Employee turnover - BLOG6

 

 

 


Fig-1   https://www.aihr.com/blog/high-turnover-meaning-rates/

 Introduction, 

In an HR context, turnover can be defined as  the process by which employees leave and are replaced by new hires.

There are 2 types of turnover,such as voluntary or involuntary.

1. In cases of voluntary turnover, employees choose to separate for their own reasons.

2.Involuntary turnover occurs when the employee would have preferred to stay, but the company decide to let them go.

 Types of turnover,

  •     Retirement: Employee reaches retirement age or terms and takes advantage of it.
        Resignations - Resigns due to personnel matters.
        Terminations- May be due to disciplinary action.
        Retirements - Due to the age or early retirement.
        Location transfers - Due to service location change.
        Job abandonment: The employee walked out to never return.    

  •     Layoffs  /  Military leave, enlistment, or other obligation.
  •     Professional or educational pursuit / Deaths


 
Causes of employee turnover,



FIG - 2 https://www.aihr.com/blog/high-turnover-meaning-rates/

Preventing employer turnover,

  • Keep up with the market rate and offer competitive salaries and total compensation. 

  • Closely monitor toxic employees.

  • Hire the right people. 

  • Offer flexibility.

  • Reward and recognize employees. 

  • Prioritize work-life balance.

  • Define and develop corporate culture.

  • Pay attention to employee engagement.

  • Allow opportunities for development and continuing education.

  • Develop career paths and opportunities to grow.

  • Don’t forget soft skills.

  


Conclusion,

We can understand that employee turnover impacts company profitability. Having right people with the right skills is obviously very important  to delivering on business plans and targets. It is very challenging to find the right people as well. If it is possible to find right candidates, getting them to actually sign on can prove costly and time-consuming. It’s taking longer to hire people, and most organizations have increased pay for salaried roles while half of others have increased starting pay for hourly roles. These rising costs offer all the more incentive to cut down on turnover.

 References,

Available at:https://www.zenefits.com/workest/what-is-employee-turnover-and-why-it-matters/ [Accessed 22 April 2023].

Available at:https://www.netsuite.com/portal/resource/articles/human-resources/reduce-employee-turnover.shtml[Accessed 22 April 2023].

 

Comments

  1. SATHEESHMay 2, 2023 at 4:51 PM

    Good challenging topic. The video was good, in one point it says its important to keep the experienced staff alive and stay, nd the reasons also explained well in the video. Good sellection video. Post should have some intext citations bro. Try to include some intext citations in your post. Other than that the contents and the way of presentations i liked it. Thank you for sharing bro.

    ReplyDelete
  2. FazilMBA2023May 4, 2023 at 5:35 AM

    Figure 2 is really intriguing since it explains the reasons for employee turnover in explicit terms.

    ReplyDelete

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