Employee turnover analysis
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Members may download one copy of our sample forms and templates for your personal use within your organization. Neither members nor non-members may reproduce such samples in any other way e. Scope— Managing for employee retention involves strategic actions to keep employees motivated and focused so they elect to remain employed and fully productive for the benefit of the organization. A comprehensive employee retention program can play a vital role in both attracting and retaining key employees, as well as in reducing turnover and its related costs. All of these contribute to an organization's productivity and overall business performance.
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The employee turnover rate indicates the rate at which your business hires and fires employees. A low employee turnover rate suggests that you have a good work environment that allows you to retain your employees. A high employee turnover rate not only signifies possible problems in the office, but may also cost your business financially. This is because you have to spend more on advertising job vacancies, interviewing candidates and training new employees.
In our previous blog on turnover, part 1 , we showed a business case for employee turnover. In , three scientists combined all existing literature on employee turnover. This resulted in a meta-analysis of over Their findings are presented in an infographic. Some elements are self-explanatory, while others are more complex.