StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Small Business Management - Three Easy Ways to Curb the High Cost of Employee Turnover - Essay Example

Comments (0) Cite this document
Summary
This paper "Small Business Management - Three Easy Ways to Curb the High Cost of Employee Turnover" focuses on the fact that small companies do face some major challenges that may push the mover the line of failure and solutions to save a drowning company are many. …
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.6% of users find it useful
Small Business Management - Three Easy Ways to Curb the High Cost of Employee Turnover
Read TextPreview

Extract of sample "Small Business Management - Three Easy Ways to Curb the High Cost of Employee Turnover"


The bankruptcy indicates the presence of a problem. This can be caused by many irrelevant divisions that are milking the company’s funds, high employee turnover rate due to polices employed by the company that leave the employees unhappy. These problems are all caused by having unmotivated employees who will jump, at any chance, to leave the company. In addition, the major fact that supports this is the high employee turnover rate (Robertson 316).

Solutions include the downsizing of staff to reduce company expenses, closing down irrelevant divisions that are not performing well, consolidating positions and restructuring the staff (Robertson 316).

All the above-stated solutions are all solutions that can save a company at the edge of closure, but the best solution is that which includes increasing the motivation of the workers since they are the simple factors that can make or break a company. (Robertson 317)

The C.E.O of Intermatic Inc. Miller proved beyond a reasonable doubt that a company may employ many tactics to save itself from failure, but the only best solution is to make the employees happy and comfortable and that will lead to success, and profitability of the company.

  Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(Small Business Management - Three Easy Ways to Curb the High Cost of E Essay, n.d.)
Small Business Management - Three Easy Ways to Curb the High Cost of E Essay. Retrieved from https://studentshare.org/management/1595099-small-business-managment
(Small Business Management - Three Easy Ways to Curb the High Cost of E Essay)
Small Business Management - Three Easy Ways to Curb the High Cost of E Essay. https://studentshare.org/management/1595099-small-business-managment.
“Small Business Management - Three Easy Ways to Curb the High Cost of E Essay”, n.d. https://studentshare.org/management/1595099-small-business-managment.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Small Business Management - Three Easy Ways to Curb the High Cost of Employee Turnover

Employee Turnover

... through interview of employees is done underneath so as to ascertain a clear picture of what employees feel and comprehend regarding the turnover process, its influence on the organizational as well as the personal front. Each and every questions drafted in the questionnaire, displayed above would be analyzed. Nature of Business Most of the respondents who were intervened were parts of financial services organization belonging to wealth management, banking services, fiduciary services etc. from the data it can be analyzed that many employees who prefer turnover actually belong to a specific industry where turnover rates are quite high in comparison to other firms. Here the turnover may be related to wage, performance or other parameters...
8 Pages(2000 words)Dissertation

Combating Employee Turnover

... be an effective way to combat the problem of high turnover in the large corporations and organizations. (Allen, Bryant & Vardaman 2011) Another study done on 76 organizations concludes that employment benefits and effective retirement policies reduce the problem of employee turnover by almost 34%. The study’s rationale was that employee’s benefits and retirement programs are given to employees after their retirement. Since gratuity fund grows exponentially, so employees think that longer they will stay with the organization, the bigger gratuity or pension they will get. Hence, this motivates them not to quit the job. Therefore, organizations with effective employee’s benefits and retirements plan tend to retain workers for longer periods...
4 Pages(1000 words)Essay

Causes of Employee Turnover

As the paper outlines, the concept of employee turnover is the significantly-used approach in the context of human resource management in a business organization. The simplest way to describe the term is that it pertains to the rate or extent at which the employer or an organization loses and gains its employees or the workforce. Turnover is basically measured for the individual firms as well as for the entire industry. The concept of employee turnover refers to the workers’ rotation within and around the labour market, and continues between occupations, firms and different jobs. It also exists between the condition of unemployment and employment within a state (Abbasi et al., 2000). The term &lsqu...

6 Pages(1500 words)Research Paper

High Employee Turnover

... a job that an individual holds with education focusing on jobs an individual could potentially hold in the future. It is noteworthy that this goes a step ahead in addressing the problem of high turnover rates of employees. This will address the problem of the business in question in an effective way where employees leave after a short stay within a specific organization. This is because the training and development of employees has benefits that are essential for the overall success of the company. These include job satisfaction and morale among employees as well as increased motivation. This is, in addition to, a reduced employee turnover (Ongori, 2007, 52). A close look at these benefits reveals if negated; the reasons are the number one...
8 Pages(2000 words)Essay

