Most managers/owners accept employee turnover as an unavoidable part of running an enterprise. Yet, employee turnover represents a very high cost. In some industries i.e hospitality, turnover is as high as 300 per cent in entry-level positions.
Even a 10 per cent turnover in a large enterprise means a reduction of profits in the millions. The cost of turnovers is not only administrative (advertising, interviews, background research, setting up payroll procedures, training, counselling etc), but also productivity loss.
In this very well researched book, the author, based on several studies and analyses pinpoints the reasons for employees wanting to leave, and the causes.
Among many other reasons given, is the “wrong fit” of the employee for the job.
Each chapter at the end contains summary, recommended steps to solve problems, and references.
All chapters are jam packed with insights, studies, charts, graphs, and psychology involved to deciding to leave.
One thing that the author emphasis is that old employees tend to be more patient (or willing to wait for promotion) than young ones.
The text points out how poor corporate leadership skills lack, and prompt employees to look for jobs elsewhere.
Studies show that high salaries don’t necessarily make an employee more willing to stay on the job. People want more than anything else – recognition, trust, hope, worth, and feeling competent.
This is an excellent, tremendously valuable book for business owners/managers to study, analyse, select strategies, and device systems that will help retain valuable employees and never hire those who potentially would be misfits.