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Retaining Talent: Misconceptions about Turnover (People Quit Because of…
Retaining Talent:
Misconceptions
about Turnover
All Turnover is the Same
Types of Turnover
Voluntary v. Involuntary
Voluntary: initiated by employee
Dysfunctional
Harmful to org.: Exit of high performers
Functional
Disruptive but maybe not harmful; easily replaceable employees
Involuntary: Initiated by org.
Poor job performance or restructuring
Loss of these generally viewed in best interest of org.
Avoidable v. Unavoidable
Avoidable= for reasons the org. can influence
Job satisfaction, pay, supervision
Unavoidable= for reasons org. has little control over
Costs of Turnover
Can range from 90-200 % annual salary
Voluntary
Separation and replacement
People Quit Because of Pay
Pay level and satisfaction are relatively weak predictors
Organizational equilibrium
"individuals will continue to participate in the org. as long as the inducements offered by the org. are equal to or greater than the contributions required by the org" (52).
Strongest Turnover Predictors: Related to withdrawal process such as turnover intentions and job search
Critical role in turnover= relationship of individual with supervisor
Role Clarity and Conflict
Coworkers
People Quit Because they are Dissatisfied with their Job
fewer than half of turnover decisions
Unfolding Model
Paths to turnover often initiated by a shock
Leaving an unsatisfying job
Leaving for an attractive alternative
Usually driven by external market forces
Individuals with Scripts or Plans
Individuals who quit without a script in place and are satisfied
Usually reactionary to negative shocks like being passed for a promotion
Managers need to provide realistic job previews and clear communication and provide support mechanisms to help employees with shocks (55)
Job Embeddedness
When leaving a job would req. severing or rearranging connections with communities (p. 56)
1. Links-> connections with other people
Design work teams to foster links, encourage employee referrals, support community involvement , have mentors
2. Fit: Extent to which employee sees job compatibility & org. & community
Provide realistic info. during recruitment, provide clear comm. about values and culture, recruit locally, build org. ties
3. Sacrifice: What could be given up leaving the job
Tie financial incentives to tenure
"There is Little Managers Can do to Directly Influence Turnover Decisions"
Managing Organization entry and the work environment
Training and development opps reduce desire to leave
More engaged employees= less likely to quit
"A Simple One-Size-Fits-All Retention Strategy is Most Effective"
You need ongoing diagnosis of causes of turnover and strategic approach to retention and organizational success
Systematic
Intended to help reduce turnover rates across the board
Targeted
Organization-specific drivers and issues that have influence