Gm 591 Research Paper

We can see from the data that regardless of the role, retention is costly. Therefore maintaining a strong stable workforce, while reducing employee turnover is vital to the success of the

The reality in today’s work place is that employees are more inclined to always be on the lookout for a new and better employment opportunity if they feel that the company does not value them as an employee. In order for our company to get a better understanding on what will better control the turnover rate and what program will be the most effective. There first must be an understanding at what level of risk we currently are in, and this is accomplished by looking at two determining factors of impact and likelihood. (De Vore, 2013)

Different studies demonstrate a conflicting relationship between worker turnover and productivity, at the same time, there is general sentiment that high turnover rates can have an extraordinary impact on company’s performance (Bluedorn, 1982) because turnover can bring about interruption and disturbance is adversely identified with productivity. Hence turnover can influence an organization's funds, proficiency, profitability and assets. Koh and Goh (1995) point out that while the turnover of employees can have positive results, such as improving poor performers, encouraging new ideas and help employee get more chance to develop their career, the expenses connected with employee turnover can be considerable. These incorporate the expense of training and recruitment, and poor organization spirit and image. Working attitude elements, for example, participant and satisfaction do not seem to influence turnover goal

Among the reasons cited for this: the recession, during which companies laid off huge swaths of their employees with little regard for loyalty or length of service; a whittling away of benefits, training and promotions for those who remain; and a generation of young millennials (ages 15 to 30) who have a different set of expectations about their careers, including the need to “be their own brand,” wherever it takes them. In a nomadic world, one of the casualties is a decreasing sense of commitment to the organization. (Declining Employee Loyalty, 2012) According to a 2011 Careerbuilder.com report, 76% of full-time workers, while not actively looking for a new job, would leave their current workplace if the right opportunity came along. Other studies show that each year, the average company loses anywhere from 20% to 50% of its employee base. (Declining Employee Loyalty, 2012). Now that I have gone over a few reasons why there is difficulty with employee retention let’s take a look at how to maintain employee

As employers start to realize that turnover is a problem things should begin to shift within the business model in several areas. Some companies are starting this by implementing processes that will help identify the reasons behind high turnover. Although turnover is expected and good in some cases it is necessary to have a strategy in place to keep the good workers and avoid losing them if possible. There is an understanding that businesses realize that when you are first starting you are considered an investment for a period of time. Meaning that until you reach a certain point in the process you are costing the company and not making them any

A company’s ability to maintain and productive and happy workforce is a battle that every employer faces, especially in today’s economic battle to provide the best for one’s family and be happy to get up in the morning and go to work every day. However, no matter what a company does right or wrong, there will always be a number of employees who find different, better jobs, or just want to change careers. The result for the employer means hiring new employees to fill the voids created, this is known as turnover rate. In order to understand and control employee turnover we first need to know what employee turnover is, what factors are involved in an employee’s decision to leave the company, and how should a company or human resource department try to control employee turnover?

The article discusses other pertinent areas that employers tend to ignore when it comes to ensuring his or her employee retention. It has become apparent that a competitive benefits package does not safeguard the company against an employee seeking employment elsewhere. According to Newman (2015), employers need to “make an initiative to connect an employee’s role and deliverables to the bigger company-wide mission” (para 3). Employees do not want to simply do a job and go home. They want to know that their part is making a difference such as in the health care industry.

High employee turnover rate severely affects the performance as well as the reputation of a firm in the long run, it inflicts unnecessary cost burden and retards the overall growth of an organisation. Low investment and high productivity is the success mantra of present times people centric organisations in both service and manufacturing

I propose to present practical strategies targeted at reducing the final rate of employee turnover at TFT Corporation to a reasonably productive rate like one or two employees per year. I recommend the establishment of winning strategies for employee motivation, setting of promotion strategies based on employee performance, and training of employees.

Attracting and retaining employees is a topic of in numerous articles, conference sessions, books and Websites, as well as the basis for numerous product launches to cub the concern of many organizations (Klepinger, 2007). Smith, (2007) notes that there is difficulty in finding and keeping talented people is having a catastrophic impact on many businesses and industries throughout the world. Money and benefits are important, but studies show most employees leave for other reasons. Employers have the need to retain the talents they have to attain the desired organizational goals which could include quality, customer satisfaction and the bottom line. Earle (2003) observes that

Retention will be a challenge, according to a recent study. Retention requires a competitive salary and great benefits. However, retention of your best requires a whole lot more. Employee involvement, recognition, advancement, development and pay based on performance just get you started in your quest to retain your best. An employee retention program boosts the bottom line and improves customer Satisfaction. Employers know only too well the tightening effect that continued growth has had on the labor market. Human resources publications constantly are regaling employers with tales of employers competing for scarce employees using techniques like allowing employees to bring their pets to work or hosting job fairs for convicts. Losing key employees

Building awareness of the importance of employee retention is also essential. The costs associated with employee turnover can include lost customers and business as well as damaged morale. In addition, there are costs incurred in screening, verifying credentials and references, interviewing, hiring and training a new employees. Retention strategies strengthen the ability of a business to attract and retain their workforce. Once the right people have been selected, retention practices can provide the tools necessary to support staff (LMF for Yukon, n.d).

2. Effects and Impacts of High Employee Turnover to Organisations 3. Benefits of Employee Retention • Binding: Choices in Retaining Talent a. Offer financial inducements b. Offer intrinsic inducements c. Offer extrinsic inducements d. Boosting: Promotion puts people in the right jobs 4. High Employee Turnover 5. Steps and Actions to Reduce High

Employee turnover is very critical and costly to any organization as it further requires efforts and money to recruit and place new employees (Jain, 2007). It should be remembered that turnover rates are directly related with employee morale and working environment.

Meeting the demands of today's changing business environment requires building and retaining a loyal and motivated staff. However, finding and keeping quality employees also pose a challenge to human resource management. Today's workers are no longer inclined to stay at one company for the duration of his or her careers. The most talented professionals often are courted by other businesses and the effects of turnovers can be costly. The time and money it takes to recruit, rehire and retain can quickly cut into the company’s bottom line. Employee turnover is inevitable but when excessive can put a company into the red. Many new employees do not become fully productive until they’ve been trained and gain experience, a process that usually takes several months. The time, effort, and money invested in those employees, walk out the door when they leave.