Summary Turnover rates vary depending on the markets, but from the data collected we narrow some of these rates down. Service industries will mostly account for the highest turnover rates reach 35% in some cases. Examples of these would restaurants or drinking establishments. Rates then drop to about 27% in the arts and entertainment group. Retail and wholesale will be at about 22% with the health care industry having the lowest at 20%. These industries will generally have high turnover rates because of the size of the businesses. High turnover rates are caused by employees leaving and not being able to keep up with hiring new employees. This can create a great amount of problems for a company. Before beginning the recruiting process for any employee or manager, top management should calculate their turnover rate know the cost of losing an employee.
Top management should not be left out this equation of lowering turnover rates. Although these member of the company are not fully involved with the day to day work they need to be a part of the business. Retreats and events should be put on for the employees. This will strengthen the morale of the business and actually make employees want to work, know they are cared for. Connections will also be made at these events and top management will be able …show more content…
Employees that are motivated and show a willingness for growth and opportunity for the company is important. These are the employees that will build careers and the company. These are the employees that were handpicked so they should be tested. Before hiring these employees should be given a period of about 60-90 days to see how they do on the job. They will of course need to be given the proper training and support from the business. This is simply a safeguard for the employee and company if it doesn’t work out. Research shows that implementing a plan such as this can lower turnover in just three
Top management should not be left out this equation of lowering turnover rates. Although these member of the company are not fully involved with the day to day work they need to be a part of the business. Retreats and events should be put on for the employees. This will strengthen the morale of the business and actually make employees want to work, know they are cared for. Connections will also be made at these events and top management will be able …show more content…
Employees that are motivated and show a willingness for growth and opportunity for the company is important. These are the employees that will build careers and the company. These are the employees that were handpicked so they should be tested. Before hiring these employees should be given a period of about 60-90 days to see how they do on the job. They will of course need to be given the proper training and support from the business. This is simply a safeguard for the employee and company if it doesn’t work out. Research shows that implementing a plan such as this can lower turnover in just three