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Edith Cowan University Research Online Theses: Honours Theses 2012 An Exploratory Investigation into Voluntary Employee Turnover and Retention Practices in the Small Business Sector.
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With this, there are more chances for an employee to be satisfied with the job given, and reduce employee turnover. 4.2 Employee Retention. Most companies try to reduce costs by eliminating search, advertising and referral fees. They spend countless hours calculating cost per hire. With the current competitive marketplace, companies often utilize every source available to locate and hire top.
Employee turnover is a ratio comparison of the number of employees a company must replace in a given time period to the average number of total employees.A huge concern to most companies, employee turnover is a costly expense especially in lower paying job roles, for which the employee turnover rate is highest (Beam, 2010).Most associates’ average employment time with them is 7 years.
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High Employee Turnover Rate and Retention Strategies Currently, high employee turnover rate is a major problem which organizations face.This leads to major failures in the organizational structure of any company.It is extremely difficult for managers to select good employees but it is even more difficult to retain such a workforce.