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Managing employee turnover and retention
Managing employee turnover and retention
Managing employee retention and turnover
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Introduction:
The success or failure of any organization is primarily depends on its employees. All the HR managers are always having the concern about the employee’s intention towards the organization. Because if suppose the employees are having intention to quit their jobs will be a costly one to the companies which will lead to the cost of recruitment and selection, cost involved in training and development, more than the loss of knowledgeable employee who got experience while his job is critical. The role of HR manager is therefore very critical in maintaining the selected, well trained employees in the organization for longer periods. So retaining this invaluable ‘asset’ of the company is now becoming a most crucial function of all HR functionaries. They have to be constantly given more and more awareness about the damaging effects of Job hopping and thus avoid attrition rate of employees at all costs. This research paper tried to find out the perception of employees towards his job and the factors which are making the employee to leave from the organization.
Literature Review:
In laymen level employee turnover can be understood as employees leaving their organization voluntarily. But technically employee turnover is defined as a ratio between employees appointed in a company and left out from that company in a particular period of time. The employee turnover has both positive and negative influences on organizational performance (e.g., Dalton & Todor, 1979; Dess & Shaw, 2001; Mobley, 1982; Staw, 1980). Maintaining the satisfaction level of employees is the main root for the success of the organization for a long period of time (Berry, 1997). Losing the skilled employees will lead to the reduction in quality, producti...
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Recruitment becomes a greater challenge in organizations with high turnover due to the increased number of vacancies. Nationwide, only 14% of employees feel satisfied with their jobs (Clawson & Haskins, 2011). This lack of satisfaction can...
This case study was about the president of Bubba Gump Shrimp Company, a restaurant chain specializing in seafood, whose practice structure and secret to success was to have and maintain minimal management turnover. In fact, his focus on turnover was so successful that he did not have a general manager leave for 3 years, and he has decreased management turnover from 36% to 16% in 2 years. The motivation of an organization’s employees significantly affects it success. Additionally, employee turnover, absenteeism, and tardiness weaken employee productivity.
Palmer, W. W., & Dean, C. C. (1973). Increasing Employee Productivity and Reducing Turnover. Training & Development Journal, 27(3), 52.
Employee turnover costs are very costly to a company. Turnover not only affects the bottom line but also affects the company’s morale. We are analyzing the problems within our company that are causing our employees to become unsatisfied with their job. Then we are going to find solutions. And then do the cost estimates of the turnover costs and the turnover savings after our solutions are implemented.
Although there is a detectable relationship between lower levels of job satisfaction and higher turnover rates, the decision to quit one’s job rests on many different factors. Attitudes of an employee towards job satisfaction and organizational commitment play a role, but a shock to the life of an employee
The economists like March & Simon in 1958, Burton & Parker in 1969, Stoikov & Raimon in 1968, and Pencavel in 1970, explained the turnover from the perspective rational decision-making based on cost/benefit analysis (Stags & Dunton, 2012). Nonetheless, their description of turnover was too narrow. They additionally ignored explanation of the turnover process (Rodger, Griffeth, Peter, & Hom, 2004). While, sociologists focusing on work structure, and psychologists like Lyons in 1968 and Farris in 1971, pointing to employee anticipations and behavioral commitment (Stags & Dunton, 2012). Whereas, nursing turnover researchers have utilized all three views but more emphasize on work environment and psychological aspects (Stags & Dunton, 2012).
Employee satisfaction, employee turnover, and workplace environment are inseparably linked. Workplace environments heavily influence employee satisfaction, which directly affects employee turnover rates. When employees feel they are not being supported within their first months of hire, they will inevitably leave the company. Employees want to have the security that if they need assistance, someone will be there to guide them. Therefore, it is imperative for organizations to develop a thorough onboarding program and a long-term retention plan.
As I researched and viewed my topic, I realized that retention is broader then I thought. All along I thought retention was just about retaining employees but I found out the system to retain employees and it’s factors. I found the key elements that effect retention to be very interesting. I didn’t know that retention can be broken down into to 3 dimensions which are social,mental,and physical. The social consist of the contact with people, mental consist of work characteristics, and physical consist of working conditions and pay. These three elements show that retention can be broken down psychologically. Since the terms can be broken down psychologically, it allows an employee to look into retention more closely. I
In the past 20 years, the technology has been improving as well as the behavior of human. Another change that has been significant enough in the workforce is the generation. Since the baby boomers is reaching the retirement ages, the workforce changes its face. During the change of the pace there are many issues regarding the younger generation. Though, the unprepared new labor force brings another issues to the most company. As the new age begin, the company is struggling with the high demand of spending and low output level from the employees. This event challenges the human resource management on the search of potential employees. The consideration breed the pros and cons whether to keep, train and improve or recruit and change the force. The essay will provides the thorough exploration to oversee the positives of developing dedication of the employees. The method will be used are research and case discussion. The objective of the written report is to provide an insight of the importance of loyalty from the employees.
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