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Avoiding fallout The success of any organisation depends on skillful employees So the employers should focus on retaining them Good employees really matter to any organisation and its the duty of the employer to retain them at any cost If the employee chooses to leave the organisation would face the ramifications especially if he joins a competitors organisation However the cost of retaining the skillful employee may differ from one organisation to another According to a study conducted in the US the turnover costs for a manager averaged 150 percent of the salary It includes certain tangible costs like hiring a new worker relocating him and other intangible costs such as his inability to perform upto the optimum level in the initial stages and the lost productivity while the job is vacant The cost of a temporary replacement is around 39 percent which is very high A costly affair Employee turnover is not an easily identifiable expense It doesnt show up as an item in your financial statements and calculating its impact requires exploration of hidden costs Its difficult to estimate the corporate impact of employee turnover because traditional cost methods used in management accounting dont measure efficiency However human-resource accounting can make financial planning models more complete by calculating the effect of employee turnover The cost of replacing an employee is high not only financially but in terms of lost productivity the time taken by the employer to go through the resumes and the cost incurred to conduct interviews The best away to avoid this costly affair is to focus on the retention of key employees as otherwise it will have a castigating effect on the organisation as a whole By taking a look at the past it is possible to avoid the mistake of losing your central operating powers in the future When a employee leaves the organisation the employer must make it a point to conduct exit interviews to know the reason
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