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