New White Paper Shines Light on Employee Lifetime Value and its Critical Connection to Customer Lifetime Value
NAPERVILLE , Ill. , May 28 /PRNewswire/ -- Traditionally, employees are seen as an expense to most employers. Now, however, they're being considered as assets by smart employers, thanks to an emerging concept called Employee Lifetime Value (ELTV). A new white paper, Employee Lifetime Value: The Critical Companion to Customer Lifetime Value, looks at the ways in which employees actually contribute to the success of their company.
"The idea that customers produce lifetime value to a company has been studied intensively over the past few years. The potential value of employees to their employers, however, is just now being quantified," according to Karen Renk, CAE, executive director of the Incentive Marketing Association, whose Performance Improvement Council co-sponsored the study. "When employees are seen totally as a cost, companies are justifiably inclined to focus on reducing that cost instead of investing in it," Renk continued.
The acknowledgement and measurement of the lifetime value of employees to their companies has drawn little attention up to now. Among other valuable insights, the white paper explains how to increase the value of employees through the allocation of training, specialized workplace opportunities and even bonuses and rewards. The paper points out that Human Resource departments should recognize that ELTV is not always a given, but can be influenced by proactive interventions (such as increased training and motivation programs).
"In the performance improvement world, we continue to see significant activity acknowledging that employees are value creators for an organization. More and more organizations realize that in addition to recognizing their top performers, they must build a culture of collaboration and recognition across all employees," says Jerry Klein of Maritz Motivation and a member of the Performance Improvement Council.
He continues: "Outside research continues to indicate a direct connection between engaged employees and bottom-line financial results. This white paper is another step toward developing concepts and methodologies to acknowledge and measure the value created by the people in an organization."
Using what they learn through the study of the lifetime value of their customers to better understand and assess ELTV, business managers and HR personnel can glean ever deeper insights into the one true factor that determines ultimate organizational success: people. Such findings can be put to use to increase employee intrinsic satisfaction and may ultimately generate even better results for the company.
Look for upcoming white papers addressing additional elements pertaining to ELTV, based on the full results of the study, a comprehensive 45-page research report entitled Employee Lifetime Value: Measuring the Long-Term Financial Contribution of Employees, which was produced by the Forum for People Performance Management and Measurement, and the Performance Improvement Council of the Incentive Marketing Association. The report is available on the Performance Improvement Council's Web site at http://www.incentivemarketing.org .
About the Performance Improvement Council
The Performance Improvement Council (PIC) is a strategic industry group within the Incentive Marketing Association. The members of the PIC are dedicated to offering companies solutions-based incentive and performance improvement programs.
About the Incentive Marketing Association
Headquartered in Naperville , Illinois , the Incentive Marketing Association (IMA) is the leading voice of suppliers in the incentive marketplace. IMA provides education and information services, publications, conferences and seminars, and research to businesses to help them effectively use incentive programs to motivate employees and customers. IMA is a founding member of the Incentive Performance Center and is a leader in the Incentive Federation, the industry's government relations organization. IMA is comprised of several strategic industry groups, including IMA - Canada Council, IMA - Europe , the Global Incentive Council, the Incentive Gift Card Council, the Incentive Manufacturers and Representatives Alliance, the Incentive Technology Council, and the Performance Improvement Council. More information about the IMA and the incentive marketplace is available on its Web site at www.incentivemarketing.org .
IMA
1601 North Mill Street, Suite 303
Naperville , IL 60563
630.369.7780
info at incentivemarketing.org
Press Contact:
Karen Renk 630-369-7780
Karen at incentivemarketing.org
Sue Voyles 734-667-2005
Sue at logos-communications.com
SOURCE Incentive Marketing Association
-0- 05/28/2008
/CONTACT: Incentive Marketing Association, +1-630-369-7780, info at incentivemarketing.org; Karen Renk, +1-630-369-7780, Karen at incentivemarketing.org, of Incentive Marketing Association; Sue Voyles, +1-734-667-2005, Sue at logos-communications.com, for Incentive Marketing Association/
/Web site: http://www.incentivemarketing.org /
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