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Steep Turnover Costs Make Employee Engagement Key for the Bottom Line and Improved Customer Loyalty

Friday, August 31, 2007 General News J E 4
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CHAPEL HILL, N.C., Aug. 30 The cost to replace an employeecan be as high as 2.41% of annual salary (according to a study by the MetrusGroup), but the long-term cost to the organization's Service-Profit Chain isoften even higher. The Service-Profit Chain establishes the relationshipbetween corporate policies, employee satisfaction, value creation, customerloyalty, and profitability.

In a benchmarking report by Best Practices, LLC data shows, a reduction inturnover rates by just two percentage points, can result in a savings of $3million annually. Depending on the level of employees (supervisors versusfront-line employees) and the reduction rate, this figure can escalate to asavings as high as $40 million annually. While many companies realize theimportance of "engaged" employees, few can effectively understand andcapitalize on the linkage to productivity and customer satisfaction.

The full report, "Employee Engagement and the Service-Profit Chain," isavailable with a complimentary summary athttp://www3.best-in-class.com/rr847.htm. It highlights the best practices inidentifying and improving drivers that are proving most effective in engagingemployees in their jobs, their companies and their work groups.

Drawn from primary and secondary research of the world's leadingcompanies, including AstraZeneca, 3M, Freescale Semiconductors, BAI,Microsoft, Tennessee Valley Authority, Texas Instruments, Verizon and more,the report contains insights and detailed case studies on:

For more information, download a complimentary excerpt of the report athttp://www3.best-in-class.com/rr847.htm. Or, contact our Solution Specialistsat (919) 403-0251 or bestpractices@best-in-class.com.

To inquire about starting your own research study or internet survey,please contact Anna Buhr, Manager of Research Operations atabuhr@best-in-class.com.

ABOUT BEST PRACTICES, LLC

Best Practices, LLC, conducts work based on the simple yet profoundprinciple that organizations can chart a course to superior economicperformance by studying the best business practices, operating tactics andwinning strategies of world-class companies. Best Practices, LLC has been aleader in pharmaceutical research and consulting for nearly 15 years. Visitour website at www3.best-in-class.com.* Connecting Employee Engagement and Customer Loyalty * Organizations' Cultural Health Index * Experiential Learning * What Can Go Wrong During Employee Engagement * Measuring Employee Engagement * Engaging Employees Through Strategy, Sense of Community, Recognition & Personal Growth * Incenting Managers to Better Engage Employees * Linking Engagement to Quality

SOURCE Best Practices, LLC
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