...Causes and Effects of Employee Turnover in Private Bank (A Case Study) Department of Business Administration Leading University, Sylhet Report On Causes and Effects of Employee Turnover in Private Bank: A Case Study Course code: BUS-322 Course Title: International Business Submitted to Syed Towfiq Mahmood Hasan Assistant Professor Department of Business Administration SUST, Sylhet, Bangladesh Submitted by Faglul Karim Raihan ID: 1001010142 Sec-C, 8th Semester (24th Batch) Department of Business Administration Leading University, Sylhet Date of Submission: September 29, 2012 ------------------------------------------------- LETTER OF SUBMISSION September 29, 2012 Syed Towfiq Mahmood Hasan Assistant Professor Department of Business Administration SUST, Sylhet, Bangladesh Subject: Letter of Submission. Dear Sir, It is an enormous pleasure to submit my report titled “Causes and Effects of Employee Turnover in Private Bank: A Case Study” assigned as a requirement of our course related. In preparing this assignment I have acquired much knowledge about employee turnover. I have tried my best to furnish the assignment with relevant data, which I had to collect from online and related journal. I hope this assignment will help the banking sector to gather some insights on the windows to do further studies in this aspect. I would like to convey my tributes to you and thank you for giving...
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...Employee Turnover-a Study of its Causes and Effects to Different Industries 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 regulation, Productivity. 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...
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...High employee turnover/ Low Retention Low employee retention is caused by several factors and not many businesses are immune. High turnover rates not only reflect badly on a business but are very costly. A 2012 study showed that it cost 1/5th an employees’ salary to replace them("What Are The Causes Of High Labor Turn Over Rate?", 2014). Costs such as advertising, recruiting, screening and hiring effect the bottom-line of every company. Low retention rates attribute to employee satisfaction, pay and geographical issues. Communication problems within an organization remains one of the top reasons for employee dissatisfaction ("What Are The Causes Of High Labor Turn Over Rate?", 2014). . Poor leadership and communication skills effect an employees’ ability to perform and or feel appreciated for the work that they do. Pay commensurate with experience and cost of living is equally important to job seekers in addition to a work life balance. An employee should be seen as an investment within a company. Adequate pay, training, benefits and advancement opportunities result in a more productive employee who is more likely to remain loyal to their company. Finding a solution a high employee turnover and low retention rate holds great significance. A high employee turnover and low retention rate negatively impacts an organization in a few ways. Low morale can be a result of high employee turnover which can lead to a decrease of productivity. Financially...
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...Causes & Effects of High & Low Staff Turnover As a business manager, staff turnover is one area to keep an eye on throughout the year. Turnover is defined as the percentage of a company's work force that voluntarily quits during one year. In general, the goal is to have low staff turnover to maintain consistency in the work force and develop more skilled employees. High-Turnover Causes For the most part, high turnover is related to employee dissatisfaction with the job. Some specific reasons might include low pay, poor working conditions, long hours, not enough benefits or a negative atmosphere, especially from authority figures. In some cases, a business won't be able to help much that it has high staff turnover. Businesses that hire seasonally will obviously have high turnover because seasonal employees do not necessarily come back the following year to work seasonally again. In addition, businesses that hire students will suffer from high turnover as students move or become too busy to work. High-Turnover Effects High turnover is financially costly to the business because it needs to spend time and resources filling the position and training the new employee. This cost can be about 30 percent of the position's annual salary. In addition, high turnover can lower employee morale and cause a flood of people leaving because they see their peers doing the same thing. High turnover can also make the remaining employees more stressed out because they have to fill in the...
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...2 Excessive Turnover 2 General Turnover 2 Critical Employee Turnover 3 Turnover in Low to Moderate Level 3 Motivation 3 Innovation 3 Relationship between Employee Turnover and Performance 4 Employee Retention 4 Significance 4 Job Satisfaction 5 Embeddedness 5 Others 6 Conclusion 6 Reference 6 Introduction Following the process of globalization which is increasingly developing, consequent fierce competition brings about frequent phenomenon of turnover in organizations (Liu et al., 2011). According to the statistic data that showed by Meier and Hicklin (2007), the turnover rate of U.S. federal government was 16.1% from 2003 to 2004, that of Dutch temporary employment agencies was 14.2% in 2005 and that of trucking even reached 41% in 2005. Currently, employee turnover is still lacking of attention in many aspects, such that most previous researches were focused on the reasons of turnover, but paid less attention to the effect of turnover (Ton & Huckman, 2008). The emphasis in this essay is that high employee turnover damages organization performance for increasing cost and causing critical employee leaving, while moderate level of turnover benefits organization performance for improving innovation and motivation, employers should focus on enhancing employee’s job satisfaction and embeddedness for retaining their employees. This essay has four parts. In the first and second part of the essay, both effect of excessive turnover and moderate turnover would be discussed...
