engl 216 week 7

Topics: Costs, Employment, Opportunity cost Pages: 9 (2731 words) Published: October 11, 2013

Overturn Rates

Prepared for:
Management of M-Global Inc.

http://www.corporatewellnessmagazine.com/upload/articles/5907FAF9E24B40C8BB7948B8AF1530D3-main.jpg

Prepared by:
Anthony Smith, Human Resources
M-Global Inc.

August 10, 2013

142 Bertha Ln
Chicago, IL 49300
(555)-433-4444

Turnover Rate Project #13-434
August 10, 2013

Turnover Rate Reduction Program
Home Office
4319 Hope St
Miami, FL 49999

Attention: Mr. Joe Blow, Director

Overturn Rates

After compiling all the information, from researching the topic of high turnover rates in a company to find what can be done to correct it in an effective manner. I have found that many areas of a company are affected and to what level of negative impact can be felt.

We all know that a high turnover rate is always frowned upon. Speaking with other companies that have dealt with this problem has shed a new light on the subject with the reality of the impact. The steps needed to control the problem will vary to each company’s needs.

Thank you for the opportunity to bring this topic to your attention.

Sincerely

Anthony Smith, Human Resources

CONTENTS
PAGE
LIST OF ILLUSTRATIONS1
EXECUTIVE SUMMARY3
INTRODUCTION4
COMPANY STRAGATIES4
A GOOD FIT?5
ACCTUAL COST6
STEPS IN THE RIGHT DIRECTION8
CONCLUSTION AND RECOMMENDATIONS9

ILLUSTRATIONS
PAGE
RISK7
HIDDEN COST8

EXECUTIVE SUMMARY

The topic of turnover rates is like the pink elephant in the room. Everyone knows it is there but nobody really wants to talk about it. From all the data that has been researched on the problem I can see why it is not an easy topic to discuss.

High turnover rates have many different trigger points and will vary in severity from company to company. The basic causes for high turnover rates include morale company atmosphere and job satisfaction. Unfortunately there is not a “cookie cutter” solution to the problem and will require time and resources to find the best fit for our company.

Even though there are costs involved on reducing the turnover rate and increasing retention, it is a necessary evil to ensure a sustainable company. There must be time spent speaking with our employees to see where they are satisfied and dissatisfied with their current position. Although every need or want cannot be met, there should be a middle ground decided upon. After all when you consider all the cost involved with a person leaving our company, you will find it will be less costly to try and keep them.

INTRODUCTION
The problem of high turnover rates affects the entire company from the entry position to the top levels of management. This study will reveal that there can be many solutions to the problem.

STUDY DESCRIPTION
By compiling results from surveying our employees to get their idea of what the average morale is within the company. Also by studying other companies either on their success or by their failure while trying to lower their turnover rate will give us an indication of where our company stands. With all of this information suggestions can be made that will best fit our company.

COMPANY STRATEGIES
It would be an assumption that it is not a good idea to focus on the negatives or the past, but there is a great value in doing so. Looking at our own or other strategies that have failed will teach us a great deal of what not to do.

Many companies have adopted the ideal that “everybody is replaceable” or that “we could get by without so and so”. With this mentality it can be assumed that the company misunderstands how damaging a high turnover rate can be. Although it is true that everyone can be replaced, but when this happens the company loses much more than just an employee. A loss is felt throughout the entire company to some extent. The loss is also in company knowledge...

References: Joseph Fung (2013). Employee Turnover Reduction Strategies. Work Place Tribes.
Willis Mushrush (2002). Reducing Employee Turnover. MissouriBuisness.net
F. John Reh. The Cost Of High Employee Turnover. About.com Guide
Jonathan (DeVore). The #1 Risk Factor Organizations Ignore When it Comes to Employee Turnover. http://www.screensteps.com/blog/2013/02/the-1-risk-factor-organizations-ignore-when-it-comes-to-employee-turnover/
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