Managing Talents.
Two main types of turnovers are experienced in different organizations. We have voluntary and involuntary turnover. There are several reasons why a firm experiences different turnovers. Voluntary turnover happens when an employee gets another job, an internal transfer, or retires from his position Donoghue & Castle, 2007). The firm receives a significant loss since they have lost a hardworking, determined, and high performing employee. Involuntary turnover happens when the company decides to terminate poorly performing employees. The firm tries to retain the employee to avoid financial losses while recruiting another employee. When the hired employee doesn’t satisfy the firms’ demand, termination takes place.
Low job satisfaction is an issue that affects both large and small businesses. When employees don’t get satisfied with their jobs, different sectors of the firm are affected, and the rest of the employees’ behavior is affected. Job dissatisfaction causes a lot of stress to the employees (Felps, Mitchell, Hekman, Lee, Holtom & Harman, 2009). It also leads to poor morale in performing the job. When one employee shows a lack of confidence in the situation, the other employees will start viewing the post negatively. Most of the employees fail to report to work while the rest maintain a reduced performance level.
A competitive environment of organizations keeps on getting tougher each day. Satisfaction and retention of employees is the critical factor for a firm to progress and be successful. Employees get motivated by getting reasonable salary payments (Shaw & Newton, 2014). The organization should also aim at offering training and development opportunities and the employee right working conditions. They should ensure the workers have a good relationship with the superior authority and the organization members. They should ensure that every worker gets a promotion, and they are treated fairly. When these factors are observed, key employees are retained.
References.
Donoghue, C., & Castle, N. G. (2007). Organizational and environmental effects on voluntary and involuntary turnover. Health Care Management Review, 32(4), 360-369.
Felps, W., Mitchell, T. R., Hekman, D. R., Lee, T. W., Holtom, B. C., & Harman, W. S. (2009). Turnover contagion: How coworkers’ job embeddedness and job search behaviors influence quitting. Academy of Management Journal, 52(3), 545-561.
Park, M., & Jones, C. B. (2010). A retention strategy for newly graduated nurses: An integrative review of orientation programs. Journal for Nurses in Professional Development, 26(4), 142-149.
Rich, B. L., Lepine, J. A., & Crawford, E. R. (2010). Job engagement: Antecedents and effects on job performance. Academy of management journal, 53(3), 617-635.
Shaw, J., & Newton, J. (2014). Teacher retention and satisfaction with a servant leader as principal. Education, 135(1), 101-106.