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With the cost of turnover estimated between one-half and two times the annual salary of the leaving employee, taking steps to mitigate turnover should be at the forefront of every Human Resources Department’s mindset. This session will take a deep look at the issue of turnover.
The session will begin with a discussion regarding why it is so important to minimize turnover, focusing on the incredible expense of organization. Next, we will discuss the most accepted way of calculating turnover rates, while offering benchmarked numbers for comparison. Once an understanding of turnover rates is achieved, the focus will turn to estimating the cost of turnover, with the ultimate objective of being able to estimate the overall cost of turnover to the organization for a specific position, or the organization as a whole.
With a firm grasp on how important turnover is to an organization, the focus will shift to understanding the causes of research. We will discuss research findings that help to paint a picture about the true causes of turnover; it isn’t all about money! This section will focus on two different research approaches that have yielded similar results, academic journals and business research reports. We will also discuss some very interesting research findings related to “shocks” are pre-cursors to turnover.
Finally, we will focus on how turnover can be prevented, now that we have a better understanding of the causes of turnover. In this section, we will tackle each of the primary causes of turnover, mentioned earlier in the session, and discuss how those causes can be mitigated.
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