Employee Turnover

Normally, the major reasons for a job change have to do with better benefits or satisfaction. The employees have a tendency to move towards an industry with better motivation in terms of benefits as well as satisfaction. They also assume a lifetime perspective as they make choices about job change. Employees therefore make such choices to change their jobs while considering the future changes in job satisfaction and enrichment as well as maximized benefits. Luxury hotels are among the categories of hotels in the hospitality industry. These kind of hotels are specifically built in strategic areas where there is targeted market of high class people in the society as well as foreign and domestic tourists. They are normally positioned...
6 Pages(1500 words)Research Paper

Employee Turnover

Galvin (2004) asserts that turnover is "a modern business dilemma that is costing companies billions of dollars annually, yet surprisingly little is done about it." For businesses seeking to optimize their bottom line, particularly in the retail industry, getting this problem under control can translate into dramatic improvement in profitability and competitiveness. Understanding the particular costs of turnover to each business is an essential first step in determining the extent to which it is even a problem that needs to be addressed, and if so what is the appropriate approach to addressing the problem. This paper examines the reasons for higher rates of turnover in retail generally as compared to many other industries. It goe...
11 Pages(2750 words)Essay

Impact of High Employee Turnover

... is a high level manager, he along with him also takes corporate strategy and useful insider knowledge which may be used by the new company in which he is joining. These employees also have established close relationships with clients. These clients may move with the employee. In addition to it, the monetary cost of voluntary turnover is also quite high: exit interview time, administrative requirements, payout of the unused vacation time, and the cost of temporary, contracted or overtime for co-workers substituting the leaving employee (Mitchell et al., 2001). The cost also includes advertising for the post, processing and screening of candidates, interviewing, and selection. In addition to it, training costs also add considerably...
7 Pages(1750 words)Literature review

High Turnover concerns

ve due to the fact that the customers are not willing to pay more money to for the guards and the company has to make a profit from each of them if it was to stay in business. High staff turnover is also another issue that may need to be addressed. Like most other guard companies, Omega Security Services is faced with high rates of staff turnover and this makes it more difficult for the firm to be able to provide good services.
There are certain factors that have led to the high rate of staff turnover in Omega Security Services. To begin with is the problem of the fact that the jobs are low-paying and there are better paying jobs in the government is an issue. Most of the officers are likely to be looking for better pay elsewh...
8 Pages(2000 words)Essay

Employee Turnover

... is significantly linked to human resource management functions. The review involving different companies provides a deeper insight into employeesturnover and its effects on organizations. Glebbeek, Arie C., and Erik H. Bax. “Is High Employee Turnover Really Harmful? An Empirical Test Using Company Records.” Academy of Management Journal 47 (2004): 277–286. Web. This article seeks to shed more light on the pros and cons of high employee turnover. The authors use empirical tests of an organizational records to justify the information and explore the issue deeper. Mohr, David C., Gary J. Young, and James F. Burgess Jr. “Employee Turnover and Operational Performance: The Moderating Effect of Group-Oriented Organizational Culture.” Human...
9 Pages(2250 words)Research Proposal

Total Quality Management of Bank Muscat

I am sincerely indebted to Mr. Majed Ambusaidy, the manager of quality department in Bank Muscat and his assistant, Yasser Al-Raisi, for helping me gather much information for my researching needs.
Any corporation values its customers for they believe that customers are as important as the human capital of the company. Usually, customers dictate the needs and requirements whilst the company develops and provides these needs. In case the customer is not satisfied with the outcome of the product or service rendered, negative implications set in against the enterprise. It may affect not only the customer per se, but it also subjects the entire organization’s reputation at risk. Not to mention the loss incurred as the custo...
72 Pages(18000 words)Case Study

Management Project of Happy Tots Child Care Centre

Scope, time and cost are the restrictions that are acting upon the project management progression. This constraint can also be connected with one of the knowledge areas of Project Management (Bass et al. 2003).
Project Management Plan: For effective project management, the basic step that should be taken is to collect the information that is necessary for developing the project plan and then make flowcharts for the plan (Kenneth, 1999).
Project Scope Management: takes account of the processes required to make certain that the project includes all the work required, and only the work required, to complete the project successfully (Bass et al. 2003).
The project is a database project that will involve the development...
7 Pages(1750 words)Lab Report

Employee Strain in Call Center

The high labor turnover (approximately 50% in U.S. call centers in 2000) of call center staff has huge financial implications for these organizations (Bordoloi, 2004).
Much of the industrial/organizational (I/O) research on well-being in call centers has examined the relationship of job demands (e.g., workload, call volume, concentration demands) and job resources (e.g., autonomy, social support, skill utilization) with such outcomes as anxiety, depression, and emotional exhaustion (Grebner et al., 2003; Witt, Andrews, & Carlson, 2004; Zapf, Vogt, Seifert, Mertini, & Isic, 1999). Little such research, however, has looked beyond these psychological constructs (Ferreira & Saldiva, 2002; Halford & Cohen, 2003) to...
12 Pages(3000 words)Research Proposal

Business Management Framework in Educational Organizations

The organizational structure should be present to guarantee clear divisions of authority, responsibility, communication, and control. The second component is the generation of the organization situations for successful implementation such as culture, communications, reward and incentives systems, training, and control (Fonseca 2002).

