Industrial- Organizational Psychology also referred to as I/O is the scientific study of human behavior within organizations (American Psychological Association, n.d). A few areas that I/O psychology seeks to address include recruiting, training and development, performance measures, motivation, rewards, human factors, as well as organizational development and consumer behavior (American Psychological Association, n.d). I/O psychology seeks to focus on human behavior specifically in the workplace setting.
Finding the right employees for an organization can be challenging. It is important to the success of a business to find the right people and once hired, retain them. Employee turnover can be very costly. My organization is a retail chain that runs brick and mortar stores along with an online business. Employee retention has been directly linked to higher sales per square foot and lower return rates when an employer treats employees as more than just an expense but a member of the team (Gustafson, 2014). With that said, engaging and retaining talent can have a large impact on an organization’s bottom line (Lipman, 2012). On average, it will cost an organization 20% of the employee’s yearly salary to lose them as an employee (Lucas, 2012). In my current organization employee retention is a large problem. My retail organization is not alone in that most retailers struggle with retention. Data showing turnover history in the retail industry is quite severe. In 2005 part-time retail employee statistics showed that 100% left the retail company they were working for. In 2011, that number reduced to 51% after the recession and in 2013 the retail sector reported about 74% turnover (Gustafson...
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...impact their employee turnover rate. Ongoing studies within I/O psychology have shown us that recruiting, training and development as well as culture impact the way employees work and how satisfied they are with their jobs. These are areas that organizations should have clear plans that align with their brand’s purpose and vison. These factors directly affect how long an employee may stay with an organization as well as how productive and engaged they are. This will ultimately help organizations reduce turnover and ensure a positive employee culture. These are ways that organizations, including my own, can protect their bottom line, employee experiences and retention. These are the elements that contribute to attracting great talent and help retain employees who are engaged while promoting the culture of your organization as a place that people desire to work.
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