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BUS FP3007 McAndrewVanessa Assignment 4 Attempt3

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Employee Turnover Vanessa McAndrew Capella University Topics Covered ⚫Why is employee turnover a significant problem for businesses? ⚫Why is employee turnover expensive? ⚫What can be done to stop employee turnover? Problem: Employee Turnover ⚫How long an employee stays with a company and how often an employee needs to be replaced ⚫Types of turnovers − Voluntary- when an employee quits by himself − Involuntary- when an employee is laid off or fired Turnover • Employee turnover = number of separations ________________________ average number of employees ⚫ Goal is to keep turnover no higher than the average industry standard ⚫ National [in 2016] total turnover rate was 18.1% (Hall, 2016). Turnover Cost • Loss of knowledge and productivity. • Company could lose customers. • Expenses on advertising, manpower on interviewing and also checking references. • Relocation or on boarding bonus. • Training cost, the cost of possible overtime for your existing staff since training will slow down their production rate. Decrease Turnover Solutions for Decreasing Turnover ⚫Help employee's meet their career goals ⚫Fostering a sense of belonging at work ⚫Giving work that provides a sense of accomplishment ⚫Treating employees as valuable assets ⚫Supporting work/life balance ⚫Providing recognition for employee accomplishments Recommended Solution • If the employees felt more valued and recognized for their work, they are more likely ...
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