Work Force Loyalty
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This paper addresses the following questions about work force loyalty: Why build work force loyalty? Does it really matter? What are the most effective ways to promote work force loyalty? What are the characteristics and behaviors that indicate a loyal worker? What is the current trend in employee loyalty?
From the Paper:"Employee loyalty is not just a virtue-it's the key to profitable growth". (Business Wire 2001). Loyalty in the workplace is considered the fuel that drives the financial success of any company. In today's highly competitive and technologically advanced society it is detrimental to ensure overhead costs are kept as low as possible. One important way to accomplish this feat is to retain those employees that are already trained and proficient in their jobs. The cost of replacing an employee in today's market is roughly one-half of that person's annual salary. This figure doesn't include the loss of intellectual capital that results from each departure. (Strum, 2000). We know that it costs time, money, and experience to replace an employee. But there is also a possibility that the loss of a longtime employee will bring about the loss of loyal customers. In a book written by Bain and Reichheld (Loyalty Effect, 2001) as companies face the harsh realties of economic downturn, holding onto their customers."
Cite this Essay:
Work Force Loyalty (2004, January 28) Retrieved October 04, 2022, from https://www.academon.com/essay/work-force-loyalty-47036/
"Work Force Loyalty" 28 January 2004. Web. 04 October. 2022. <https://www.academon.com/essay/work-force-loyalty-47036/>