Savings Calculator
Can implementing a Performance Management System really impact your bottom line?
While there are many benefits to an organization that takes advantage of the TowerMetrix performance management system, the hard dollar savings are substantial. Understanding that no two organizations are the same, there are areas of savings that span across all industries.
- Increase Productivity
- Reduce Absenteeism
- Reduce Turnover
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Savings from Increased Productivity
Your Savings
Assuming a modest 1 hour per week, per employee increase in productivity, the number of hours gained =
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A landmark study of Performance Management Effectiveness by Hewitt Associates, demonstrated a 35% productivity benefit from employee performance management systems because:
- Staff works on projects and tasks that they should be working on.
- Employees work harder when goals and the metrics for how they will be monitored are clearly visible
- A conservative 5% increase in overall productivity results in a gain of 2 hours per employee per week.
Utilizing the TowerMetriX cascading goal functionality ensures universal compliance toward a common set of objectives while providing the ability to centralize and monitor data across the organization.
Savings from Reduced Absenteeism
Your Savings
Reducing workforce absenteeism by more than 25% results in employees spending more days at work.
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According to Gallup, “The Elements of Great Managing”, engaged employees average 27% less absenteeism.
TowerMetriX provides continuous feedback thru performance journals, multi-rater reviews, goal management and built in development planning supporting HR and employee management best practices that, in turn, helps employees improve, succeed and feel valued – in short, engaged employees.
Savings from Reduced Turnover
Your Savings
Time and costs associated with replacing employees are substantial. How many employees could implementing Performance Management practices save you?
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According to Gallup, “Employee Engagement as a Core Strategy”, engaged work groups show 25% less turnover in high turnover organizations to 49% less turnover in low turnover organizations. The Hay Group (Canadian HR Reporter), cites turnover costs of 1.5 x salary for a professional; 0.5 x salary for an hourly worker and 2.0 x salary for a senior employee.
TowerMetriX, thru its goal functions, development plans and e-learning tools, and performance reviews supports improved leadership skills for managers while holding them accountable for unacceptably high turnover rates.