Employee turnover is expensive and one of the biggest hidden costs within a business. Not only is it the costs incurred to replace employees, but also the effect of lost expertise on the business, the onboarding cost of a new employees, the management costs and the cultural impact on the wider team.
Josh Bersin of Deloitte believes the cost of losing an employee can range up to as much as 1.5x – 2.0x annual salary and employees are appreciating assets, producing more value to your organisation over time as they develop and reach peak productivity.
We developed 360 Worklife to help you understand your Employee Value Proposition, reducing your labour turnover by improving your long term retention strategy for your entire workforce.
Everyone has their own reasons for coming to work and their own motivations, just as every company has a distinct culture, set of values, leadership style and unique combination of benefits.
Worklife enables you to collect the data on your workforce’s Individual Value Propositions to find out why your top performers come to work and how they stay motivated. This data lets you prioritise the HR agenda to review your benefits package, so that you can retain your key talent and attract people that will stay.
Your business has a workforce of 1000 employees with a 20% labour turnover. The cost of this labour turnover to a business of this size, even if we just consider below market average 5k cost per hire and a 5k onboarding cost, is a £2 million cost line to the business.
Worklife will give you the insights to reduce this turnover, potentially saving you hundreds of thousands of real cost, whilst also delivering a much wider benefit to the culture of your business.
Competition for the best talent is fierce and it’s no longer about which company offers the highest salary. Over 86% of candidates prefer to work for a company whose culture matches their personality and LinkedIn has seen a 78% increase in job posts that highlight flexibility since 2016 alone.
Over 94% of millennials want to know the key benefits of working for an employer before they apply so understanding your unique mix of EVP factors is an essential part of your candidate attraction strategy.
With Worklife’s quick and easy reporting you can understand the Employee Value Proposition of your entire workforce in as little as two weeks and you can identify the key benefits which attract high performers. You'll not only get feedback on your current benefits package, but you can also test all the ideas your senior team have had around incentives - to find out which ones will really have an impact on your team.
By using this data to underpin the pillars of your Employer Brand you can create a compelling message which ensures your organisation is an employer of choice. This reduces your new hire premiums and increases the size of your potential talent pool.
Why someone comes to work and stays in return for their tangible and intangible benefits is what we consider their Individual Value Proposition. This is what’s important to them and what’s available to them in their role within their team and the wider organisation. By identifying your employees' IVPs you are then able to analyse the results and data to find out the commonality between key demographics, teams, office locations, departments and performance levels to identify the trends that really make a difference to your team.
A defined and well-communicated Employee Value Proposition enables you to maximise the engagement of your current employees. Analysis into your EVP can help you identify the benefits that really make your current employees feel appreciated within your organisation.
With Worklife you get the data you need to make your workplace a happier and more productive place.