Question

Can someone answer this problem please?

Problem # 1 suppose your department has shown a 25% turnover rate. As manager, you must develop a plan to encourage employee retention. In your plan, identify factors associated with excessive turnover. elaws: e Equa

Answer 1

Answer- Turnover refers to the amount of sales made by the business and the cash collected in account of such sales. Retention of employees refers to the potential of the company to keep it’s employees employed in the company. Rention can be calculated by the labor turnover ratio of the company. A high labor turnover ratio means that the company is not able to retain it’s employees and a low labor turover ratio means that the company is able to retain it’s employees.

As a manager of the company I will undertake the following plan to keep the retention ratio high-

• Due to improvement in turover of the company the employees should be rewarded for their hardwork so that they feel attached to the company and also feel thatbtheir efforts were acknowledged by the company. Such rewards help the employees to perform better and they don’t feel like leaving the organisation.

• Flexibility in working hours- Employees generally find tome very rigid and sometimes they feel if the timings could be flexibile. Such flexibility helps the employee to shrug off their stress and relax. This improves their efficiency and makes them perform better.

• Prioritizing the employees needs- Employees have needs like having private desk, office outings, health benefits etc. An organisation who has hard working employees who have helped it to reach a high turnover must do something for the employees so that they feel good. Such things makes the employees happy and they hesistebto change from one company to another.

• Create opportunities for the employees- Hardworking employees often look for growth in the company and are looking for any new oppotunities that they find. Creating such opportunities helps to retain such hard working employees.

• Appreciating every employee is inportant as it makes them feel about themselves and theybwork more hard to make the company reach further high. Such giving of respect can be in the form of trophies or certificates or some other token of appreciation.

These plans can help the employees to provide them with a sense of  purpose in their work and thus helps the company to retain hard working and good employees.