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New Research Finds Visier Customers Reduce Manager Turnover by 17%
Vancouver, BC and San Francisco, CA |
Report finds Visier customers experience millions in cost savings through both manager and overall turnover reductions
Visier, the globally recognized leader in people analytics and planning, today released a new research report analyzing Visier customers and their experienced workforce turnover reductions. The report found that not only have Visier customers beat the market in retaining talent overall by 3.5%, but they had experienced a reduction in manager turnover by a combined 17%, resulting in millions of dollars of cost savings.
The cost of manager turnover is significant and includes not only the direct costs to hire replacements, but also the lost productivity while new managers are coming up to speed, as well as the lost revenue or impact on profit while a position is vacant. Taking into consideration these costs, the report found organizations with approximately 10,000 employees, and a hypothetical average overall turnover rate of 15%, will achieve over $4.5 Million dollars in savings as a result of retaining more managers thanks to interventions developed as the result of insights from Visier.
“Turnover, especially from a manager level or above, can be a significant expense for organizations of all sizes,” said John Schwarz, CEO of Visier. “What this report shows is that Visier customers have been successful in identifying specific at risk employee populations, and implementing strategies to retain and develop that talent rather than see it disappear. In a job market with historic low unemployment rates, retaining top talent is critical to the competitive success of an organization.”
Visier compiled the report using anonymized customer data, which included more than 20 enterprise companies representing over 600,000 employees. Companies included in this report represent a wide range of industries, including Healthcare, Technology, Retail, Wholesale, Transportation, Warehousing, Utilities, Financial Services and Insurance, Energy and Manufacturing.
The full report can be found here.