HR 8 Retention & Turnover Flashcards
Is this a direct or indirect turnover cost?
Recruitment costs
Is this a direct or indirect turnover cost?
Lost knowledge
Is this a direct or indirect turnover cost?
Advertising costs for new position
Is this a direct or indirect turnover cost?
Loss of productivity while new employee is brought up to speed
Is this a direct or indirect turnover cost?
Orientation and training of new employees
Is this a direct or indirect turnover cost?
Cost associated with lack of motivation prior to leaving
Is this a direct or indirect turnover cost?
Severance costs
Is this a direct or indirect turnover cost?
Cost associated with loss of trade secrets
Is this a direct or indirect turnover cost?
Testing costs
Is this a direct or indirect turnover cost?
Time to interview new replacements
Is this a direct or indirect turnover cost?
Time to interview new replacements
Is this a direct or indirect turnover cost?
Time to recruit and train new hires
Reasons for a voluntary turnover: A poor match between the job and the skills of the employee
Related to the recruitment process, causing frustration for the employee and manager
Reasons for a voluntary turnover: Lack of growth
Feeling ‘‘stuck’’ in their job, no upward mobility in the organization
Reasons for a voluntary turnover: Internal pay equity
Dissatisfied not with their own salary, but when comparing it with others
Reasons for a voluntary turnover: Management
Overmanaging (micromanaging) people, managers not being fair or playing favourites, lack of or poor communication by managers, and unrealistic expectations of managers
Reasons for a voluntary turnover: Workload
Workloads are too heavy, resulting in employees being spread thin and lacking satisfaction from their jobs, lack of work life balance as a result
HPWS
High-performance work system: is the name given to a set of systematic HR practices that create an environment where the employee has a greater involvement and responsibility for the success of the organization
3 Stages of withdraw: 1
Behavior change
- increased grievances
- whistle blowing
- change of conditions such as applying for other jobs
3 stages of withdraw: 2
Physical withdrawal:
- Leave the job
- Internal transfer
- abseinteeism (call in sick)
- tardiness
3 Stages of withdraw: 3
Psychological withdrawal
- service will be less
- disengagement in job or with teammembers
- less organizational commitment
- become less productive
Some of the considerations surrounding pay as a way to retain employees include the following:
Instituting a standard process - No set pay plans
–> unfairness when onboarding
A pay communication strategy - Transperancy
Paid time off - PTO system that is based on the amount of hours an employee works
Why would you want to know the turnover rates and cost?
Look at competition > indicator to see if there is a problem > see what turnover rate is in the market
