Is this you? A charge from upper management to reduce turnover – check. Your survey vendor gives you stacks of survey results – check. The vendor provides a snazzy PowerPoint presentation – check. The vendor’s survey platform provides lots of charts and tables of said results – check. The vendor guarantees the actions you take based on these results, tables and graphs will impact the bottom line? You probably have a big “X” on that aspect, right? In fact, the vendor gets paid the full amount regardless of the actual results of your time, money, and energy. What if you had a guarantee on the money you are spending with your survey provider to reduce voluntary turnover by 10 percent? With us, you can. We are pleased to announce our new Results-Based Pricing for Turnover Reduction.
What is Results-Based Pricing?
With results-based pricing, the price is based on the value delivered. This approach acts as a guarantee to deliver results. Several other industries employ this type of approach – marketing, consulting, industrial, etc.
How Does it Work?
While clients pay a minimal fee up front, we lose money if the performance goals are not achieved. Of course we offer the traditional commodity pricing that exists in our industry, but the results-based approach differentiates our approach by sharing the risk/reward with you. Essentially, if you don’t make money/achieve results, we lose money. That is how confident we are that our approach works!
Results-Based Pricing Example: Nurse Turnover
Consider the following healthcare example.
- Five-hospital healthcare system: 15,000 employees with 4,000 nurses
- 18% voluntary turnover for nurses: 720 nurses turnover each year at $50,000 per nurse, for a total cost of $36 million each year
Why Do It?
HR leaders continue to struggle with demonstrating the worth and/or showing the ROI of the investments companies make in their people. How can HR executives expect the C-suite or business owners to approve of expenditures if the value can’t be clearly depicted with analytics? The average total turnover rate reported across industries by employers in 2015 is 16.4 percent, according to Compdata Surveys’ national survey. As such, turnover provides a ripe opportunity for HR to contribute to the bottom line of organizations. Imagine being your company’s standout employee by proving that your actions reduced turnover. Or even better – picture your company being the superstar in your industry with this approach.
Do Other Vendors Offer It?
We are the only firm in the survey and analytics industry to offer results-based pricing. By utilizing our expertise in data integration, surveys, and the most advanced analytics, all delivered through our patented reporting and action planning platform, we’ve maintained a remarkable track record of reducing voluntary turnover for our customers. In other words, we are willing to put our money where our mouth is!
Contact us today and we’ll help you reduce your company’s voluntary turnover by 10 percent.