EMPLOYEE TURNOVER

Employee Turnover

Executive SummaryThis study pertains to the high turnover rates that organizations face nowadays. Today's employee turn-over rate is high for many organizations. Research has shown that the key to hiring qualified individuals is to first promote the company to current employees. By implementing strategies within the organization that promote respect and cooperation between co-workers and managers, awarding fair compensation, and providing various awards, organizations are better able to retain good employees.

IntroductionCompanies can perform a better job of identifying the job candidates who will find long-term success in their company only when they can accurately define the qualities and characteristics that chip in to job-fit. Various tools available in the market can be employed to help achieve the goal of hiring people who will succeed in their jobs. These tools gauge mental abilities Mayer-Briggs Intelligence Test (MBIT), interests and motivation and job-related personality characteristics (David, Toole, 2007). Also a current employee research can too provide useful insights in the Success Pattern that of hiring that will graphically exhibit the qualities and characteristics, which your thriving employees have. Employee turnover has always been one of the challenges to the human resource managers and the respective employers in any fast growing economies . Most of the employers are not aware of why employees choose to leave their organizations and why they stay. Employees who leave the organization's request as well as those who leave on their own initiative can cause disruptions in operations, work team dynamics and unit performance. Both types of the turnover create costs for the organization. However, retaining their best employees; managers must make sure their organizations clearly communicate expectations about rewards, working environment and productivity standards and then deliver on the promise. DiscussionWhen a company hires someone who has a serious deficiency in job-fit, not only is the company unhappy but also the hired employee becomes unhappy, suffers from stress-related problems and loses self-image when he at last fails. The company that hires them will have effectiveness and morale dilemmas and will presumably see additions in the cost of health care plans. Therefore, it is highly recommended to disappoint job applicants who do not fit with your Success Pattern than to hire them and subject them to ultimate failure. Thus, the work place can be a better place to be in when the root cause that produces the morale problems are eliminated resulting in a more productive environment and a more profitable enterprise. (Freeman, 2008) Furthermore, employee turnover extensively affects the financial performance of the organizations. An American Management Association publication HR Focus (1996) reports that the US Department of Labor estimates that it costs a company 1/3 of a new hire's yearly salary to substitute an employee. Employing various strategies can reduce employee turnover. But the strategies first need a plan to go. Thus the first step is to develop a plan to reduce the employee turnover that must incorporate, as a first step the assessment of the present status and impact of ...