remain with an organization if they believe that their managers show interest and concern for them.
Browell (2003) states, 'organizations need to compare the costs of staff going with the cost of them staying and determine whether it will have an adverse effect on the rest of the organization if they leave'. Henley Management College (2000, p. 21), recent IDS study showed the average turnover rate with considerable variation between industries and sectors are high, however the financial costs of this turnover can be up to 150% of salary for key staff. Add in the non-financial costs, including loss of key skill morale and the overall price of a departure to an organisation can be considerable. Because of these cost companies should carry out external benchmarking, and gather information on internal factors affecting turnover, such as monitoring wastage rates, and carrying out exit interviews and attitude surveys. The following measures may help to improve staff retention: -
pay competitive rates and consider other types of compensation such as retention bonuses and share-options schemes; put together an attractive employee benefits package; recruit the right people in the first place; pay more attention to induction processes, especially in the critical first few weeks; provide career paths, more interesting work and support for personal development; offer more flexible work options and implement family - friendly policies as work-life balance issues come to the fore; provide good line management; evaluate the effectiveness of the measure taken.
Not all employee turnover, though, is a bad thing. An acceptable level, dependant on the organization and the labour market, allows the entry of 'new blood' and ideas, and creates new opportunities for careers, staff development, and restructuring.
Maund (2002), there are three (3) particular areas that an organization must monitor in order for them to maintain motivated and loyal staff, they are: -
The Terms and Conditions of employment must be such that employees feel valued by the organization, these terms and conditions of employment includes both the remunerations and conditions at work which are most essential in retaining staff organizations who fail to adhere to these terms and conditions may by ell on the way to a high level of labour turnover.
Career Progression is one of the highest motivational factors for many employees, when an employee performs well they will expect to be promoted in their jobs as a reward. In order for employees to perform well at work
Continuous Development is necessary, through planned training and development employees will be better equipped to perform task and enabling them to demonstrate continued learning and skills development.
2.6 Labour turnover
In order for organizations to attempt to reduce or control the level of Labour Turnover within the organizations an understanding why employees leave the organizations must be studied, this can be done according to the Association of Business Executives (ABE) (2001) through exit interviews or attitude survey within the organization. Exit interviews can be conducted on employees who desire to leave the organization and attitude surveys can be used to measure the level of how employees feel about there job, other employees, working conditions and the organization.
Labour Tur
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