Employee Turnover-a Study of its Causes and Effects to Different Industries in Bangladesh Štúdia fluktuácie zamestnancov, jej dôvody a dôsledky v rôznych odvetviach v Bangladéši AHM Shamsuzzoha, Md. Rezaul Hasan Shumon Abstract Productivity is very important issue for an industry or organization. There are several factors on which productivity of an organization mostly depends upon. Employee’s turnover is one of them which is considered to be one of the challenging issues in business nowadays. The impact of turnover has received considerable attention by senior management, human resources professionals and industrial psychologists. It has proven to be one of the most costly and seemingly intractable human resource challenges confronting by several organizations globally. The purpose of this research is therefore, to find out the actual reasons behind turnover and its damaging affects on the productivity of different industries in Bangladesh. The authors of this paper were visited and studied several local industries both from government and non-government sectors in Bangladesh and observed the suffering for turnover problems. The objective of these case studies were to find out the actual reasons of turnover, its negative effects and possible recommendations that could be helpful to the local industries for their productivity and market share. Keywords: Turnover, Job satisfaction, Industrial regula- tion, Productivity. Abstrakt Produktivita je veľmi dôležitý prvok pre odvetvie alebo organizáciu. Je niekoľko faktorov, na ktorých závisí pro- duktivita spoločnosti Fluktuácia zamestnancov je jednou z tých, ktoré sa považujú za výzvu v dnešnom podnikaní. Dô- sledok fluktuácie si vynucuje značnú pozornosť staršieho manažmentu, ľudských zdrojov a podnikových psycholó- gov. Fluktuácia sa stala jednou z najnákladnejších a zdan- livo neovládateľnou výzvou pre ľudské zdroje, ktoré sú ňou konfrontované v mnohých globálnych spoločnostiach. Cie- ľom tohto výskumu je preto nájsť súčasný dôvod fluktuácie a jej zničujúce pôsobenie na produktivitu niekoľkých odve- tví v Bangladéši. Autori príspevku navštívili a študovali nie- koľko miestnych spoločností v komerčnom aj privátnom sektore, kde sledovali problémy fluktuácie. Cieľom tejto prípadovej štúdie bolo nájsť súčasné dôvody fluktuácie, ich negatívne dôsledky a možné odporúčania, ktoré by boli ná- pomocné lokálnym spoločnostiam pre zdieľanie ich produk- tivity a trhu. Kľúčové slová: fluktuácia, pracovné uspokojenie, prie- myselná regulácia, produktivita. 1 Introduction Today’s competitive business world, it is considered to be an important task to manage employee turnover for any organization. Naturally people want diversities in his/her everyday life; seeks for new and challenging jobs and good working environment in job place. To provide these things to the employees in an economic way is very difficult and cumbersome. But it is also crucial for any organization to retain its talented employees. Every organization wished to have high productivity, fewer turnovers and to be profitable. Managing turnover successfully is a must to achieve the above goals. In Bangladesh, it is very important to manage turnover for both government and non-government sectors. In government sectors, although some fringe benefits are given to the employees regularly do not satisfy them sufficiently. In private sectors, though salary and benefits are high but security of job is less. Due to these reasons turnover rate in private sectors are higher than public sectors. Turnover rate also varies from manufacturing to service sectors. Very few researches have been conducted related to turnover in Bangladesh so far. The owners of the business organizations do not concentrate on this important issue because of less awareness. They have little idea about how detrimental the effect of turnover is into the productivity of their organizations. In recent years, researchers are conducting…
Employee retention and turnover are major organizational management concerns. Finding the balance between the two is critical and there are consequences and rewards to both. People have to feel they are valued and contributing or they will go elsewhere. If their strengths aren’t aligned with their position, adjustments have to be made. Overall job satisfaction plays a key role while employees assess work/life values, the culture of the business, its practices, procedures, and policies…
to do manual labour for weekly wage
Full Time Work- Working over 35 hours per week
Entitlements such as annual leave, sick leave, parental leave
Part Time Work- Working under 35 hours per week
Flexible working hours fitting with a person’s lifestyle
May not produce sufficient income
Casual Work- Working on a irregular basis
Unskilled or easy work
No employment entitlements
Less job security
A ratio showing how many times a company's inventory is sold and replaced over a period. The days in the period can then be divided by the inventory turnover formula to calculate the days it takes to sell the inventory on hand or "inventory turnover days."
Although the first calculation is more frequently used, COGS (cost of goods sold) may be substituted because sales are recorded at market value, while inventories are usually recorded at cost. Also, average inventory may be used instead of the…
Telecommuting can save a lot of money for employees and companies. From employees’ point of view, they can save the transportation fees and save their time by not travelling to office and rush back to home. From companies’ point of view, they can save the cost of buying a big office building for huge amount of workers. According to the article in New York Times on February 26, 2013, at Aetna, 47 percent of workers telecommute, and the company has save $78 million in real estate costs. Companies can use…
Turnover and Termination Procedures
Every employee's career comes to an end at one point or another. Relocation, other opportunities arising, death, downturn of the economy and many other factors are some situations that can happen to make an employee have to cease employment with a company. The following paper contains an overview of different types of terminations as well as some procedures to follow when handling this event.
Although employee turnover is a common part…
someone will be doing can prevent errors in the hiring process. With a demonstration of its performance, an opportunity for the employee to imitate the demonstration and subsequentfeedback given. Therefore, seeing Carl’s strengths and weaknesses ahead of time, catching and correcting them if ever a hiccup shall occur. If Carl saw what entailed of working as a recruiter at ABC, Inc. he then would have seen tasks being completed as they should.
Orientation for all new employees should be given with…
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Overview of Employee Turnover Research
The impact of turnover has received considerable attention by senior management, human resources professionals, and industrial psychologists. It has proven to be one of the most costly and seemingly intractable human resource challenges confronting organizations. This paper provides a summary of information, abstracted from published research, on the costs of turnover, factors contributing to its magnitude in organizations, and proposed remedies.
Employee Turnover 3
Employee Turnover Costs 4
Employee Retention 5
Employee Retention Strategies 5
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 is a ratio comparison of the number of employees…
This proposal is aimed at conducting a study to investigate the causes of employee turnover. Proposed study will use different research articles to develop a model which shows that employee satisfaction, employee motivation and employee involvement has an impact on employee turnover.
Proposed Research Title
CAUSES OF EMPLOYEE TURNOVER:
Background of Study
Employee turnover is the…