Voluntary Turnover

Voluntary Turnover

• 1.
  Voluntary Turnover SaraAlsamrae, Geet Shahi, Meng Yuan Devon Bigham, Nathan Croswell, Hari Menon
• 2.
  Outline  Whyis Voluntary Turnover important in the workplace?  How relevant is it in the workplace?  What are some retention strategies involved?  PWC, Target, Unknown  Literature review  Discussion and recommendations.
• 3.
  Voluntary Turnover Defined: An employee who chooses to leave an organization.  Voluntary Turnover is important because it can lead to both positive and negative effects on an organization.  Goal is to keep good employees and weed out the bad ones
• 4.
  Positives and Negatives  Positive:  New Blood into the company which generate new ideas.  Enthusiastic and positive attitude leading to a revival of the workplace.  Negative:  A void that needs to be filled, which has money and time time obligations.  Difficult for remaining staff, as they have to adapt to a new individual. Includes more patience for all staff.  Will take time for person to get to the desired level of productivity.
• 5.
  Turnover in Today’sWorkplace  PWC an accounting firm has a high amount of turnover of students graduating from their firm with a CPA designation  Target in Sunridge Mall has reduced hours for employees which has caused unsatisfied employees looking for alternative employment.  Unknown organization sees an average of around 15% turnover. This is believed to be from undesirable working hours and difficulty with other staff.
• 6.
  Retention Strategies PWC offers competitive wages and incentive programs which include year end bonuses and referral bonuses.  Staff are encouraged to build relationships with other employees through staff gatherings and parties, which helps retention.  Target has implemented flexible working hours, in which staff choose when they would like to work. Shift trading among staff.  Other retention strategies include in store discounts for employees as well as recognition for hard work and an open door policy.
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  Retention Strategies Company Unknown encourages staff with continual learning so staff can increase their skill and knowledge in their field  Encourage staff gatherings through potlucks and parties.
• 8.
  Literature Review Important to note, Voluntary Turnover is not always a bad thing. Sometimes employees are just not a good fit and it is in the best interest for both parties to part.  3 Biggest factors in job dissatisfaction:  Burnout  Lack of engagement  Lack of confidence in management
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  Burnout & Lackof Engagement  Correlated to stress and fatigue  Lack of resilience and lack of support from management.  Most people have been found to feel more engaged in their work if they opportunities for learning and skill development along with a chance to work in a team environment.  Promotes job autonomy, and encourages staff to work together.
• 10.
  Lack of Confidencein Management  The single largest factor in employee retention seems to stem from trust and confidence in management.  People are more likely to stay with a company if they respect and want to work for their boss.  Promoting ongoing training and learning is a huge factor in job satisfaction because to challenges employees to hone their skills.  Concern for employees’ well-being (work life balance).  Can lead to employees feeling supported by their employers.
• 11.
  Discussion  Everycompany should expect to have a certain level of voluntary turnover.  Actions of managers will significantly impact one’s desire to stay with an organization  Important step in the hiring process is, to make sure that you hire the best person possible so that your time and money are used most effectively.  Keep employees happy!  Learning opportunities  Team environments  Fair compensation for efforts, along with incentives
• 12.
  Recommendations  Provideemployees with a career path, by promoting employees from within.  Encourage hard work and accountability.  Provide regular feedback  Have approachable management staff with open door polices and encourage employee manager relations.  Have training available to managers as well, to foster continual learning and growth.  Organizations need to pay more attention to their employees’ needs.  Compensate fairly + Benefits
• 13.
  Conclusion  Managementtraining should be encouraged more in organizations to keep managers engaged, productive and empowered.  Staff are driven by a trusted and supportive management team, this not only increase retention but also the productivity of employees.
• 14.
  Questions?