WisdomNet joined industry giants Monster and Aberdeen Group

Today WisdomNet, an emerging player in the human resources consulting and technology field, joined industry giants Monster, Inc. and Aberdeen Group to announce definitive research on the costs of worker turnover and the converse benefit of employee retention and succession planning programs.

The report entitled, ìRetaining Talent: Retention and Succession in the Corporate Workforce,î not only provides recommendations for action, but also makes a clear link between formalized employee management programs and corporate success.

The bottom line is the bottom line, according to Brian Wilkerson, WisdomNet President and CEO.

He notes, ìThe Aberdeen study validates what we instinctually knew, that a clear correlation exists between bottom line results and long-term strategic human resource planning.î

The research, compiled by the Aberdeen Group, notes that 85 percent of HR executives reported that the single greatest challenge in workforce management is creating or maintaining their companiesí ability to compete for top talent and retain them over the long term.

Furthermore, the report found that best practice companies ñ those with five percent or less in annual employee attrition -- had a formalized retention and succession program for employees. The corporations thus had a lower cost per new hire and a lower cost of separation per employee.

But many companies still feel unprepared for employee vacancies. Of companies polled, 57 percent fear the inability to address long-term workforce requirements and 61 percent fear the potential cost of disruptive succession of company leaders.

ìThe report clearly indicates a need for succession planning in organizations,î notes Wilkerson, ìboth to limit the fear of executives and to positively impact a companyís success.î

Distributed by HR Marketer.com