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10 key components to an effective employee retention program

Achievers

The cost to replace an existing employee is three to four times that position’s salary , not including losses in valuable time, knowledge, productivity, or cultural impact. It is common to think that competitive salaries are the key factor to retain and keep employees motivated. Plus, it costs more to recruit than to retain.

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Boeing CEO Kelly Ortberg’s Cost-Cutting Measures and DEI Team Layoffs

HR Digest

Texas’ attorney general, Ken Paxton, believes the company’s efforts to diversify its suppliers have resulted in safety issues, requesting that Boeing share the details of its DE&I efforts with a Texas court as part of an investigation into its manufacturing practices.

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New Overtime Rules 2024: What Employers Need to Know

HR Lineup

Department of Labor (DOL), aim to adjust the salary threshold for overtime eligibility. Increased Salary Threshold for Exempt Employees New Threshold: The salary threshold for exempt employees has been raised to $55,000 per year. This audit should include a review of job duties, salary levels, and hours worked.

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Buyer’s guide to car salary sacrifice schemes

Employee Benefits

Car salary sacrifice arrangements remain a popular employee benefit; in its January 2023 Leasing Outlook , the British Vehicle Rental and Leasing Association (BVRLA) found a 20.5% year-on-year increase in company cars funded through salary sacrifice to quarter three in 2022. What are car salary sacrifice schemes?

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The Staggering Cost Of Disengaged Employees: How Disengagement Impacts Your Bottom Line

Vantage Circle

SHRM (Society for Human Resource Management) estimates replacement costs at 6-9 months of an employee's salary For a $60,000 annual salary, replacement costs could range from $30,000 to $45,000 The Hidden Costs of Lost Productivity, Training, and Onboarding The costs of employee disengagement are much higher than we often realize.

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Calculate burden rate boost profitability

Business Management Daily

Calculating an organization’s burden rate , which highlights additional indirect costs associated with labor, manufacturing, and overhead, is necessary to get a clearer picture of its bottom line. How much does your organization cost to employ one person or manufacture a product? The same is valid for manufacturing a product.

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Employee Incentive Programs: Benefits and Examples

HR Lineup

Employees who actively participate in professional development activities are eligible for promotions and salary increases, creating a culture of continuous improvement. Example: Manufacturing Giant A manufacturing giant implemented an ESOP program, allowing employees to acquire company shares over time.