Employee Turnover Retention And Its Impact On Human Resource Practices

In the globalized and changed competitive business world, it is important responsibility to deal with employee turnover for any organization. Effective and efficient management of employee turnover is an essential task to achieve the organizational overhead goals. Significant amount of research has been undertaken to understand the major causes of employee's turnover and retentions mechanisms that organizations should develop, especially in the field of healthcare.

Retaining employees is one way the turnover rate can decrease, Branham (2000), focuses on retaining valuable employees by incorporating four key elements. The first key elements is, “be a company that people want to work for”. There are many companies that have been labeled as, “employers of choice”. These employers all have something in common, which is how they value their employers (Branham, 2000). They treat their employees with respect and like family. With being an “employer of choice,” people are the most valuable asset; not just customers but employees too. Many companies go above and beyond for their customers, but not for their employees, yet they wonder why they are losing valuable talent.

In this paper Team C has discussed the issue of poor employee retention concluding in a high employee turnover rate. This is an issue that can be common among some companies and that is a great example of

There are two types of turnover, voluntary turnover happens when the employee makes the decision to leave and involuntary turnover is when employees has no choice in their termination (Schmitz, 2012). Every month or sooner managers experience some of their exceedingly qualified employees leave the company. After realizing that their company is becoming less profitable is when they begin to wonder why and brainstorm on ways to retain them. In Information Technology, “the cost of recruiting new staff is high and the loss of continuity when staff leave can also be very expensive” (Bott, 2005, p. 111). In IT, human resources strive to maintain their highly skilled employees while employees’

Staff retention is the process of keeping staff in the business; businesses want to keep their employees working for them for as long as they can. During the employees working period, the employee would have accumulated experience and developed their skills whilst working for that business. Finding a new employee will be easy to find however they will not encounter the same knowledge and level of experience. ‘On average the cost of replacing an employee is £30,000, it also takes up 28 weeks on average for a new recruit to get up to speed.’ When employees decide to leave the company, the employer should preform an exit interview. During the exit interview, the employer may discover the reason/s why the employee wants to leave. It may be that he/she feels as if they are not being paid enough. Employers can try to resolve the issues, which may reduce the risk of other employees leaving the company. This improves performance as retaining staff means that you will have more employees working for. A great number of employees mean that you are more likely to make more profit at a faster rate, this will have a positive impact on the business’ financial performance. Retaining staff also means that they will continue to develop their skills and accumulate experience even further. Once a staff member has been there for a long time they may be promoted to a managerial role.

Even though employee retention starts with attracting potential employees, today’s society has placed a new and greater demand for skilled and educated employees as new hires for their companies. These employees, however, are starting to become harder and harder to find. So

International Business Strategy is one of the causes for the company’s low employee turnover The company’s devotion to employee satisfaction rate of 12%. The low turnover rate has impact on learning effects, training costs, and

The economic environment in nowadays dynamic, it is fairly important for organisations and managers to recognise the curtail of Human Resource Management. It is clear that Human Resource Management (HRM) has become one of the most recommend management strategy in the modern business (Leopold and Harris, 2009). Human Resource Management is a technique process of managing people in the workplace to enable and enhance organization performance (Leopold and Harris, 2009). This theory involved the responsible to attracting, selecting, training and managing people which make employees become more valuable to the organisations. It invests effect in learning and development at work. Also to communicate with all employees at each level to reward successful employee relations (Wilton, 2011). Human Resource Management plays a very important role in the operation strategy and management concerns in work organisations of all kinds (Leopold and Harris, 2009). In aim to justify this statement by evaluate the benefit and importance of Human Resource Management in contemporary work organisations. This essay will focus on analysis the advantages of use Human Resource Management in business also underline by explain more detail about the different HRM strategy brings benefits and give competitive advantages impact to the organisation success. Then summarise by a general conclusion on the importance of HRM in contemporary work organisations.

Human Resource Management (HRM) is the terminology used to illustrate formal systems devised for the management of people within an organization. It is the method of managing an organization or company that is directly related to the employees of that particular organization. The success of a business often rely heavily on the performance of managing human resource. Maximizing the desires and benefits of an organization and helping a business grow by rewarding employees to help motivate and push them in their performance is one of the main aim of HRM. By doing this, it will have a positive impact on both the company and it’s entire organization.

Workforce turnover is a complex and important issue amongst today's organisations. It is perhaps one of the most often cited cause of increased cost and decreased productivity. No wonder people management has become an important frontier to extract and create more value from company assets. On comprehending the articles, it has become evident that organisations have moved beyond the traditional approach of only investing in core business activities, to invest in employee retention strategies. Many organisations, for example St. George Bank

Employee retention has always been an important focus for human resource managers. Once a company has invested time and money to recruit and train a good employee, it is in their own best interest to retain that employee, to further develop and motivate him so that he continues to provide value to the organization. But, employers must also recognize and tend to what is in the best interest of their employees, if they intend to keep them. When a company overlooks the needs of its employees and focuses only on the needs of the organization, turnover often results. Excessive turnover in an organization is a prime indicator that something is not right in the employee environment. We will look at

The relationship between satisfaction with Human resources practices, organizational career and job commitment and turnover intention must be analyzed by an organization. As the chief executive officer of the company, the search for highly skilled and qualified employees is scarce therefore there is need to be able to sustain existing employees and getting an affective commitment from that work force. In achieving this objective the company addressed four (4) Human resource policy areas which are employee influence, human resource flow, reward system and work

Employee retention has always been an important focus for human resource managers. Once a company has invested time and money to recruit and train a good employee, it is in their own best interest to retain that employee, to further develop and motivate him so that he continues to provide value to the organization. But, employers must also recognize and tend to what is in the best interest of their employees, if they intend to keep them. When a company overlooks the needs of its employees and focuses only on the needs of the organization, turnover often results. Excessive turnover in an organization is a prime indicator that something is not right in the employee environment. We will look at

According to Decenzo and Robbins (1994), “Human Resource Management is a process of procuring, developing and maintaining the performance level of the employees to achieve the organizational goals in an efficient and effective manner”. The HRM practices of recruiting and selecting employees, training them for their job, evaluating their

• To identify the causes of attrition rate applicable to the subjects of the study