Wk-2

In: Business and Management

Submitted By steveturly
Words 708
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Study of Factors in Skilled Employee Turnover
QNT/561
Study of Factors in Skilled Employee Turnover
Employee turnover and retention of skilled workers is a vital aspect of business operations and a problem that many organizations face. High turnover rates can have a major impact on businesses in terms of cost, time, and profitability. It is for this reason retaining employees who offer companies the most potential to succeed is imperative, and turnover rates should be kept at a minimum. Costs of employee turnover can depend on multiple variables including, but not limited to, job satisfaction, pay, benefits, staffing, and job vacancy. These variables can be broken down into two groups, independent variables and dependent variables.
Independent Variables
Job satisfaction – describes how content an individual is with his/her current job. Factors that can increase job satisfaction among individuals include pay, benefits, perceived fairness, flexibility, working environment, and opportunities for advancement within an organization.
Job vacancy – available vacant positions can influence individuals to leave their current place of business and seek employment opportunities elsewhere to achieve desired needs including more.
Dependent Variables
Pay – wages employees earn in comparison to each other and competitors.
Benefits – these include items that can be offered to employees to increase job satisfaction including, work hours, health plans (medical/dental), insurance, etc.
Training – cost of training new employees or retraining current employees due to turnover rates.
Staffing - employing the right amount of individuals who are the best fit for the organization to ensure a safe workplace and scheduling flexibility.
It is important that organizations ensure that the best workers remain within their company to help increase productivity levels and ensure…...

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