Simply put, employee lifetime value calculates the net value someone brings to your organisation. It is perfectly possible to increase the value someone generates for your business solely based on people practices.
How many times did someone quit without you knowing there was a problem? Or how many times did someone resign much quicker than you thought they would? You can get rid of these issues with small improvements in hiring, onboarding, and talent management. Investing in these aspects will result in significant ROI for the business.
Read this whitepaper to learn more about the concept of Lifetime Employee Value and how you can improve your own processes to increase it.
Key takeaways:
- Improve hiring process through pre-boarding and HR screening for the right skills and cultural fit.
- Improve employee management by installing an open feedback culture, have up-to-date objectives and hold frequent one-on-ones.
- Importance of feedback, reward and recognition for a good Employee Experience.
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