Peer Responses
Respond to two students discussion post. Just type the paragraph under the discussion. It doesn’t have to be in essay form.
Also, make sure that your response(s) are substantial and at least 100 words. In your responses, you must include connections to course learning objectives.
Discussion Post #1
Paige Cronan
"Voluntary turnover is a type of turnover that occurs when employees willingly choose to leave their positions. Employees might choose to vacate their jobs for a variety of reasons. They may feel dissatisfied with their position or their compensation, they may be seeking a career change, or they may have accepted another offer. While involuntary turnover usually involves employees being let go for unsatisfactory performance, voluntary turnover often involves competent employees leaving their positions" (What is Voluntary Turnover?). Direct costs of turnover include replacement cost, cost of leaving, and transition cost. Indirect turnover cost includes loss of production and reduced performance. Studies show that a high-performance work system often increases retention rates. In Herzberg's research, he found six motivation factors which include achievement, recognition, the work itself, responsibility, advancement, and growth. There are also six Hygiene factors that have an influence, and these are, company policies, supervision, relationship with the manager, work conditions, salary, relationship with peers. These all have an impact on retention. Training And development is a huge retention strategy. For example, many companies offer tuition reimbursement for the betterment of the company. I work for Walmart and they do something called $1 a day where it comes out of your paycheck but it's affordable, unlike most colleges. Also, performance appraisals are an important part of retention. Performance appraisals involve telling employees how they are doing at their job. There should be a difference between the training for wage employees and the training for salaried employees. The training for wage employees should include bettering their skills to one day become a salaried employee. The training for the salaried employees should consist of defining their skills and focusing on getting better at the jobs they have because most salaried employees are already where they need to be
Discussion Post #2
Kristin Johnson
There are two types of turnover: voluntary and involuntary. Voluntary turnover is that initiated by the employee, whereas involuntary is that where the employee has no choice (Human Resource Management, 2016). Voluntary turnover can usually be predicted. Sometimes, the employee may express how unhappy he/she is, or they are moving out of town and must quit. On the other hand, involuntary turnover is where an employee is fired for some reason. Turnover costs money, regardless of how the employee leaves. The costs associated with turnover is either direct or indirect. Direct costs are those of leaving, replacement costs, and transition costs, whereas indirect costs are those of production loss, and reduced performance (Human Resource Management, 2016). Some costs associated with turnover are: recruiting, hiring, loss of production, training, and more.
Retaining employees is not only a money thing, but it ensures that patients or clients are taken care of at all times. In order to lessen a company's turnover rates, retention plans are good to have. Retention plans are the strategies that outline how the company will reduce turnover (Human Resource Management, 2016). A few retention plans are: salary and benefits, training and development, performance appraisals, succession planning, flextime, conflict management and fairness, empowerment, and work-life balance. Salary and benefits is usually a major keepsake for employees. Setting a fair pay scale, giving employees paid time off, and offering other benefits, such as insurance, 401k, or stock purchase programs. Training is important in retaining employees. If they don't feel like they were trained well enough for the job, nobody will stay if it makes them seem inferior or less-smart. Performance appraisals help the employee know how well they are or are not doing. It allows them to be aware of things they need to work on or continue doing. Getting a simple "Great job" helps most employees know that they are appreciated. Flexible schedules allows employees to also have a work-life balance. If they can't separate work and life, and are struggling, this could cause them to quit and find another flexible job. Fairness within the workplace is important. Treating others differently based on different factors is not going to help retain employees in any workplace. Having a job that makes the employee feel empowered and enriched, also helps retain employees. Not only do they feel important, but they will never get sick of the job they are doing. Having variety within the job mixes things up so they are not doing the same thing day-in and day-out. There are of course, more retention strategies, depending on the company and how far they are willing to go in order to retain employees that are hired.
I do not think the training should be different between salaried and wage employees. Regardless of how they are paid, they both cost money to turnover. Training is an important part of being hired within a company. Knowing what you are to do and having the confidence to know what you are doing is very important in retaining these employees.