Employee Turnover And Retention Briefings Abstract: 46
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Work-Life Programs Provide Significant Return on Investment [News Today] Tuesday 03/30/04 2:34 PM
A recent study in Singapore concludes that for every dollar spent on work-life balance programs, the average gain is $1.68 per employee. The report points out that companies no longer need to provide benefits purely out of social motives. There is clear evidence that creating a work-life friendly environment provides bottom line results.
Work-life initiatives include flexible work arrangements and child care services along with leave benefits and healthcare for family members.
Most of the savings from these initiatives come in the form of increased retention of staff. Companies with work-life strategies are shown to have employee turnover rates well below their industry norms. Additionally, more than 65% of employees surveyed stated that work-life flexibility is one of the primary reasons they choose to stay with their employer.
In Singapore, organizations may apply for a grant that covers 50% of their work-life program's implementation costs.
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