Not suprisingly, there is a direct corrolation between employee satisfaction and employee retention. According to data provided by the U.S. Department of Labor, Bureau of Labor Statistics, in 2006 voluntary employee turnover rates were at their highest levels in years. Much less known by most businesses are the actual costs of employee turnover. It has been estimated that the cost of replacing an employee is equal to 150% of the employee's annual compensation. These costs can be significantly higher for managerial and sales personnel, as high as 200% of their annual salary. These costs encompass the hiring and training of replacements as well as the indirect costs such as lost business and productivity.
How We Serve Our Clients
With our experience in employment law we will advise you, your managers, and human resources personnel on general laws regarding hiring and terminating personnel, as well as establishing employment practices and policies. We will also assist you in developing comprehensive employee benefits and compensation packages to help you attract the tanlented personnel all businesses require. The end result is increased employee satisfaction and employee retention.
