Employee Turnover

Posted by Winnie Melda on October 22nd, 2018

             In the simulation, the current turnover is 9.8%. This is an adverse level that can prevent the company from reaching its goals.  Coming up with initiatives that can prevent employee turnover is an excellent idea. Since the annual goal at the company is to reduce employee turnover from a 9.8% to 8%, there are some initiatives that we will pursue at an individual cost. We will start by hiring the right people from the outset. This is the best way to reduce employee turnover. In this respect, the company will allocate a budget of 1000$ to conduct best recruiters to get us best employees. They will do for us the interviewing and vet candidates carefully and beyond the right skills to include company culture, management, and relationships. The second initiative to reduce employee turnover will be to set the right compensation and benefits. We will work with human resources to get current data on industry pay packages and get creative when necessary with benefits, flexible work schedules as well as bonus structures. In this respect, a budget of 10000$ will be set aside to cater for compensation and other benefits that boost employee retention. As a continuous process, we will always review compensation as well as benefits packages annually while paying close attention to marketplace trends and having HR update.

             The company will also initiate a conducive environment where employees’ personal needs will be offered more flexibility assistance. In this respect, the company will use 3000$ each year in providing to telecommute, compressed schedules as well as on-site or backup daycare. We will also bolster employees’ engagement since they need social interaction as well as a rewarding work environment.  The company will also ensure that the employees enjoy respect and recognition from the management, and a challenging environment with space to learn and move in the company ladder up.

Sherry Roberts is the author of this paper. A senior editor at Melda Research in non plagiarized research paper if you need a similar paper you can place your order for Nursing Papers for Sale.