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Turnover Rate Within The Work Place

2350 words - 10 pages

MEMORANDUM
TO: Edward J. Amador, Associate Director of Finance
FROM: Noah Shaw, Financial Analyst
CC: Joseph Soloman
DATE: November 12th, 2011
SUBJECT: Decreasing the Turnover Rate within the Workplace
Attached you will find my proposal for the type of employment policies that may be more effective and should be implemented in order to decrease the companies’ turnover rate. This proposal will address the length of service of an employee and why it may affect the decisions for a reduction within the workplace in a non-union organization. Discussed is why management should consider in gender, race, age, and other “protected class” designations when making reductions within the ...view middle of the document...

These may include poor job feedback, job dissatisfaction, unmet job expectations, performance problems, situational constraints, socialization difficulties, greater degrees of job stress, and a lack of career advancement opportunities (workforce one, 2011).

Decreasing the Turnover Rate within the Workplace

Prepared for
Edward J. Amador
Diversified Investment Advisors
Prepared by
Noah Shaw
November 12th, 2011

Contents
EXECUTIVE SUMMARY___________________________________________ 1
INTRODUCTION________________________________________________

2
GETTING STARTED_____________________________________________ 3
POTENTIAL PROBLEMS AND SOLUTUIONS___________________________ 4
CONCLUSIONS AND RECOMMENDATIONS___________________________ 5
REFERENCES__________________________________________________

6

Executive Summary
This proposal discusses the overall reasons why employee turnover is so high, the problem and solutions surrounding this issue, and recommendations regarding retention strategies. There is a huge need to currently decrease the companies’ turnovers rate. The reduction in the workforce is a part of cost saving restructuring. For a company to develop a retention strategy, several steps must be taken. First, they must assess the current situation and measure the turnover rate in their company. Turnover is calculated simply by dividing the number of annual terminations by the average number of employees in the work force. The average employee turnover rate is 14.4 percent annually, according to the Bureau of National Affairs (workforce one, 2011).
Employees should be selected to be laid off due to job performance and skills that are non-critical. Many challenges to workforce reductions are premised upon Title VII of the Civil Rights Act of 1964 (“Title VII”). Title VII prohibits discrimination based upon an employee’s race, color, religion, sex, or national origin, and prohibits discrimination in hiring, job retention, compensation, and other terms, conditions or privileges of employment. Employees affected by reduction of employment may attempt to challenge their lay-off by bringing claims against their employers.
High employee turnover hurts a company’s bottom line. Experts estimate it costs upwards of twice an employee’s salary to find and train a replacement. And churn can damage morale among remaining employees. That is why it is so important that we hire the right people from the start. Most experts agree, it is the single best way to reduce employee turnover. Interview candidates carefully, not just to ensure they have the right skills but also that they fit well with the company culture, managers and co-workers.

Decreasing the Turnover Rate within the Workplace
Introduction
The costs of employee turnover can be staggering, ranging anywhere from 1/2 to 5 times an employee's annual wages...

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