Low Employee Retention has become a concern for organizations across the globe. Employee turnover adversely affects a company’s performance and growth. According to the Centre for American Progress, employee turnover costs roughly 20% of an employee’s salary to replace that individual. The US Bureau of Labor Statistics states that people quit jobs in search of […]
Today, when online shopping has become a prevalent trend, retailers try hard to defeat cut-throat competition and retain customers. Performance of retail employees play a significant role in improving operational efficiency, building customer loyalty and boosting profits. Expectations for better services and excellent customer experience are escalating with each passing day. Offering great shopping experience […]
Performance Appraisals are conducted to evaluate employee performance, identify skill development needs and recognize valuable contribution of the top performers. Using a standard rating criterion in performance evaluation ensures fairness in the process. Impact of Rating Patterns of Managers in Performance Appraisals During performance reviews, every manager uniquely evaluates and scores employees on multiple performance […]
Appreciation is a basic human need! Experts believe that praise and recognition have always been crucial in improving employee productivity, engagement and retention. Managers, HR and the leadership need to understand its significance and the positive impact it has on business growth. A simple thing, such as a shout out in a team meeting or […]
By 2020, millennials will make up nearly 50% of the entire global workforce. Millennials or also known as Gen Y is soon going to outnumber baby boomers and generation X in the population count. Soon, we will see millennials becoming managers and future leaders, and dominating each business sector. According to a PWC report, 63.3% […]
Compensation planning is one of the best HR practices that encourages use of different pay benefits to attract, recruit and retain best talent. Employers look up to Compensation Management as a powerful way to reward high performing employees for successfully achieving their goals. unfortunately, not all organizations are good at managing and implementing compensation plans. […]
What type of employees should HR hire to build a rapidly growing business? Is identifying and nurturing top performers an answer to increasing employee retention complexities? Let’s find out. A successful business needs high-performing employees who have the capabilities to get the job done right and continue the workflow seamlessly. What’s more important is the […]
Talent management is all about finding new talent and nurturing existing employees to boost organizational performance and engagement. Over the years, the approach to conduct business and manage workforce has changed vastly. To meet strategic goals and achieve high profitable margins, it is required to align talent management with organizational needs in terms of resources, […]
What it takes to stop high-performers from leaving an organization? Can’t think of a better answer? Let me tell you… Implementing well-designed and effectively managed pay-for-performance plans help in retaining top talent! Performance-based compensation approach motivates employees in many unique ways. It ties employee’s remuneration directly with company goals. An efficacious pay-for-performance system makes it […]
Better compensation, perks and benefits promote high employee performance. Employers must implement well-structured compensation planning to encourage top performers to excel and achieve far-sighted business goals. A study by University of Phoenix revealed that 55% working adults show interest in career changes & compensation hike, whereas 24% of working professional are ‘extremely interested’ in changing […]