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...can say with great certainty that employee turnover is a concept which has been discussed a lot lately. It is normal part of every business cycle. In order to be able to analyze and discuss effects employee age has on employee turnover, definitions of these terms must be presented. According to Webster’s definition, employee turnover refers to the ratio of the number of workers that had to be replaced in a given time period to the average number of workers. Age represents one of the demographics characteristics every employee has. Other characteristics include gender, education, income, length of tenure. Simply said, these demographic characteristics refer to attributes of different employees. It is very important to note that different...
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...Causes of Employee Turnover ABSTRACTThe proposed research will be conducted to investigate the causes of employee turnover. Proposed study will use different research articles to develop a model which shows that job satisfaction, employee motivation and employee involvement (independent variable) has an impact on employee turnover (dependent variable). Hence the purpose of this research will be, firstly getting the perception of employees at work by conducting semi structure interviews as an instrument of data collection to explore the effect of Job satisfaction, employee motivation and employee involvement on employee turnover. Secondly semi structure interviews will be further used to find and examine whether these three factors really affect or not if yes then which factor affects closely in order to remove that one from organizations facing employee turnover issues. Different hypothesis are formed on the basis of dependent and independent variables. By using different research articles literature review has been written. Than a model is developed of job satisfaction, employee motivation and employee involvement (independent variable) and employee turnover (dependent variable).Than a theoretical framework is written on the base of these variables. Using a cross sectional research method sample of 500 employees of service organization like Banks, University (Employees), Telecommunication, EFU life insurance, Guard Technologies and Students has been selected for this research...
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...Causes & Effects of High & Low Staff Turnover As a business manager, staff turnover is one area to keep an eye on throughout the year. Turnover is defined as the percentage of a company's work force that voluntarily quits during one year. In general, the goal is to have low staff turnover to maintain consistency in the work force and develop more skilled employees. High-Turnover Causes For the most part, high turnover is related to employee dissatisfaction with the job. Some specific reasons might include low pay, poor working conditions, long hours, not enough benefits or a negative atmosphere, especially from authority figures. In some cases, a business won't be able to help much that it has high staff turnover. Businesses that hire seasonally will obviously have high turnover because seasonal employees do not necessarily come back the following year to work seasonally again. In addition, businesses that hire students will suffer from high turnover as students move or become too busy to work. High-Turnover Effects High turnover is financially costly to the business because it needs to spend time and resources filling the position and training the new employee. This cost can be about 30 percent of the position's annual salary. In addition, high turnover can lower employee morale and cause a flood of people leaving because they see their peers doing the same thing. High turnover can also make the remaining employees more stressed out because they have to fill in...
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...Turnover As stated in a study on Examining the Effects of Leadership case (2014), turnover can best be defined as "the number or percentage of workers who leave an organization and are replaces by new employees, this, in human resource terms, employee turnover is a measurement of how long employees stay with the company, and how often they have to replace them" (p. 176). There are two main types of turnover - voluntary and involuntary. (might can pull this from one of my annotated bib sources) Involuntary turnover is where an employee leaves the organization, but not by choice. An example would be getting fired or laid off. Voluntary turnover is the main focus of this paper, which is where the employee turns in one's notice and makes the decision...
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...This project investigates the influence employee turnover and Management Style had on Manson restaurant from a business outlook. Henry Richardson Oxford Brookes University Ruskin College 14richhe@ruskin.ac.uk Table of Contents Introduction 3 Background 4 Evaluation 6 Conclusion 7 Appendix 9 References 10 Introduction I worked in London for 12 months at Manson Restaurant, which was a fine dining restaurant. I was running the front of house bar during the opening hours of Manson that was a busy West London Restaurant. I took a keen interest in the business, financial planning and strategy while I was assistant manager. I was accountable for all bar staff, daily targets costs, stock, and general up keep with attention to health and safety. I feel that having been the assistant manager; this has placed me in a beneficial stance when talking on behalf of the business, and gathering problems from the staff and how the restaurant was run. I worked there for 12 months and by the end I was one of the longest lasting members of staff by two months. Staff turnover is one of the problems that are going to be discussed in this project. From working at the restaurant for a year I could see that employees where coming and going far too often. In the restaurant industry, high turnover rates remain an everyday battle. The financial impact cuts deep into budgets and lowered employee morale is often an unavoidable result (Raya, 2013). Whilst working at Manson I had three...
