Decreasing Employee Turnover at Biogen Idec
In 2006, Biogen Idec was experiencing a voluntary turnover of 14% – slightly higher than the industry average. As a growing company in the competitive biotechnology industry, Biogen Idec felt it was critical to enhance its Total Rewards offering in order to address its turnover rate and to drive productivity.
After determining that a concierge benefit supported its Total Rewards package, Biogen Idec integrated Circles Concierge as a key component to its program for US employees. Mike Thomas, Vice President of Compensation, Benefits and Workforce Services, states, “Innovation is one of Biogen Idec’s core values and key to our success…By engaging the services of Circles Concierge to complete their personal 'to do list', our employees are less stressed which enables productivity and creativity to flourish."
- Since strategically focusing on reducing turnover and enhancing its Total Rewards program (of which Concierge is a key component), Biogen Idec's voluntary turnover has dropped to around 5% – nearly two-thirds lower than the company turnover rate four years ago and significantly lower than the industry average.
- The Concierge benefit saves an average of 2.6 hours per request – which calculates to the equivalent of 3 full-time employees per year (See Right). The productivity return of 3 employees easily surpasses the annual cost of Circles' Concierge service.
- Based on its positive experience in the United States, Biogen Idec has expanded the Circles Concierge service internationally to its employee base in Switzerland, and soon to be expanding in other countries. David Atkins, Biogen Idec’s Director of International Benefits, says, “I don’t mind spending money on Circles Concierge because it’s very clear that we achieve a solid ROI.”
1 The Employement Policy Foundation