The goal of this study is to understand employee turnover and its cost, employee retention and what are some Canadian company’s retention strategies to reduce high employee turnover rates.
Employee Turnover Employee turnover is a ratio comparison of the number of employees a company must replace in a given time period to the average number of total employees. A huge concern to most companies, employee turnover is a costly expense especially in lower paying job roles, for which the employee turnover …show more content…
* Employee Recognition. Recognizing employees is a good strategy in retention. Employees that are recognized with the hard work they did will more likely to stay with the company because of their job satisfaction and recognition. * Compensation. Offering above average compensation is the greatest way to retain employees. Satisfied employees with how much they make will make them stay longer in the company.
Company must be honest at the hiring process of what the benefits are and also thoroughly describe what the salary and the position is. They must explain what they expect from an employee and what the employee expects from them to avoid employee leaving. This will eliminate the feeling that their company or the position is not a good fit.
Based on the information we gathered, we have concluded that company have avoided issues on employee turnover and retained their employees as long as possible by developing effective strategies that satisfy the needs of their employees. Hiring the right people will increase retention and conducting a regular employee satisfaction survey in an organization will help reduce employee turnover rates.
Beam, J. (2010, October 12). wiseGEEK. Retrieved November 18, 2010, from http://www.wisegeek.com/what-is-employee-turnover.htm
Compare Infobase Limited. (2007). Employee Retention. Retrieved December 01, 2010, from Employee Retention: