The cost of Recruiting and training new staff when someone decides to leave, can be crippling for big companies with a large number of staff.
They can have anything up to 20% of their total staff numbers made up of replacing employees who decide to work somewhere else during any one year.
The current UK average for people resigning for a similar job in another company is 18% of the workforce, and this causes loss of productivity and many thousands of pounds needing to be spent from the bottom line to cover temporary staff or freelancers, recruitment and advertising costs and the expense of training the new recruits.
For Senior Managers
The costs can be enormous for recruiting senior professional staff and average between £8,000 and £12,000 per person in wasted expenditure, eating into the valuable profit margins of the company.
Incentive Schemes are the answer
Many large companies have realised that offering interesting and exciting incentives to their staff is a great way of keeping them. It gives them recognition for a job well done and proves to your employees that you appreciate their hard work.
It also boots their morale and develops a culture of loyalty that actively reduces staff turnover, with a side effect of also increases their level of performance; improving sales or customer service for your clients and your products.
Malcolm Higgs, Professor of Organisation Behaviour and director of the School of Management at Southampton University,
Says: “Far too many companies work on the basis that money motivates. But money is not a motivator. If you give people more money you might get a quick lift in productivity but the effect of that dies off incredibly quickly. By and large, that is not what employees are there for.”
Hi2 Events 4 Day Trips to Verona
Hi2 Events can organise team building trips for your staff with a fabulous 4-days in Verona for up to 16 people, staying at a working Valpolicella Winery and Restaurant which included a tour and wine tasting afternoon, trips to the Soave Wineries, Lake Garda, a Verona City Historical Guided Tour and an afternoon Italian cookery experience.
The trips are arranged from Saturday to Tuesday, so only 2 days away from their desks, returning full of stories, souvenirs and iPhone pictures!
Here is a link to a typical itinerary: http://www.hi2events.co.uk/index.php?id=48
Why not book a trip for your Management Team this year?