Recruiting and retaining the right people are essential to a company’s success. Some recognize employee retention as being one of the primary measures of your organization’s health.
Employee retention is critical to your business’s success. Consider these statistics collected by author Ross Blake:
- Losing an employee can cost your company up to 30-50% of the annual salary of entry-level employees, 150% of middle level employees, and up to 400% for specialized, high level employees or senior executives
- SHRM, the Society for Human Resource Management, estimated that it costs $3,500.00 to replace one $8.00 per hour employee when all costs (recruiting, interviewing, hiring, training, reduced productivity, etc.) were considered. SHRM's estimate was the lowest of 17 companies who calculate this cost!
- It is estimated that a 10% reduction in employee turnover is worth more money than a 10% increase in productivity, or a 10% increase in your company’s sales
Surveying your employees can assist in the following Human Resource efforts:
- Discover issues with organization, management, expectations, etc.
- Understand known issues better so the company is well-equipped to take appropriate correctional actions
- Garner feedback for programs or benefits, for example: 401K, Insurance, Time-Off, Pension, Compensation, Vacation, etc. to determine if your programs and policies are meetings your employee's expectations and needs
- Conduct Exit interviews to determine why people leave your organization
- Evaluate orientation and training programs
Template packet's will be available soon and can be downloaded from the customer account area, to get you started even faster. Here are examples of the Customer Satisfaction Survey Templates that are available:
Employee Satisfaction – Employee Attitude Evaluation/ Survey
Employee Satisfaction – Manager Evaluation/ Survey
Employee Satisfaction – Employee Benefits Evaluation/ Survey
Employee Satisfaction – Job Satisfaction Evaluation/ Survey
Employee Satisfaction – Company Communications Evaluation/ Survey
Employee Satisfaction – Training and Development Evaluation/ Survey
Employee Satisfaction – Support and Empowerment Evaluation/ Survey
Employee Satisfaction – Job Stress Evaluation/ Survey
Employee Satisfaction – Senior Management Evaluation
Employee Satisfaction – Company and Supervisor Evaluation
Employee Survey– Exit Survey
Ross, Blake (2006). Employee Retention: What Employee Turnover Really Costs Your Company. www.ArticleBase.com