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When staff leaves a company for a better job, it is due to monetary reasons. HR may recruit, train and pay staff, yet it is also the responsibility of various departments of a company such as sales and marketing, to do their bit to reduce attrition. This
During the past decade, employee turnover has become a very serious problem for organizations. Managing retention and keeping the turnover rate below target and industry norms is one of the most challenging issues facing business. All indications point toward the issue compounding in the future and, even as economic times change, turnover will continue to be an important issue for most job groups. Yet despite these facts employee turnover continues to be the most unappreciated and undervalued issue facing business leaders. There are a variety of reasons for this, for example, the true cost of employee turnover is often underestimated. The causes of turnover are not adequately identified, and solutions are often not matched with the causes, so they fail. Preventive measures are either not in place or do not target the issues properly, and therefore have little or no effect, and a method for measuring progress and identifying a monetary value (ROI) on retention does not exist in most organizations. 'Managing Employee Retention' is a practical guide for managers to retain their talented employees. It shows how to manage and monitor turnover and how to develop the ROI of keeping your talent using innovative retention programs. The book presents a logical process of managing retention, from identifying turnover costs and causes, designing solutions that match the causes of turnover, developing tools for tracking turnover and placing alerts when action is needed, and measuring the ROI of retention programs.
The objective of this study was to evaluate if a relationship exists between factors for push (attrition) and pull (retention) and employee life stage. With job attrition rates increasing almost 10% in the last 10 years and employers paying $2.4 trillion in 2021 because of employee turnover, the need to understand what drives retention and attrition remains very real. A survey, containing a demographics section and items rated on a Thurstone-like scale, was administered to full-time employees in the United States. Four hundred and eighty participants responded to the survey, but after removing responses that were incomplete or were completed by participants who did not meet the requirements, the sample size was 386. Kruskal-Wallis tests were conducted to determine if a relationship between push factors and life stage existed. Push factors that showed statistically significant relationships were overall company, future opportunity, autonomy, work-life balance, and working from home. Pull factors that showed statistically significant relationships were autonomy, work–life balance, and working from home.
During the past decade, employee turnover has become a very serious problem for organizations. Managing retention and keeping the turnover rate below target and industry norms is one of the most challenging issues facing business. All indications point toward the issue compounding in the future and, even as economic times change, turnover will continue to be an important issue for most job groups. Yet despite these facts employee turnover continues to be the most unappreciated and undervalued issue facing business leaders. There are a variety of reasons for this, for example, the true cost of employee turnover is often underestimated. The causes of turnover are not adequately identified, and solutions are often not matched with the causes, so they fail. Preventive measures are either not in place or do not target the issues properly, and therefore have little or no effect, and a method for measuring progress and identifying a monetary value (ROI) on retention does not exist in most organizations. 'Managing Employee Retention' is a practical guide for managers to retain their talented employees. It shows how to manage and monitor turnover and how to develop the ROI of keeping your talent using innovative retention programs. The book presents a logical process of managing retention, from identifying turnover costs and causes, designing solutions that match the causes of turnover, developing tools for tracking turnover and placing alerts when action is needed, and measuring the ROI of retention programs.
Through extensive research Global Talent Retention: Understanding Employee Turnover Around the World addresses the need for turnover theory and research to give more careful consideration to global and cross-cultural perspectives on employee retention, and includes contributions from a global range of scholars.
Staff turnover is a key issue for HR executives. It costs your organisation money and time. Stephen Taylor looks at the causes of staff turnover and the most effective ways of measuring, costing, predicting and preventing it. With six detailed case studies covering retailers, graduates, engineers, professional services, call centres and the police, this book offers you effective approaches to solve your retention issues.
Human resources are the only source of long-term competitive advantage for any business organization. Thus, human resources are rightly known as the real assets of an organization. However, retaining employees is proving to be a Herculean task for most or
This exploration of what employee turnover is, why it happens, and what it means for companies and employees draws together contemporary and classic theories and research to present a well-rounded perspective on employee retention and turnover. The book uses models such as job embeddedness theory, proximal withdrawal states, and context-emergent turnover theory, as well as highlights cultural differences affecting global differences in turnover. Employee Retention and Turnover contextualises the issue of turnover, its causes and its consequences, before discussing underrepresented antecedents of turnover, key aspects of retention and methods for regulating turnover, and future research directions. Ideal for both academics and advanced students of industrial/organizational psychology, Employee Retention and Turnover is essential for understanding the past, present, and future of turnover and related research.
For any organisation to succeed in its service delivery, it must prioritise its employee considering employees are the backbone of any successful organisation. In 2021 the World Economic Forum stated that about 40% of employees are thinking of quitting their jobs. This study was carried out in other to unravel the factors aiding employee attrition, especially in non-profit Organisations. The role non-profit organisations play in our society cannot be overemphasised. Most profit-oriented organisations use monetary means to manage their attrition rate even if it is for a short time, but non-profit organisations do not have this luxury and as a result, it is essential to get to the root of the problem and devise various strategies to reduce employee attrition thus enhancing employee retention. In other to achieve this, a comparative study was carried out using case studies from Asia (UAE) and Europe (UK). We talk about the effect of employee turnover all the time but not employee attrition.