Based on the feedback obtained in Unit 9 on your project draft, revise your project as needed. Submit your final project in this assignment. Review the Evidence-Based Management course project description prior to submitting to ensure you understand the and meet the grading criteria for this assignment.
Course Project:
Units with response feedback for Final Project:
Unit 4- How does the organization curb high employee turnover?
The organization has been hiring administrators, but the number of those quitting is more than the retention rate. This is referred to as employee turnover. It has been described as the percentage of employees who leave the organization and the new ones are hired. The goal of any efficient organization is to reduce employee turnover as it hurts any organization’s bottom line (Lee, 2012). This is because research has indicated that it costs twice as more to train a new employee than to retain a current one. High turnover can also negatively impact other employees’ motivation.
To achieve this goal, the healthcare organization needs to be aware of the different strategies to avert this trend. First, the organization needs to hire the right individuals from the start. This is the single best method of averting staff turnover (Lee, 2012). Candidate should be interviewed and vetted carefully so as to ensure they possess the right skillset that will fit into the company culture. The organization should also set the right benefits and compensation structure as incentives to employees. Such information can be obtained by the human resources department getting current industry data on various industry pay packages. They can also get creative when necessary such as implementing flexible bonus structures and work schedules. HR can obtain this information from the internet or surveys conducted by other interested parties.
Once the relevant data and information are obtained, the organization can use it to devise strategies to curb the high employee turnover. Such data can be used to implement ways of bolstering employees’ engagement (Sheridan, 2014). This is because employees are motivated by healthy social interaction and a more rewarding work environment. The data will also be useful in reviewing the employees’ compensation and benefits package paying attention to the trends in the industry.
The stakeholders in this exercise will be the healthcare institution’s management and its employees. This is because they are directly affected by the high staff turnover. The management has to incur the costs of replacing and training new staff members while the staff are demotivated when their colleagues constantly quit (Lee, 2012). Controlling staff turnover is not an easy task, but the health care facility has made great strides. Currently, there are fewer employees quitting their jobs as a result of additional incentives. Such incentives include flexible working hours and bonuses.
However, managers can do more in reviewing the importance of a positive work environment. They should also come up with ways of recognizing top achievers so as to motivate the rest of the team to work extra harder on their tasks. Recognition, awards and praise are also cost-effective ways to achieve and maintain a productive and happy workforce.
References:
Locke, E. A. (2009). Handbook of principles of organizational behavior: Indispensable knowledge for evidence-based business (2nd ed.). Hoboken, NJ: Wiley. ISBN: 9780470740941.
Marr, B. (2010). The intelligent company: Five steps to success with evidence-based management. Hoboken, NJ: Wiley. ISBN: 9780470685952.
Shemilt, I., Mugford, M., Vale, L. Marsh, K., & Donaldson, C. (2010). Evidence-based decisions and economics: Health care, social welfare, education and criminal justice (2nd ed.). Hoboken, NJ: Wiley-Blackwell. ISBN: 9781405191531.
Lee, T. (2012). Employee voice and employee retention. Academy of Management Journal, 123.
Sheridan, J. (2014). Organizational culture and employee retention. Academy of management Journal, 89.