Unemployment is at record low levels in the country. Though it is good news to our employees, the human resource department is concerned with the rate of turnover the organization is experiencing. Every year a substantial number of employees quit their job, which is extremely expensive for the company. In this regard, the company has rolled out two significant employee retention measures that will help our employee stick to the job as well as offering a suitable platform for employees to quit.
The company has initiated a recognition and reward system as well as recognizing work-life balance. Dosenovic (2016), an economist, advises companies like ours to make employee employees feel appreciated for what they do. The organization commits to send giftcards to employees who go an extra mile in their job. The company has set aside a small budget for employees who share their great ideas and innovations. Most companies in the twenty-first century recognize the need for employees to live fulfilling lives even as they go about their jobs. To satisfy our employees’ work-life balance, the company will give all employees gym membership and vacation time.
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Since employee dissatisfaction is inevitable, the company has adopted both a voluntary and involuntary turnover strategy. Voluntary turnover means that employees can quit whenever they want (Taylor, 2011). Employees who would like to quit the company will only be required to write a resignation letter. However, with the adoption of a reward system, the company will introduce key performance indicators (KPIs) for progressive discipline. Progressive discipline refers to the process of dealing with job-related behaviour that does not meet the performance standard (Taylor, 2011). The process is not intended to punish but to improve them. Employees who continually fail to meet targets or break company rules will be subjected to involuntary turnover.
The company hopes that these measures will help reduce its turnover.
References
Došenović, D. (2016). Employee Reward Systems in Organizations. ECONOMICS , 4 (1), 107-118. doi:10.1515/eoik-2015-0024
Taylor, S. (2011). Compensation policy and employee turnover. Research Handbook on Employee Turnover , 166-182. doi:10.4337/9781784711153.00013
