Knowledge Retention As A Key Of Company Performance

High employee turnover, where workers frequently leave and must be replaced, leads to increased spending on recruitment and training and can indicate management problems. Employees often have good reasons for moving on but if too many are leaving an organisation, can be very disruptive.

High employee turnover has monetary costs. Though estimates vary, most experts agree that turnover costs, when all things are considered, equals at least 25% of a leaving employee’s annual wages (Silva & Toledo, 2009). For example, for an employee making $25,000 per year, the total turnover costs associated with replacing that employee would be at least $6,250. This includes cost of prescreening measures such as drug tests, background checks, application reviews, interviews, pre-employment training and other recruitment costs (Dolfin, 2006). It also includes implicit cost associated with on the job training and the productivity loss experienced by other employees that must help acclimate new employees to their environment

In 1996, Dennis and Cindy Thompson, a couple on a business trip to Great Britain, spotted a black and white magical horse, Cushti Bok, in the middle of a field. Cushti Bok became the first Gypsy stallion to be imported to America. It was love at first sight for the couple and the this marvelous horse. They immediately met with the owner of this horse, who would soon invite them to a 300 years old traditional fair, the Appleby Fair. By 2015 over 4,000 Gypsy Vanner horses were registered horses. The Gypsy horse society was the first to register this breed, to recognize a selectively bred horse by the Gypsies of the British aisle. The Gypsy Vanner Horse Society (GVHS) has studied not only the horse, but also the people who have bred them. This

Having a high employee turnover rate can cost the company more than just people. There are many “costs” physical and opportunity that are included into high employee turnover. The physical costs of high employee turnover is training the new employee, interview expenses, and advertising costs. These are general costs, but when

n the book Thanks! Robert Emmons give an awesome idea in chapter 6 about Redemptive self, Emmons names very intelligent scholars who have scientific studies of a person biographical  and cultural concept, one scholar that has really struck out to me in the reading  is McAdams who discovered redemption sequence, he stated, “there is a transformation from an unpleasant circumstance to a positive outcome”(178). Thus , McAdams statement reveals how something  terrible, tragedy or constructive imperfection will open up good opportunities to be redeem all past disappointment sequence. Surely Emmons freely expresses how redemption will illuminate amazing grace gratitude, gratitude strengthen  redemptive life towards a positive outcome  because people who have and nasty attitude about life will tend to have a unstable ability to sustain life, constantly stress out about every situation that occurs.  Thus, Emmons assert that  gratitude to is an 2nd nature, we do it occasionally every day to our family, friends and community alike, he found interesting facts that not being grateful lead toward the

The publicity and popularity of this issue has consistently been high due to the lack of changes being made or acted upon. It is no mystery or lie that paying rising athletes in college has been brought up and addressed countless times, but why has no change still occurred? In the article, “It’s Time to Pay the Tab for America’s College Athletes,” Kareem Abdul-Jabbar writes based on personal experiences and strongly feels he is not being heard as he continues to speak out on the same topic. If an individual is on a scholarship - same rule stands from twenty-five years ago - that person is not permitted to have or work any type of paying job. This can be difficult for student athletes who do not come from families whose parents work higher paying

How well a business manages its assets and resources predicates its overall success. Companies that spend financial resources foolishly are apt to find themselves in bankruptcy. Companies that work capital equipment resources beyond the machine’s capabilities or for other than intended purposes are apt to experience downtime and/or lose the equipment to failure. The same premise holds true for a company’s human assets. However, unlike other company assets, which depreciate over time, human assets appreciate over time when managed properly. The article, Importance of Human Resource Investment for Organizations and Economy: A critical Analysis, explains the importance of managing human assets as follows:

In the globalized and changed competitive business world, it is important responsibility to deal with employee turnover for any organization. Effective and efficient management of employee turnover is an essential task to achieve the organizational overhead goals. Significant amount of research has been undertaken to understand the major causes of employee's turnover and retentions mechanisms that organizations should develop, especially in the field of healthcare.

All over the globe retaining employees is a most critical factor for the organisations. High employee turnover is more common in private sector as compared to public. In construction industry, to reduce employee turnover and to improve the productivity of an organisation, organisations have to be aware of the reasons why an employees quit the organisation?. Employee turnover can be explained as the expenses, in term of money, time, and quality of work, that an organisation bear while replacing an employee. If an organisation fails to satisfy the needs of its employees then it is obvious that the employees will look forward to fulfill their necessities. This chapter discuss the reasons why employees quit their jobs.

Workforce turnover is a complex and important issue amongst today's organisations. It is perhaps one of the most often cited cause of increased cost and decreased productivity. No wonder people management has become an important frontier to extract and create more value from company assets. On comprehending the articles, it has become evident that organisations have moved beyond the traditional approach of only investing in core business activities, to invest in employee retention strategies. Many organisations, for example St. George Bank

The cost of termination and turnover can be devastating for an organization and can be even more devastating for those organization who can’t afford such

Whether it be evidenced through expenditures in agency or search firms, lowered productivity or morale, high turnover costs your company. In fact, each time one of your employees walks out your door for the last time, it can cost your company anywhere from $25,000 for entry level positions, up to $250,000 for a senior level positions.

MANAGEMENT- People leave managers, not companies. More than half of people who leave their jobs do so

For the most part, attracting and retaining employees in today’s market is one of the biggest challenges that are faced by Human Resources. In today’s society, retaining employees is rather difficult as various employees are known to jump from job to job, almost always in search for more benefits or for their personal dream. Whatever the reason be, high turnover rates can be very expensive to employers as training and hiring one employee and then training and hiring a new employee requires time and money. According to Chron.com, it has been found that “employee replacement costs can reach as high as 50 to 60 percent of an employee’s annual salary.” As this is a one-time transaction, employees that are retained only “charge” the company once and so it is allowing more work for the dollar when the employee stays with the company for a longer time period. Companies that have high turn-over rates spend more money on employees which affects the bottom line of the company, this determines the state on how fast or a matter of if the company will use its money to expand.

The main ingredient of every successful company is its employees. Every company expects efficient and experienced employees who are responsible enough towards the production of commodity. Therefore, employees play a vital role in the company. These employees are considered to be the back bone of the company. The root cause of any problem in the company basically starts with the absenteeism of employees, their inattentiveness and their ignorance.