Refinitiv 2019. The Fund was recognised in the High Yield Fixed Income category for its...

at 13:35
Abacus Health Products, Inc. ("Abacus" or the "Company") will release its 2019 third quarter financial results on Thursday, November 21, 2019, prior to the market open and management will host a conference call at 10:00 AM Eastern Time to review the...

at 13:32
Burns & McDonnell, a 100% employee-owned engineering, architecture and construction firm, joined the Tucson Metro Chamber of Commerce and clients to cut the ribbon on its new office building in Tucson, Arizona. The firm has grown 20% in Arizona this...

at 13:30
SECURE Energy Services Inc. ("Secure") is pleased to announce that its Board of Directors has declared a dividend for the month of December 2019 of $0.0225 per common share payable on or about December 16, 2019 to shareholders of record on December...

at 13:20
Starting today, Hagerty Drivers Club members can access MotorTrend's automotive entertainment programming thanks to a new partnership between the two companies. MotorTrend Studios is also developing a Hagerty-branded video series slated for the...

at 13:19
Embrace Pet Insurance, a part of NSM Insurance Group, has announced that Brian Macias has been selected as Embrace's new president. Macias assumed the role on November 11, 2019, replacing the previous leader, Ambrish Jaiswal. Embrace is a top-rated...

News published on 22 october 2019 at 11:00 and distributed by: