As I stated earlier having an outdated compensation policy or none at all, can be a very expensive mistake a company can make. Usually companies that have issues within their comp & ben policies experience: High voluntary employee turnover rate High absenteeism / overtime rate Low retention of entry level positions Low engagement survey rates …
Why do we need a compensation and benefit policy? Read More »
One of the biggest costs a company has is the compensation budget. When operating with 30% to 70% of the company turnover one mistake can cost a lot. Part of the solution is to acknowledge what are the main mistakes a company can make with their compensation budget. Let’s dive in: Not having a compensation …
The biggest compensation mistakes companies can make Read More »
How much does absenteeism costs our organizations? Well, first of all let’s see what absenteeism is. Absenteeism is defined as a pattern of absence from work for no reason. It is generally accepted to be composed of unplanned absences. Rest leave, national holidays and holidays or maternity leave are not considered absenteeism. Absenteeism rate: Identify …
Answers the question: how many employees worked in the company during a certain time frame? Formula: (number of employees who stayed in the company in the reference period/number of employees at the start of the reference period) * 100 Example: 100 employees were working at the start of the period while at the from these …
Let’s imagine what are the costs of employee turnover: Employee performance drop after taking the decision to change their current job Employee performance and engagement drop after their resignation Engagement and motivation drop of colleagues when learning the resignation decision Overtime of employees to substitute the activity of the resigned employee Allowance paid to an …
Definition: The number of employees who left in the reference period divided by the average number of employees in reference period multiplied by 100. The average number of employees = (number of employees at the start of the reference period + number of employees at the end of the reference period)/2 Formula deviations: For annual …
The concept of employee engagement has been built on positive psychology, HR experience and business models that attract an organization’s employees towards an effective culture of success. Focusing on employees In today’s market, building an organization brand takes place through external and internal efforts, but, in the majority of cases, companies decide to centralize their …
When you’re engaged, it permeates everything you do with purpose, energy and excitement. This is true no matter whether we’re talking about an activity or hobby, a relationship or, why not, work. Being engaged means more involvement and satisfaction, and who doesn’t want that for their career? What is employee engagement? Employee engagement is one …