EMPLOYEE TURN OVER
Employee turnover deals with the number of employees who leaves an organization and are recover by new employees. Evaluating employee turnover can be thoughtful for employers to examine the percentage of employee turnover and estimate the cost to hire.HR leaders understand that low employee turnover helps an organization maintain productivity. Hiring is a costly process that takes much time, requires training and demand more competitive benefits plan. If the company turnover rate is high, the manager should understand why and try to find the strategic solution.
There are two types of turnover
This turnover occurs when an employee’s leave firm in order to start his own businesses or get a better opportunity than the previous one. For example, Employee leaves firm when another company offering better wages.
This turnover causes due to poor job performance and sometimes unethical behavior in business practices. For example, the employee gets fired from the company for repeated violation of work policies.
Causes of employee turnover
The work environment is strongly connected with employee happiness. When employees love their work environment they will be more productive and happier. When they dislike culture they are unmotivated and depressed.
2-Career development and opportunities
Sometimes the new challenges and opportunities get started diminishing and this thing really employees do not enjoy. Because new opportunities make an employee more challenging and productive. According to research, 25% of workers understand that there are enough opportunities to develop at their organization. If an organization never provide opportunities for its employees to grow than they should not be surprised when they are leaving.
Lack of recognition is the biggest loss of employee productivity. When employees are not recognized for their best performance they may seem for a going. Managers should appreciate employees about their best performance this will motivate them and increase their morale level.
Work should be disturbed across the organization. If the manager is not known about overworked about employees, he should ask him directly to find out the solution. Having too much work on employee’s plates is not exactly motivating them. If the bulk of employees indicated that they are overworked, it may be time to hire new employees.
Employee retention strategies
1-Recognition and reward system
Every employee wants appreciation for what they do. Employers should appreciate their employees and tells them how their hard work is helpful for organization. Reward system and recognition is very important to retain employees and motivate them. When an employee works hard to achieve its goals rewards often follows.
2-Training and development
Both are broad ways to motivate and retain employees. Smart managers invest in their employees and seek opportunities for them to grow. This will provide the chance to employees for growth and to become more advanced. The organization should arrange training and developing programs that are helpful for employees to overcome their lacks that are in their skills.
3-Communication and feedback
When an employee’s direct reports to managers this brings them more closely with ideas, concerns and opinions about improvements. The employee should have direct communication with managers to keep open communication. Feedback should be provided without any favoritism to improve their performance or appreciate their best.