Retention Paper
Retention Management
Recruitment, Selection and Placement
ABSTRACT
This research paper covers the retention management process, as it pertains to business. The two types of turnovers, involuntary and voluntary, will be explained, along with the cost and consequences of each. Also covered are reasons why employees are discharged. Details of why companies downsize will be reviewed. Statistical information is noted throughout the paper. Finally, it will reflect on what happens when an employee leaves a company and the reasons why. Saint Leo’s core value of excellence should be incorporated into every business and organizations policies and procedures and be a fundamental component of the retention management process.
Has it ever crossed your mind, why your fellow co-worker, lost his or her job? You may ask, “were they fired?” This situation is classified as a turnover. There are different types of turnovers and they are conducted in different manners. The main three are voluntary, discharge, and downsizing. Each explains if an employee is leaving a job for good, if they have been fired or if they are asked to leave in order to benefit them for the better. Voluntary turnover is connected with involuntary turnover. Under voluntary it holds both avoidable and unavoidable turnover. Involuntary holds both discharge, and downsizing in it. The first type of turnover is called voluntary or involuntary. This is either divided into avoidable or unavoidable. Avoidable is usually “initiated by the employee” (Heneman, Judge, Mueller, 2012, p. 685). This symbolizes that the worker “could have been prevented by certain organization actions, such as a pay raise or a new job assignment” (Heneman, Judge, Mueller, 2012, p. 685). Unavoidable turnover refers to an employee quitting. This also is a circumstance that the “organization probably could not have prevented”. Examples of unavoidable turnover are “retirement or by
Recruitment, Selection and Placement
ABSTRACT
This research paper covers the retention management process, as it pertains to business. The two types of turnovers, involuntary and voluntary, will be explained, along with the cost and consequences of each. Also covered are reasons why employees are discharged. Details of why companies downsize will be reviewed. Statistical information is noted throughout the paper. Finally, it will reflect on what happens when an employee leaves a company and the reasons why. Saint Leo’s core value of excellence should be incorporated into every business and organizations policies and procedures and be a fundamental component of the retention management process.
Has it ever crossed your mind, why your fellow co-worker, lost his or her job? You may ask, “were they fired?” This situation is classified as a turnover. There are different types of turnovers and they are conducted in different manners. The main three are voluntary, discharge, and downsizing. Each explains if an employee is leaving a job for good, if they have been fired or if they are asked to leave in order to benefit them for the better. Voluntary turnover is connected with involuntary turnover. Under voluntary it holds both avoidable and unavoidable turnover. Involuntary holds both discharge, and downsizing in it. The first type of turnover is called voluntary or involuntary. This is either divided into avoidable or unavoidable. Avoidable is usually “initiated by the employee” (Heneman, Judge, Mueller, 2012, p. 685). This symbolizes that the worker “could have been prevented by certain organization actions, such as a pay raise or a new job assignment” (Heneman, Judge, Mueller, 2012, p. 685). Unavoidable turnover refers to an employee quitting. This also is a circumstance that the “organization probably could not have prevented”. Examples of unavoidable turnover are “retirement or by
References: Factoring Turnover in the EU. (2012, August). EU National Associations, IFG and FCI statistic"s. Federation for the Factoring and Commercial Finance. Retrieved from http://www.euf.eu.com/factoring-turnover/facts-and-figures/factoring-turnover-in-eu/menu-id-18.html Heneman III, H. G., Judge, T. A., & Kammeyer-Mueller, J.D. (2012). Staff organizations. (7th ed., p. 374). Middleton, WI: Mendota House. (685-70) Roth, H. (2008, February). Staff Turnover Facts. Life Works Solution, Retrieved from http://www.lifeworksolutions.com.au/news/staff-turnover-facts