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Cost of Turnover

Buy custom Cost of Turnover essay

Buy custom Cost of Turnover essay

Organizations experience employee turnover in two main ways: voluntary and involuntary. In involuntary turnover, employees are terminated from work due to poor performance, while voluntary turnover is mainly caused by resignations. Statistically, voluntary turnover of employees affects structures of most organizations as twenty four percent of workers are forced to leave their respective work in search of other openings anually. Turnover costs are attributed to staffing, vacancy, as well as training costs for new employees. In terms of productivity, an organization loses grip on such issues as low employee morale, overburdening of employees, as well as inexperienced employees training newcomers; all of these are considered the main causes of accidents in manufacturing industries. It is fair to assume that employee turnover costs companies billions of dollars annually since it is difficult to estimate both direct and indirect costs involved (O'Connell & Mei-Chuan, 2007).

In order to calculate new hire turnover rate, a variable of a number of employee terminations within the first year of recruitment is divided by the number of new hires, and the resultant figure is multiplied by 100. In this way, it is easier to determine the exact fitness of a leaving employee (O'Connell & Mei-Chuan, 2007).

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However, it is crucial for companies to devise ways through which they can minimize employee turnover. Better selection of workers is considered effective in reducing these forms of turnover. Through this criterion, employers are advised to select suitable employees in filling various companies’ positions. They are also advised to utilize such tools as risk factoring and motivational fits. In risk factoring, employees are requested to fill application forms upon which their responses are analyzed and evaluated.  Research indicates that those employees who are referred to the company by its existing employees tend to stay with the company for substantial period of time (O'Connell & Mei-Chuan, 2007).

Also, a company can choose to ease workloads of different employees by customizing work. In this way, employees are able to attend other activities, like family care. They are also perceived to be less stressed and more likely to stay with the company due to feelings of loyalty (O'Connell & Mei-Chuan, 2007).

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