Cost of Turnover Research Paper Example | Topics and Well Written Essays - 250 words

Cost of Turnover - Research Paper Example e increased level of employee turnover within an organization can result in incurring costs related to recruitment and selection of new employees along with inviting training costs associated with the new hired staff. At the same time, the article further revealed that increased employee turnover has significant and much adverse impact on the overall productivity as well as competiveness of an organization (Ebodey, n.d.). In this regard, it can be affirmed that the role of staffing is considered to be extremely vital for any organization in order to attain greater competiveness within an industry and reduce the turnover rate. The recruitment, selection along with hiring of skilled and competent candidates with an organization can largely ensure the success and enhanced performance of the organization which in turn can enable it to attain greater sustainability (Ployhart, 2011). Performance management is another important aspect that drives worker behaviors to align with the goals and the objectives of an organization. Efficient performance management facilitates an organization to develop and foster its employees (Resurreccion, 2012). It has been observed that monetary and non-monetary incentives along with compensation can largely facilitate an organization to foster and retain skilled employees. If adequate and on-time compensation is offered to employees then it can motivate them to render sustain ed dedicated efforts towards the accomplishment of organizational goals and objectives. This in turn can enable to reduce the rate of employee turnover by a considerable extent (Agba &Ushie, 2010). Agba, A. M. O., & Ushie, E. M. (2010). Motivational incentives and staff turnover in the hospitality industry in cross river state, Nigeria. Global Journal of Management and Business Research 10 (8), pp. 18-28. Resurreccion, P. F. (2012). Performance management and compensation as drivers of organization competitiveness: the Philippine perspective. International Journal of