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Assignment 3 - Atharul Khan (sec 011).docx

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Ryerson University
CMN 124
Susan Cody

Name: Atharul Khan Section: 011 Turnitin: 367848933 Boston Consulting Group __________________________________________________________________ To: Rich Lesser, Chief Executive Officer From: Atharul Khan, Human Resource Manager Date: October 29, 2013 Subject: Increasing Company Return on Investment Statistics have proven that companies who value their employees less have a higher voluntary turnover rate and lower employee productivity than companies who reward and value their employees. In a recent study by Forbes, companies that scored in the top 20% for building a “recognition-rich culture” enjoyed a 31% lower 1 voluntary turnover rate . Turnover rates costs companies thousands of dollars in recruiting, hiring and training employees for work effectiveness. It is estimated that it costs 30-50% of a company’s annual salary to replace an entry-level employee. A decrease in a turnover rate of 31% could save your company thousands of dollars . 2 With many companies offering annual monetary awards to employees, it is becoming a major trend in the business to business marketplace. Companies are introducing this fad as a competitive advantage contributing to their success. Recent studies indicate when employees are recognized for their contribution, they began to work harder and more effectively. By introducing an innovation award program that will reward an employee with the best overall creative idea, employees will be motivated to work harder and drive company success even further. These monetary awards have several distinctive advantages over conventional methods to increasing employee motivation: 1. Recognition programs improve employee engagement and productivity. In a recent study by Gallup, Companies with higher levels of employee engagement enjoyed 50% higher levels of productivity and 3 44% higher profits . 2. Recognition pr
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