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Employment - Essay Example

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1. Staff turnover is described as the number of employees who leave their jobs as compared to those who keep their jobs and remain employed. High turnover is when old or even new employees leave their jobs and the company is left with new employees who have to be trained. …
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Download file to see previous pages This is considered to be undesirable as the company will have to incur high training costs and will be left with inexperienced employees. In order to avoid this, the company should keep their employees motivated and give them additional benefits like bonuses, holidays etc. staff turnover is calculated by dividing the number of employees leaving the company by the current employees and then multiplying by hundred. Different types of staff turnover include internal, external, voluntary and involuntary. 2. Turnover can be internal or external. Internal turnover is when employees leave their current jobs to take over new positions in the same company. This can be a due to a number of positive and negative reasons. The employees might like the way the management treats its employees and therefore, they want to work in the same organization. Internal turnover is as important for the company as an external one. External turnover happens when the employees leave their jobs to work in other companies or organizations. The employees might be unhappy with the way the employees are treated or the environment of the organization. The management should consider both these turnovers because a high staff turnover is not healthy for any organization. 3. The hospitality industry includes jobs in hotels, resorts etc. where the employees have to make the guests feel at home. This industry has a high turnover because of a number of reasons. One reason is its nature of seasonality. It is hard for the employees in off-the-peak season and therefore, the turnover is high. Also the work environment of this industry might not be good and the employees might not be treated in a good way. Another main factor is that dealing with customers is also not an easy task. Pay rates are often really low and along with less benefits, employees working in this industry get de-motivated. Therefore, the staff turnover of this industry is really high. 4. The costs of high turnover can have negative effects on the financial statements of a company. There are a number of techniques or tools which they can use in order to reduce their turnover rate. One tool is to provide a better working environment for the employees and to treat them well. To make their organization an employee oriented one which would keep the employees motivated. Another technique is to hire the right people suitable for the organization and provide them with adequate training facilities. Building loyal relationships with employees is also another tool which the organization can use. The organization can provide positive reinforcement to the employees by giving them incentives such as compensation, bonus, non-cash rewards and other benefits as well 5. Employee retention is extremely important for the success of an organization. High turnover rates are very costly for the company and therefore, they need to find ways to retain as many employees as possible. The costs of high turnover rates include training costs, recruiting costs and can have a negative affect on the financial position of an organization. The management needs to keep their employees motivated in order to have a high retention rate. Also that with high retention rates, experienced workers remains with the organization and continue to provide their advice so that the goals of the company are met. An effective employee retention program can help the reputation of the company and also improves employee morale. It also makes sure that the productivity and performance of the employees are maintained. 6. A high turnover rate can prove to be costly for the company. The costs are both direct and indirect. The direct costs include recruitment cost, the cost the company incurs when an employee leaves ...Download file to see next pagesRead More
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