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FROM THE PRESiDENT
Early last year we undertook an initiative
to improve our clients profitability by reducing turnover. We know that
interviewing, training, drug testing, outfitting etc. are very real costs.
Inflated by hidden costs of overtime, mistakes, low morale, lost business
and missed opportunities, the costs are staggering. We studied all the
current models for estimating the cost of an employee leaving. We found
some studies that identified the cost of turning over a mid-level manager
in excess of $50,000. The cost of losing and replacing a semi-skilled
hourly worker was estimated at over $10,000 in more than one study. After
careful reading and studying, we assumed a very conservative position and
finally agreed that we would use 20% of each lost employees salary.
As part of our initiative, we created
awareness by publishing the statistics each month, coupled by an aggressive
campaign to find out why employees were leaving and why they were staying.
We started a program of exit interviews to discover and document reasons
people left. Employee satisfaction surveys told us why they stayed, and
gave our clients a concise and factual picture about things to do more of
or less of as leaders---all from the worker's perspective. These data
helped with short and long term planning. The surveys identified those
benefits that are most important to employees. This knowledge allows
clients to make informed decisions about which benefits to offer, giving
them the "best bang for their buck". Lastly, we began an
aggressive drive to enroll more people in the available benefit programs.
While HRi cannot take credit for all the
improvement, I am proud of the above graph and everyone who helped make it
so. The trend continues to be favorable. We are adding more low cost/no
cost benefits each day. If there are benefits you would like HRi to offer,
please email Luann Lessman at llessman@hri-online.com and we will research
the possibilities. Additionally, you can arrange an employee satisfaction
survey and turnover cost analysis by contacting Jena Weigel at
jweigel@hri-online.com.
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Greetings!
Welcome
to the April 2005 edition of DiRECTIONS. In this issue, we discuss the
cost of employee turnover and the positive trends within our client
companies.
Additionally,
we ask each of you to participate in our Employee Questionnaire. We will
share the results in the May issue. Also, check out the new addition to
the newsletter...The Reader's Zone. The Reader's Zone will highlight some
enjoyable reading that can be helpful in business and pleasure.
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Reader's
Zone
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The Reader Zone is a new addition to
the newsletter and we hope you enjoy it!
The featured book this month is
"How Full Is Your Bucket", by Tom Rath and Mark Clifton. This
book illustrates the importance of recognition and praise to increase
productivity. Energize your entire office and you will see the positive
impact in motion.
Take the free online assessment or
send someone a drop for their bucket.
Bucket Book
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Tower
Federal Credit Union
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Tower Federal Credit Union has been a
great addition to the benefit package at HRi. Tower offers monthly specials
for their members. If you are in the market for a new or used car,
Tower might have the loan for you. Tower's Spring Automobile Promotion
runs April 15- May 31.
Tower Federal
Credit Union
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Amusement
Park Discounts
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The greatest ideas come from our
clients. Linda Mura, from Penzance Management, suggested that we offer
HRi clients discounted coupons for summer fun activities. This year we
are excited to bring to you discount coupons for Six Flags in Largo
Maryland, Hershey Park and Kings Dominion.
Six Flags Discount Coupons are for
$15.00 off the general admission price. They apply every day the park
is open to the public. You can use one coupon for up to 6 guests at a
time and you can use them multiple times over the course of the 2005
season. Contact your client specialist for your coupons.
Use the link below to access Kings
Dominion Discounts. After you enter the site:
· Select the tickets tab
· Select corporate partners
· Input the company code
Contact your
Client Specialist for your company code.
Kings
Dominion Coupons
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Look for more information regarding
Hershey Park and Busch Gardens in next month's newsletter.
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