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Employee Retention of Garmin -
April 9th, 2011
Garmin Ltd. (NASDAQ: GRMN), incorporated in Schaffhausen, Switzerland, is the parent company of a group of companies founded in 1989 by Gary Burrell and Min Kao (hence the name GarMin), that develops consumer, aviation, and marine technologies for the Global Positioning System. Its subsidiary Garmin International, Inc. serves as headquarters for the Garmin Limited companies and is located in Olathe, Kansas, which is located in the Kansas City Metropolitan Area in the United States. The largest operating subsidiary and primary production facility of Garmin Limited is Garmin (Asia) Corporation located in Sijhih City, Taiwan, a suburb of Taipei.
WYOMISSING and BLUE BELL, Pa., Nov. 17 /PRNewswire/ — According to research by VIST Insurance, Employee Retention Programs drive better bottom line performance in growing and uncertain economies. In fact, engaging and rewarding your employees with financial or non-financial awards are retention actions you can no longer overlook or dismiss as trivial. Today there is convincing evidence that these actions make a difference.
“The costs of replacing talented and effective employees far outstrip the expense of retaining and developing new employees,” said David Lacey, Vice President of Human Resource Business Development at VIST Insurance. “Recruiting and training new employees acts as a drag on earnings from three to six months until the new employee is performing at the expected level or better. However, retained and highly motivated employees contribute to the company at a higher, more consistent and sustained level of performance.”
According to industry studies, it is estimated that it takes roughly six months for a new professional hire to be trained and performing at or above the level of a prior employee. The timeframe does drop to three months for C-level positions because more is expected from those hired for positions at the executive level. Both timeframes take into account learning a new position’s responsibilities, the structure and the culture of the department and organization, as well as meeting clients and positioning a company’s products/services in relation to its peer competitors.
“For example, over the course of a year, if a small company loses three long-time employees, each making $50,000 in cash compensation, it will cost the company a minimum of $75,000 to prepare the new hires to be effective and productive. Even if they are replaced at the same salary, it will take an estimated six months for the new employees to be up to speed and as productive as the prior employees. Also, the company will incur the additional expense of advertising the positions, recruiting fees, and training,” said Lacey. “Quite often these expenses are sizable and can equal the $75,000 referred to earlier. For a fraction of that amount, the company could’ve had an Employee Retention and Development Program in place and seen most of that $75,000 added to the bottom line as an increment to NOP (Net Operating Profit).”
Lacey is quick to add that retention is not simply a pressing issue for a small or mid-sized business or a particular industry. “I’ve seen recruiting data where it costs an IT company an average of $34,000 to replace one lost professional and where a clothing store had a decline of over $100,000 in revenue when a sales representative with an excellent and loyal customer base left and joined a competitor. So retention costs aren’t limited to just one industry.” For every company in today’s market, retention is the most important priority for their talent development.
Investment in employee retention can also have a direct impact on the bottom line in terms of revenue generation and earnings growth. Companies with high retention rates expect their “stars” and “go to” professionals/managers to drive achievement of these two financial performance measures among others.
Employees who feel valued and appreciated by management are more engaged in the success of the company and tend to perform at higher levels than disengaged employees who are simply going through the motions or, worse, actively working against the company’s stated business interests and priorities.
Here's a pretty appealing benefit: Salary employee premiums are paid entirely by Garmin on two out of the three medical plans covered under Blue Cross and Blue Shield of Kansas City. Also enjoy free dental, vision, long term disability and basic life insurance.
When you save for retirement by participating in our 401K program, Garmin matches 75 cents of each dollar you contribute — up to 10 percent of your salary. With over 20 investment funds to choose from, ranging from conservative to aggressive growth, you can customize your 401K to grow your nest egg.
Purchase discounted shares of Garmin Ltd. (the parent company of Garmin International Inc.) by participating in our Employee Stock Purchase Plan (ESPP).
Vacation, Sick & Holidays
With 15 days of paid time off for personal time, you'll have time to get out there and enjoy life. Employees also get 9 paid holidays per year.
Full-time Garmin associates can apply for reimbursement of educational expenses (tuition and required fees) for undergraduate or graduate level courses.
For icing on the cake, we offer lots of extra perks. Purchase Garmin products at a discount, enjoy a variety of discounts throughout the community and more.
The new unit is called "dezl" - pronounced "diesel" - and will be available for sale later this quarter, Garmin said in a statement.
There will be two versions of the Dezl navigation handheld: the 560LT and the 560LTM.The 560LT will retail for $469.99 and the 560LTM for $529.99, Garmin said.
The 560LTM model includes lifetime map updates.
In a first for Garmin's trucker handhelds, the Dezl series can incorporate historical traffic data into its routing software. That functionality allows the device to "learn" traffic conditions along different routes, which should yield more accurate estimates of travel time for truck drivers, Garmin said.
The Dezl measures 5.4 inches wide and 33 inches high. Like the Garmin nuvi units, the Dezl model's battery will hold a charge for about four hours, according to the company.
The devices also include a list of "points of interest" specifically selected for truckers, such as rest stops and truck maintenance facilities, including more than 30,000 repair facilities compiled by National Truck and Trailer Services.