Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
employee turnover and its effect on business
throies to retain employees
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: employee turnover and its effect on business
Analysis of High Turnover Rate
Introduction
High turnover rate of minorities and female employees has become a serious issue in the United States. Even though many ethnic races form this country, male Anglo-Saxons dominate the majority of the workforce. It is not uncommon for minority and female employees to leave their company after only working for a few years. Why has this behavior become a trend? In order to stop this trend, companies must ask themselves several questions. For example, what are the issues causing the high turnover rate? What legal and ethical issues are the companies facing? After these questions have been asked and processed, solutions must be implemented to change the flow of the trend.
While implementing solutions to the high turnover rate, companies must know and understand the law. The law is created and enforced by the government to prevent any discrimination or biases between the company and employees. It also prevents the strong, corporations, from taking advantage of the weak, employees.
Keeping a high turnover rate, companies will continue to lose money until they decide to deal with the issue. Through some adjustments and implementations of the programs to lower turnover rates, the company can see a significant change in their costs and what they might actually save.
Companies must understand the potential hazard that high turnover rate may cause company. By analyzing banks, one can understand what and where the problem lies.
Statement of Problem
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.
Without understand the negative impacts of turnover, a company may be placing itself in a position that will ultimately lead to their demise. We are going to solve our problems and set our company on the path to success, a success that is not only reflected in our bottom line but also our employees’ morale.
History
ANALYSIS
Currently, the Bank of Tomenak employees 20,000 people, which only 35% are female or minority. The average biannual turnover rate for our females and minority employees is 65%. The average turnover cost for one employee is estimated to be 18% of their annual salary.
Manhood had not always existed; it was created through culture. Depending on the era, masculinity claimed a different meaning. But in all of its wandering definitions, it consistently contains opposition to a set of “others,” meaning racial and sexual minorities. (pp.45) One of the first definitions was the Marketplace Man, where capitalism revolved around his success in power, wealth, and status. A man devoted himself to his work and family came second. Although this is one of the first standing definitions, it still finds its spot in today’s definition, where masculinity consists of having a high paying job, an attractive young wife, and
With the high rate of turnover, we would need to find a way to lower that and make sure the employees are feeling like they are valuable members of the business. I predict that I would find out that the employees don’t feel that they are treated well enough and getting rewarded for their liking. I think that they feel undervalued and disrespected and that causes the high turnover. I would recommend to the executives that they sit down and meet with their employees and figure out ways to better the relationship between management and the
Masculinity was not always the competitive situation as we know it today. In the late eighteenth and nineteenth centuries, there are two types of men co-existed. They are Heroic Artisans describes as the working class included farmers and craftsmen, and Genteel Patriarchs described as refined included land owners. The heroic Artisans and Genteel Patriarchs could live in society together because their gender roles complimented each other. Kimmel believes that these gender roles became overpowered by Capitalists, what he calls “Marketplace Manhood”. This theory is the belief that capitalism drives gender identity with wealth, power, status and the ability to conquer all that he comes across “proves” a man’s worth and therefore his masculinity.
Kimmel, Michael S. "Masculinity as Homophobia: Fear, Shame, and Silence in the Construction of Gender Identity." Theorizing Masculinities. Ed. Harry Brod, and Michael Kaufman. Thousand Oaks, CA: SAGE Publications, Inc., 1994. 119-42. SAGE knowledge. Web. Research on Men and Masculinities Series. 5 May 2014.
Not only is it expensive to hire and train new employees; it can also dilute an organization’s culture as well. According to Mayhew, high turnover does not allow employees to form strong relationships, and hampers new employee development techniques such as mentoring and training.
Mansfield Park is one of Jane Austen 's only novels that actually gives us full insight into what every single character is thinking during the entire novel, which is very unlikely to happen in any of her novels. This means that while writing Mansfield Park, she was writing in "Third Person Omniscient" narration, meaning the narrator is "all knowing" and gives us the thoughts of every single character we come across, instead of just focusing on the main character. Mansfield Park was the first novel that Austen had used this third person omniscient narration, rather than making the reader think and come up with their own feelings and how the character is handling a situation, the narrator directly tells the reader exactly what they
Employee turnover represents a practical problem to an organization in terms of loss of talent and additional recruitment and training cost. Only a few studies have explored the effects on intention to leave (i.e. Daily & Kirk 1992) . Therefore, the underlying process through with organizational perception leads to employee turnover remain largely unknown. I am not going to consider gender, age or race in this study. I am not going to consider individual employee titles. I am not going to study samples of over 60 people. I am not going to divide HR non-exempt employees by individual HR departments.
The main reasons for the turnover rate are the dissatisfaction of the job among the line foremen due to:
The first point Descartes makes, for what the truth actually is, what we learn in school is not what the truth is. As humans, we tend to think because we know all the information from school, that is all we need to know.
On the short term a more practical approach needs to be taken in order to reduce the high turnover ratio.
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.
Voluntary and involuntary turnover have an effect on organizations. Rapid changes in job descriptions, organizational structures, and inter-organizational competitiveness increase the importance of studying turnover and its relationship with organizational change. According to Leana and Van Buren (1999), "the loss of key network members can severely damage an organization 's social fabric and perhaps eradicate its social capital altogether." When businesses lose a high number of employees, problems can occur, costing the company time and money. Some of the costs incurred are associated with training, drug testing, physicals, and orientations to hire replacements that may take several months to learn the job and to achieve competency. There is a saying, “Good help is hard to find---and harder to keep”. This saying refers to good organizations trying to reduce turnover when the competition for retaining good employees is intense.
Employee turnover in organization is one of the main issues that extensively affect the overall performance of a workplace (Tariq, Ramzan and Riaz, 2013). Various studies show that employee turnover negatively affect the overall efficiency at the organization (Tariq, Ramzan and Riaz, 2013). Xiancheng, (2013) mentioned the employee turnover is a method of personal issues who decided to stop associate with the company for better advantage. There are two types of turnover which are voluntary and involuntary turnover. Voluntary turnover can be defined as the termination of the official and the psychological contract between the employee and employer (Krausz, 2002; Macdonald, 1999; Mclean Parks et al, 1999; Rousseau, 1995) while involuntary turnover inescapably lead to direct negative results such as current job is insecurity, work difficulty, and status fluctuation (Gowan and Gatewood, 1997). However, other researchers such as Haven-Tang and Jones, (2012) concluded poor management, lack of salary, bad working environment and paucity of job opportunities could be the highest causes of turnover among organization. This statement was support by Kusluvan et al., (2010) where is they had stated that poor management, low payment of salary, work environment and lack of employees’ job opportunities on the organization will make employee want to quit from their job. Turnover intention situation will appear when labour had feeling that they want to quit from current job, so voluntary and involuntary turnover will become final stage for them as their decision (AlBattat and Mat Som, 2013) but it is different for researchers such as Mosadeghrad, Ferlie and Rosbenberg (2013) when they conclude that employee turno...
Descartes is clearing away all knowledge that can be called into doubt. By doing this he hopes to create something real and lasting in the sciences, a foundation to build on. This indisputable fact will become the starting point or origin of all other true knowledge he can build upon it. He starts the first argument by attacking the very beginning of knowledge, human senses. Descartes states, "Surely whatever I had admitte...
Turnover, Transfer, Absenteeism: An Interdependent Perspective: Dalton, Dan R.; Todor, William D., Journal of Management, Summer93, Vol. 19 Issue 2, p193.