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This document discusses the importance of human resource management (HRM) in addressing high employee turnover rates. It notes that many companies, especially small and medium sized ones, face retention problems, with turnover rates as high as 7-13% in some industries. Some of the key reasons employees leave include lack of challenge, responsibility, career growth opportunities, and a supportive organizational culture. The document advocates for HRM practices like realistic job previews, skills training, competitive compensation, career mobility, and work-life balance initiatives to improve retention and influence when employees choose to leave. It also acknowledges that high turnover is not always problematic if there is a large talent pool and new hires have lower salaries than long-term employees.
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The document introduces East Coast Consulting's Business Support Program which provides small to medium business owners access to a virtual board of directors for advice and support. It highlights common problems SMEs face such as lack of broad business experience, financial and marketing skills. The program offers a comprehensive business audit and tailored support from industry experts to help address areas needing improvement. This virtual board of advisors can help fill management gaps and provide ongoing mentoring to help businesses improve performance and work towards becoming world-class operations.
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Employee’s turnover is one of them which is considered to be one of the challenging issues in business nowadays. The impact of turnover has received considerable attention by senior management, human resources professionals and industrial psychologists. It has proven to be one of the most costly and seemingly intractable human resource challenges confronting by several organizations globally. The purpose of this research is therefore, to find out the actual reasons behind turnover and its damaging effects on the productivity of different industries in Bangladesh. The objective of these case studies was to find out the actual reasons of turnover, its negative effects and possible recommendations that could be helpful to the local industries for their productivity and market share.
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Why hrm 145
- 1. WHY HRM??
- 2. NO MATTER WHAT PROFESSION…
- 3. PEOPLE NEED TO GET TRAINED AND MOTIVATED… TO ACHIEVE……………….
- 4. TARGET’S
- 9. The old goal of HR Management - to minimize overall employee turnover - RETENTION
- 10. needs to be replaced by a new goal: to influence who leaves and when he leaves
- 20. THANK YOU