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Trends Essay

1033 words - 4 pages

Managing turnover in an organization can be an indispensable practice to any organization. The advantage employee retention has is a huge impact on an organization. Employee turnover can effect the organization performance wise and financially. Research has shown that organizations that have satisfied employees and low turnover tend to retain customers and perform better. Loyal employees lead to loyal customers which maintain the financial stability of any organization. The financial impact of low turnover in an organization is the reduced cost of training and processing of new employees. Another process also very costly to any organization is the drug testing, providing benefits, and training. When turnovers are high it becomes a huge expense to the organization which can have a huge effect on the organization's bottom line. Retaining employees also helps the organization by creating more experienced workers. The longer an employee is with the company the better he or she becomes at their job, because the cost of training a new employee can be quite costly and the productivity level would lower.Organizations with low turnover find that employees are more content with their jobs. Although, turnover is at times necessary when the employee is not performing to standards, may have absenteeism, causing workplace violence, drug or alcohol problem, or has filed a lawsuit against the company. Some individuals voluntarily leave an organization to pursue different interests in another company. Many employees who are reaching retirement age cause other employees to leave creating turnover in the company. In general all types of turnovers are costly, as companies need to recruit, hire, and train the replacements. When jobs need to be eliminated within a company due to downsizing, this would encourage and lead towards turnover. When employees leave the company voluntarily it eliminates the need for the organization to layoff workers. Some companies will encourage the turnover by offering severance packages or early retirement to downsize the company. As turnover happens all companies should prepare an exit interview for the employee(s) leaving. The exit interview can be seen as an advantage to a company as it allows them to understand why a person is choosing to leave a position.Understanding employee attitudes is increasingly critical to managing retention. And while the majority of companies use monitoring tools such as onboard interviews and exit interviews to gauge satisfaction, most organizations do not place much emphasis on assessing satisfaction in between these employment stages. Monitoring attitudes throughout the employee lifecycle will allow organizations to implement feedback into the working environment on an ongoing basis (ManageSmarter, 2008).Six Ways to Ensure Employees StayGiven the financial, organizational, and market impact turnover can have in today's war on talent, companies must view the problem as a business problem, not simply an HR...

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