High turnover rate may cost your company more, expert says

In an effort to achieve employee retention, most companies focus on improving their workplace policies to reduce the cost that comes with high turnover rates. However, about one-fifth of workers voluntarily leave their job each year because of both personal and business reasons, according to a study.

Because of this, Prople Inc.—one of the world’s leading business solutions providers known for its excellent services in the areas of finance and accounting, human resource, tax services and data management—extends its help to Filipino businessmen who want to optimize the resources available to overturn the increasing turnover rates.

According to Alfonso S. Yuchengco III, Chairman of Prople Inc., employee retention is becoming an issue for different companies because losing them could mean a total loss of tens of thousands of dollars due to new training, lost productivity, lost engagements and work- related errors.

“First, job vacancies cause slower productivity. Second, the company has to prepare for its budget plan for the cost of hiring and training new employees. This could be very tedious, time-consuming and costly for the company,” Yuchengco said.

He added, “For startups who are planning to hire new people for critical job functions, they have to rethink their business strategies. If they are looking forward to long-term success, outsourcing professionals for specific positions will go a long way.”

Prople has a strong team of professionals with expertise and rich experience in Finance and Accounting, Tax Services, Human Resources and Payroll, and Data Management. According to Yuchengco, businesses can have more access to highly skilled workers because Prople’s experts are CPAs, auditors, project managers, business analysts, and IT professionals who can do the right job on time.

“This allows business owners to focus on growing their company while we do specific outsourced work functions for them,” Yuchengo said.

For companies that need expertise in HR, Prople offers an improved system that involves payroll, timekeeping and benefits management. Adding to that, the industrial and legal rights of employees are also maintained because of Prople’s excellent employee records administration.

Furthermore, business owners can also gain better control over the companies’ data with Prople’s data management services—from data capture, conversion, clean-up, organization, standardization, data mining and analysis, and healthcare management.

Aside from reduced operating costs, a study shows that excellent data management could actually benefit companies pertinent to back-office improvements, faster and more accurate billing, improved customer service, front-office improvements, improved regulatory and compliance efforts.

“With Prople, companies are assured that goal-driven and dedicated professionals work hand-in-hand to achieve better business outcomes,” Yuchengco said.

Prople also offers accounting and financial services which include custom-fit finance and accounting functions in the areas of accounts payable, accounts receivable, general accounting, and strategic finance, among others.

Other services include expense claims processing and management, documentation, analysis, validation, payment processing and policy-based disbursements. For accounts payable, Prople takes over the company’s purchase orders to the administration of supplier payments while its services for accounts receivable include sales orders and billing administration.

In terms of tax services, Prople provides only the best to clients through the combined efforts of the US Tax team of Prople Inc. and K&A Global Management Co. which offer help in tax preparation, tax return and analysis of individual or business tax returns for US clients.

CPAs and professional accountants can help the clients navigate through the tax filing process while providing a better-personalized service. The up-to-date tax code also assures clients of outstanding services.

“As a globally competitive organization, Prople strives for more growth to become the best business partners to clients. Being focused with that goal, we keep practicing the following culture at Prople: total quality management, continuous improvement, strategic customer service, manpower efficiency, and innovation,” Yuchengco said.

Yuchengco concluded, “We will continue to support companies in achieving their business goals because their growth is always our top priority. We will continue to remind them that whenever they need value-added and cost-efficient business solutions and services, Prople is always ready.” TVJ