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Turnover Rate in Organizations

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What are some of the factors that make turnover costly? Why is it important for organizations to be aware of their turnover rate? What types of things can employers due to effect the turnover rate? How does turnover play a role in staffing systems?

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(1) 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. Many factors play a role in the employee turnover rate of any company, and these can stem from both the employer and the employees. Wages, company benefits, employee attendance, and job performance are all factors that play a significant role in employee turnover.

(2) Companies take a deep interest in their employee turnover rate because it is a costly part of doing business. When a company must replace a worker, the company ...

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This solution provides detailed explanations for various questions regarding turnover rate in organizations.

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Healthcare Organizations and inventory control

"Once you identify your physical inventory status, a popular idea used in business to help evaluate your inventory control process is the inventory turnover rate (or ratio) - a topic discussed earlier in McLean in the financial statement analysis chapter. In general business, the inventory turnover ratio is defined as sales divided by inventories, and companies can compare their calculated ratios with industry averages. The questions evaluate this issue in more detail as it pertains to Healthcare Organizations."

In your response please reference the attached chapter from McLean, Robert A. (2003). Financial Management in Health Care Organizations (2nd ed.). Albany, NY: Delmar Publishers.

In practical terms, how would you determine the inventory turnover rate for a HCO which focuses on patient care? How would you use this rate to help manage such a HCO's inventory levels? What are the key problems and issues involved in calculating and using the inventory turnover rate in HCOs?

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