Understand and Controlling Employee Turnover

Understanding and Controlling Employee Turnover

Every business in today’s economy faces many factors in terms of growth and loss within the company. Organizations put a strong emphasis on their ability to Identify and reduce employee turnover. A high employee turnover rate is the rate at which employees leave a business; this in turn can have a very strong effect at every level within the company. Smaller businesses, for instance, are greatly impacted when employee turnover is high due to their limited resources and the investment they make in the group of employees they have. When employees are happy with their jobs, they are likely to stay within that organization that they work for; on the opposite side of the spectrum there are companies who typically have a high turnover rate; that is an indicator of a problem within that business. Many of the key factors that can be attributed to employee turnover are lack of advancement and growth within the company, unequal or substandard wage structures, lack of appreciation, recruitment issues, motivation on the job, and managing employee complaints/ unhappiness with the job. Factors to help reduce employee turnover are leadership, organizational culture, staff retention, employee development programs/incentives, and the ability to maintain loyalty and respect in a positive atmosphere.

In a recent survey, employees were asked whether or not the company they worked for, provided excellent opportunities for advancement and growth. Only 57 percent of those employees surveyed agreed with the poll. Opportunities for growth and development, promotions, increased pay, and promotion prospects are what many employees look for within the company. Some companies are not productive in their efforts to address programs in this area. Training and skill development alone are not sufficient enough to increase available opportunities for growth and development. Employees with a strong work ethic and desire to perform will...