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Employee Engagement & Retention: Benchmarking Metrics and Networking Opportunity to Help Solve Today's Workforce Challenges
Date:5/9/2008

CHAPEL HILL, N.C., May 9 /PRNewswire/ -- The cost to replace an employee can be as high as 2.41% of annual salary, but the long-term cost to the organization's Service-Profit Chain is even higher. A benchmarking report by Best Practices, LLC addresses the effects of turnover on the bottom line and offers insights on how companies can keep their employees engaged to tremendously improve productivity and the overall customer experience. According to data from the report, a reduction in turnover rates by just two percentage points, can result in a savings of $3 million annually. Depending on the level of employees (supervisors versus front-line employees) and the reduction rate, this figure can escalate to savings as high as $40 million annually.

The full report, "Employee Engagement and the Service-Profit Chain," is available with a complimentary summary at http://www3.best-in-class.com/rr942.htm. It highlights the best practices in identifying and improving drivers that are proving most effective in engaging employees in their jobs, their companies and their work groups.

Best Practices, LLC and the Global Benchmarking Council are hosting a related business conference that you and/or a colleague might find timely and insightful. Join Fortune 500 companies to share insights on talent retention and workforce management and learn from case studies presented by 3M, The Home Depot, Shire Pharmaceuticals, Cardinal Health, Nationwide Insurance, Metlife and others at the 10th Annual Human Resources Conference: Leadership Development - Finding, Growing & Retaining Top Talent, June 4-6, 2008, at The Ritz-Carlton Hotel, Sarasota, Fla.

To register for this event, visit http://www3.best-in-class.com/ge478.htm. Sign up TODAY to receive special hotel rates!

For more information on the benchmarking report or the conference, please contact Anna Buhr, Manager of Research Operations at (919) 809-7560 or abuhr@best-in-class.com.

ABOUT BEST PRACTICES, LLC

Best Practices, LLC, conducts work based on the simple yet profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies. Best Practices, LLC has been a leader in pharmaceutical research and consulting for nearly 15 years. Visit our website at www3.best-in-class.com.


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SOURCE Best Practices, LLC
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