Retention and staff turnover are issues of importance because they impact on an organization in.docx - Retention and staff turnover are issues of

Retention and staff turnover are issues of importance because they impact on an organization in.docx

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Retention and staff turnover are issues of importance because they impact on an organization in several ways. The visible turnover costs are items such as leave capitalization, recruitment costs, training costs and induction expenses. Invisible costs include increased human resource and payroll administration, loss of productivity, transition meetings and informal training. Hidden costs such as missed deadlines, lower morale due to overwork, clients’ impact and chain reaction turnover (Armstrong 2006). Employee retention lends itself as a potential source of competitive advantage to a firm (Amah, 2009). An effective approach to retention can help a company successfully compete for limited human resources. Minimum employee turnover in organizations help attract qualified and competent people, and creates employee loyalty. The failure to sustain staff can prove costly in several ways. It can greatly affect the image of the organization. It can also lead to haphazard and poor selection of employees. Poor quality of selection means extra cost on training and supervision (Kahnweiler, 2006).
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  • Spring '17
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