As the new HR Manager, you have put together some preliminary reports for the CEO. One of the reports you compiled focuses on employee turnover. The company you work for is an organization with aggressive expansion goals. In the last 2 years, it has continually hired new employees, yet it has not achieved the staffing levels it desired. The company knew that some employees had left the organization, but turnover rates had not been formally tracked.
After your preliminary fact-finding, you were surprised to discover that the turnover rate for the past year was 38%. You know the CEO will not be pleased with this turnover rate, and you have made the decision to prepare yourself more before presenting the report to the CEO. Because turnover presents a significant cost for an organization, you recognize that this will be an opportunity for you to demonstrate how you can partner with the executive team to turn this situation around and help the company be more competitive. Prepare a short presentation for the CEO on the situation and possible reasons why employees are leaving at such a high rate.
As you are preparing your presentation, consider the following:
* In detail, discuss some of the general reasons why employees tend to leave organizations.
* You plan to present the financial impact to the CEO. This will help the CEO to get a real sense of the significance of the situation. What factors will you consider in preparing this financial estimate? For this assignment, you are not required to determine the actual dollar figure, but instead, you are to consider what would contribute to the cost of turnover.
* Being proactive, what measures can be taken to assess the morale of current employees and how likely they are to leave or stay?
o Describe at least 3 methods you could use to measure employee morale.
o What are the advantages and disadvantages of each method?
This answer provides you an excellent discussion on Performance Management