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Employee Retention - Assignment Example

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This assignment "Employee Retention" discusses the causes and consequences of employee turnover and strategies that can be used to improve employee retention. …
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Employee Retention
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Download file to see previous pages The importance of keeping a low turnover is that employee turnover raises costs and reduces productivity. Employee turnover is categorized into different types or causes to be able to determine the root of the problem. Some of the causes are retirement, firing, contractual issues, illness and voluntary. Things such an illness are events that can not be prevented, but when a company has many people leaving voluntarily then something is driving people out of an organization and the issue must be dealt with. A research study performed by the Chartered Institute of Personnel and Development revealed that in Great Britain in 2007 the average employee turnover rate of domestic firms was 17.3% (Cipd, 2008).
An employee may voluntarily leave a firm for numerous reasons, but some of the most common ones are low wages, poor benefits package, limited professional growth opportunities, physically or emotionally harming working environment, and a lack of non-financial rewards. Leaving a company sometimes is not about money, it’s about respect. In the National Basketball Association the Los Angeles Clippers this off-season offered its star power forward Elton Brand the best monetary deal he gets land, but the player left to sign for Atlanta because he felt the Clippers did not appreciate his efforts of the past. In this case the salary figures were enormous regardless of his choice the man was rich, but the case shows that it is in the human nature of people to desire a workplace where they feel comfortable and appreciated by their colleagues. Of the bond of trust that is broken between the firm and employees it is more likely that the employees will more be tempted to leave the company for a different work opportunity.
The financial costs of the company associated with employee turnover start with the initial recruiting costs, training costs, and management. ...Download file to see next pagesRead More
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Employee Retention Assignment Example | Topics and Well Written Essays - 1500 Words. https://studentshare.org/human-resources/1716614-human-resource-planning-employee-resourcing.
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