Assignment:
Respond to colleagues' postings in one or more of the following ways:
• Ask a probing question.
• Share an insight from having read your colleague's posting.
• Offer and support an opinion.
• Make a suggestion.
• Expand on your colleague's posting.
Colleague 1 Meaghan
Employee turnover refers to the amount of employees that leave a company or organization and have to be replaced by new employees. The cost of high employee turnover can add up quickly if it is not monitored. Figure 5-8 provides an example of how the cost of turnover can affect productivity by calculating employee cost, turnover rate, employee productivity, and turnover cost.
The cost of employee turnover is high for a variety of reasons. For example, a company will need to spend money on overtime or temporary workers to fill in the vacant position until it can be filled. Hiring a new employee also costs the organization money, as well as the time and money that must go into training that new employee. Finally, a high turnover rate has the potential to lower employee dedication and morale.
There are many things that organizations can do to prevent excessive turnover. In general, treating employees well should keep them around. However, there are several specific steps that a company can take, such as recognizing and rewarding employee efforts, and ensuring that employee compensation is competitive and fair. In addition, employers can support and encourage employee education and training.
Mathis, R. L., Jackson, J. H., Valentine, S. R., &Meglich, P. A. (2017). Human Resource Management (15th ed.). Stamford, CT: Cengage Learning.
Colleague 2 Yolanda
Turnover is the process in which employees leave an organization and have to be replaced. (Mathis, Jackson, and Valentine 2017)
Turnover is always a major concern for employers. Majority of the time an employee can be motivated by higher pay. Regardless of how much a person loves working for a particular business if they are presented with a better offer they are more than likely to consider leaving to take that offer. Some other reasons besides pay could be other perks that may come with the position such as flexible schedules, being able to work remotely, benefits offered and so on. Employees can also contribute to turnover when the employee is no longer being engaged at work. The work may not be challenging to them anymore and they want to seek a job where they can be more engaged.
A suggestion for reducing turnover with employees who do not believe they are well compensated could be to provide them with an annual statement of the entire total compensation amount along with their annual review. This would include the total employer contributions for benefits and retirement accounts. Their PTO (paid time off), any stock options, uniform allowance, and educational assistance if provided. This way they will be able to visualize the total amount they are actually worth with the company and not just the monetary portion that they may take home each week, bi-weekly, or monthly. If they're not engaged you can try to keep the employee excited about the job they are responsible for. Make sure that all staff members can learn from the mistakes of others as well as have the managers work closely with the employees to ensure they are really learning and have a full knowledge of what they need to succeed in the position. Sometimes, a person is just not the right fit for the job, but you want to make sure that is the case before you lose a good employee. When employees can get along at work and their work environment is positive, it truly affects the overall benefit of the business. If you can have fun doing your job, more work would get done because it would come naturally to the employee.
Reference:
Mathis, R. L., Jackson, J. H., Valentine, S. R., &Meglich, P. A. (2017). Human resource management (15th ed.). Stamford, CT: Cengage Learning