Introduction:
Employee retention and turnover is an important subject for human resource managers to address. The money, time and effort put into the recruiting and training process can easily be wasted if the organization is dealing with excessive turnover.
Through extensive research, this paper will focus on:
• Developing a retention program. What factors must be taken into consideration to develop an effective program?
• Utilizing effective exit interview strategies. Determining the reasons why the employee left may help to identify problems within the organization that need correcting/tweaking.
• Common reasons for turnover. What are the most common reasons for employee turnover and how can this knowledge be used to an organization's advantage?
• Costs and benefits of turnover. What factors go into determining the turnover cost to the organization? (Voluntary vs. non-voluntary turnover will be discussed as well).
Conclusion:
Reducing the rate of turnover is an important factor for almost every organization. By identifying the reasons behind employee turnover and developing a successful retention program are the most effective ways to reduce turnover, and also has other residual benefits that contribute to making the company more successful.