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Quelling Voluntary Turnover. Quelling Voluntary Employee Turnover Samuel Berger,
Martin Ellis, Samantha Harris, Ivan Ravinsen Statistics ...
Submitted by samsbigclub on June 16, 2007
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Quelling Voluntary Employee Turnover
Samuel Berger, Martin Ellis, Samantha Harris, Ivan Ravinsen
Statistics and Research Methods for Managerial Decisions
QNT 544
Burt Hollis
November 27, 2005
Quelling Voluntary Employee Turnover
A popular business mantra quotes the quintessential CEO as stating, "My most important assets walk out the door every night, and my most important job is to be sure they all walk back in tomorrow morning."
This elucidative narrative illustrates the importance of retaining quality employees to running a successful business. Thousands of dollars and an equally hefty number of man-hours are devoted to training employees to the standard at which they can contribute positively to the organization. The knowledge these employees receive either formallythrough training programsor informallythrough years of experienceare of an immeasurable value. According to Bartel & Worstel (2000), companies are at risk of losing critical information by allowing individual employees to carry their knowledge and expertise out the door when they leave a company due to layoffs or other attrition. A recent Ernst & Young survey (2003) calculated that the cost of replacing a high-level employee may be as much as 150% of that departing employee's salary.
Management should never set zero percent as their voluntary- turnover goal. Quite the contrary, some degree of employee turnover is normal and beneficial in any workplace. Too little turnover of employees is tied to stagnancy in organizations; effective organizations usually both promote and benefit from a limited degree of turnover by eliminating low-caliber performers and bringing in "new blood" to facilitate innovation. The knowledge bank that new employees bring with them from previous assignments is invaluable to enhancing and broadening the organization's resources, but a "revolving door" is costly.
Employee turnover...
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