Two basic theoretical paradigms to business management framework could be identified. The first puts considerable emphasis on structural frameworks to change and involves an issue with organizational design as well as the linkage between organization and environment. This point of view puts less importance upon human activity and the way individuals try to understand or make sense of the wo...
6 Pages(1500 words)Case Study

Scientific Management and Human Relations Approach

For many years, a huge number of experts (Donnelly, pp. 24-33, 2008) have been trying to define the term management; however, analysis has indicated that management is itself a vast terminology that constitutes various aspects of an organization. For some, management is something that involves people. For some experts, management is an art that includes strokes that incline individuals to perform the required tasks in an efficient manner. Due to such a broad scope of management, until now, one can come across various management theories that propose different and diverse methodologies to manage people in an organization, such as classical theory, neo-classical theory, behavioral management theory, etc. As earlier mentioned, this p...
6 Pages(1500 words)Assignment

Understanding of Customer Relationship Management Strategies Pursued by Vodafone PLC

With the increased globalization and competition, it has become very difficult to maintain customer loyalty. The same has been experienced by UK mobile service providers. Customer retention is an acute problem for companies. It has been found that the lack of proper customer relationship management is mainly responsible for this global issue. Vodafone Group Plc, UK’s largest telecommunication company has been selected for undertaking the research to determine the root cause of this problem and to investigate other relevant reasons. A report of 2009 published by the company reveals that there are severe problems related to customer retention. It is well known that the mobile phone industry has boomed over the last eight years...
19 Pages(4750 words)Research Proposal

Business Ethis across Cultures

Issues of intellectual property protection, Issues of plundering knowledge, Issues of losing brain cheaply, Issues of a new colony, etc are some of the major issues to be considered when we consider China as a knowledge economy. These issues are really complicated and have more depth than we anticipate. Common wellbeing is the major aim of the economic reforms in China today. In fact, all the countries have the same motto; living and working together for the common good, enabling cooperation and mutual prosperity to coexist with healthy and fair competition. Since China is a heavily populated country, balancing the interests of a huge population is a difficult task; but it is necessary to avoid any social, economical, political or...
6 Pages(1500 words)Assignment

Does Corporate Responsibility Provide an Incentive for Business to Become Environmentally Sustainable

It is about fairness in dealing with the stakeholders and transparency and accountability in the organization’s operations. It is primarily based on the principles of Sustainable Development “that meet the needs of the present without compromising the needs of future generations to meet their own needs” according to Bruntland (1987).   The long term social and environmental consequences of the activities, rather than profit motive that should guide an enterprise in its business activities, taking into account the future generations. It is a comprehensive approach in relation to the policies, programs, and practices integrated into the organization’s operations in managing the business to create a...
10 Pages(2500 words)Coursework

Business Law: MAD-IDEA Case

Before a claim can be filed, however, Justine must establish the following conditions: a comparator of the opposite sex; the comparator performs the same kind of work as Justine, and; the comparator is employed by the same company as Justine’s (Blanpain et al, p.56). Evidently, all these conditions are already met by Justine with Thomas easily filling in the role of the comparator, as he is not only of the opposite sex but also an input data worker like Justine employed by MAD-IDEA.

Justine could either claim under “like work,” “work rated as equivalent,” or “work of equal value.” A claim under the “like work” provision of the Equal Pay Act 1970 is laid down in s 1(2...
9 Pages(2250 words)Case Study

Types of Employee Turnover

... Introduction 1.1 Background The airline industry is extremely challenging as it has a disastrous business cycle, overcapacity, high-risk profile, difficulty of differentiation, easy to replicate strategies and structural unattractiveness (Wirtz, Heracleous & Pangarkar, 2008). Being in the service industry meeting end exceeding customer expectations is another challenge. Since the delivery of service depends on the human assets, getting the human resource management right is a challenge for the service firms. Employee turnover or labour turnover is the movement of labour from one working organization to another. This has been the concern of organizations in most sectors but there is no universally accepted reason why employees chose...
18 Pages(4500 words)Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Small Business Management - Three Easy Ways to Curb the High Cost of Employee Turnover for FREE!

Contact Us