Updated: February 29, 2024 What is the Service Profit Chain Model? The Service-Profit Chain is a theory and business model evolved by a group of researchers from Harvard University. In their book The Service Profit Chain – How Leading Companies Link Profit and Growth To Loyalty, Satisfaction and Value they prove the direct link between superior service… Continue reading Importance of the Service Profit Chain Model
Tag: employee retention
The Importance & Definition of the Voice of the Employee
Updated: February 29, 2024 Voice of the employee has become increasingly important to leaders of organizations, leading the Society for Industrial and Organizational Psychology to list capturing the employee voice as the number seven workplace trend. As the emphasis escalates, many human resources leaders may be asking what is the definition of voice of employee and… Continue reading The Importance & Definition of the Voice of the Employee
The Cost of Replacing an Employee
What gets measured gets managed. With the estimated costs of employee turnover ranging from 33% up to 200% of the departing employee’s salary, it is imperative for organizations to understand exactly what goes into the overall cost of employee turnover. There are multiple layers in beginning to calculate the exact costs of turnover which is… Continue reading The Cost of Replacing an Employee
Voluntary Turnover Returns as COVID Recedes
The latest voluntary quit (turnover) rate shows nearly twice the amount of employees quit their jobs in July 2020 than those who quit in April 2020. Even during a global pandemic, a historic recession (hopefully on a short one), high unemployment, and general fear and restlessness, U.S. workers still control the job market. Yes, that… Continue reading Voluntary Turnover Returns as COVID Recedes
What Is a Stay Interview? Definition and How It Works
Employees stay at organizations for different reasons than they leave, and nearly every organization is unique in the reasons employees stay.1 Therefore, Stay Interviews are common tools used in building effective employee retention strategies1. We have defined and detailed the many elements of conducting effective Stay Interviews in the Essential Guide to Conducting Stay Interviews,… Continue reading What Is a Stay Interview? Definition and How It Works
How To Fix & Rebuild Your Human Resources Department, Not Defund It
There is considerable talk these days that HR does not deliver the value of its capability. Additional arguments include moving HR functions into Legal, Finance, and both internal and external Marketing/Communications. Should HR functions be reassigned or defunded? Can HR deliver the value it is designed to provide? The real question is whether HR has… Continue reading How To Fix & Rebuild Your Human Resources Department, Not Defund It
Why People Quit During the Pandemic
We recently hosted a webinar titled “Voice of the Employee Trends During the Pandemic.” The below quotes are based on Work Institute interviews with employees who quit their jobs based on how their organization managed the coronavirus pandemic. Employees continuously demonstrate three primary categories of reasons why people intend to quit or quit during this… Continue reading Why People Quit During the Pandemic
Valentine’s Day and Relationship Feedback
Valentine’s Day is here and just like any other year; it is time to check in with my significant other for our year-in-review survey. Every year on Valentine’s Day we set aside time to provide feedback to each other on our relationship. It’s a tradition we practice once a year to tell each other what’s… Continue reading Valentine’s Day and Relationship Feedback
Engagement Studies Should Help Reduce Turnover and Increase Retention. Have Yours?
Twenty years ago, I was invited to deliver the keynote address at a recruitment and retention conference in Las Vegas. I spoke with the event organizers to fully understand their objectives and then crafted the deliverables for my presentation entitled “The Differing Preferences, Expectations, and Intents of an Emerging Workforce.” As it came time… Continue reading Engagement Studies Should Help Reduce Turnover and Increase Retention. Have Yours?
Employees Hold Power in Today’s Job Market
The job market in today’s economy continues to prove the power employees hold. The Bureau of Labor Statistics reports 2019 closed out with a 50 year low unemployment rate of 3.5% and a whopping 7.3 million job openings. This means the majority of open jobs will be filled by employees who are currently working. … Continue reading Employees Hold Power in Today’s Job Market