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...organizations by sharing its norms, values and rules and regulation of organization (Deshpande and Webster, 1989). According to(Lok& Crawford, 2004) organizational culture has remarkable effect on employee’s commitment and performance. If the employees of the organization have more understanding with the organizational culture they will have more job Satisfaction (Chang and Lee, 2007). O’Reilly and Chatman’s (1996) defined organization culture is a setup of behavior, attitude and values. According to Hertzberg (1959) in his study job satisfaction is a part of employee job, if it affect positively it motivate employee to job satisfaction otherwise it leads to job dissatisfaction. Job satisfaction is emotional ability of employee related to positive and negative aspect of its job experiences Locke (1969). Environment of organization and employee’s personal traits can influence its job satisfaction...
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...and Addressing Employee Turnover IssuesFiled under Managing the Workplace. Fact checked on May 24, 2012. Article Tools PrintEmailLinkedInTwitterShareShare.High employee turnover can have a severe impact on your business, both financially and emotionally. If you suspect that turnover is an issue for your business, you should take steps to recognize possible causes of turnover, measure your turnover rate, determine turnover costs, and then address your turnover problems. Related ContentIs Your Employee Morale Suffering? Improving Employee Morale and Motivation Providing Employee Fringe Benefits Can Increase Job Satisfaction and Performance How to Determine How Much to Pay Your Employees Workplace Rules Protect Your Business and Maintain a Positive Employee Environment Read more about Managing the Workplace »A high employee turnover rate, the rate at which employees leave a business, can affect the bottom line of businesses of all sizes. However, the negative effect on small businesses can be particularly harsh due to limited resources and the investment in employees. Because employees who are satisfied with their jobs generally don't give them up, high turnover is usually indicative of a problem. That's not to say that every employee who leaves your company is unsatisfied — after all, some will retire, leave town, quit because of family circumstances, desire to change professions, or even start a business of their own. But if you have a lot of turnover and you're losing...
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...|SOUTHERN CROSS UNIVERSITY | ASSIGNMENT COVER SHEET For use with online submission of assignments Please complete all of the following details and then make this sheet the first page of each file of your assignment – do not send it as a separate document. Your assignments must be submitted as either Word documents, text documents with .rtf extension or as .pdf documents. If you wish to submit in any other file format please discuss this with your lecturer well before the assignment submission date. |Student Name: |Samara James | |Student ID No.: |22078393 | |Unit Name: |Tourism and Hospitality Research and Analysis | |Unit Code: |MNG00415 | |Tutor’s name: |Martin Young | |Assignment No.: |2 | |Assignment Title: |Research Proposal and Literature Review ...
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...Employee Turnover Employee Turnover is defined as: the number of employees that leave the company or the organization, or how long an employee stay in a certain company and when he/she leave the work in the organization its called turnover or separation. (Mayhew, c2016) The degree of turnover differ between companies, regions and between public and privet sector where its high in the private, in countries where the unemployment rate is low the turnover will be high because the finding of a new job is easy. RANKIN’S 2006 study (cited by Shamsuzzoha, 2007) Tow Types of turnover 1- Voluntary: this type occur when the employee leave his / her job in an organization by his / her own choice due to some reasons my be finding a new better job with higher salary, or employee may be pushed to leave the job due to the displeasure with the workplace or due to the reallocates with their spouse or partner, in this type the employee submit a written or verbal resign from the job 2- Involuntary: called involuntary because its not the employee decision and this type result from the force termination due to poor performance, non compliance with company policy or credo, violation, also called firing or discharge The causes of turnover are: 1- Salary :one of the reasons for turnover is finding another job with higher salary . 2- The Nature of the Job: some jobs may be more attractive than others for some employees, because some jobs my posses less danger, challenge...
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...that arise between employees, customers, and other parties”(Gleeson 2013). On the other hand leaders with poor Ei who react from their emotions without filtering them can create “mistrust amongst staff and can seriously jeopardize the working relationship with employees proving detrimental to overall culture, attitudes and positive feelings toward the company and the mission”(Fletcher 2011).This is related to sound wave as we believe the high turnover in employees is a direct result of the poor emotional intelligence of the leaders/managers of this company. This is because the managers are unable to to effectively gauge the needs, wants and expectations of those they lead causing workplace inefficiency and employee dissatisfaction. This must be fixed as high employee turnover is not only financially costly to the business as it needs to “spend time and resources filling the position and training the new employee” which can be about “30 per cent of the position's annual salary”(May 2009). But, high turnover can lower employee morale and cause a flood of people leaving because they see their peers doing the same thing. Furthermore it can also increase the stress and...
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