HRM200 Chapter Notes - Chapter 15: Employee Engagement, Wrongful Dismissal, Job Satisfaction
16 Jun 2016
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Document Summary
Managing employee separations: foundations of employee engagement, communication, and turnover. Turnover: refers to the termination of an individual"s employment with an organization. Can be permanent or temporary and can be a result from the employer or the employee. Voluntary turnover: is employee initiated, usually in the form of quits or retirement or resignation. Involuntary turnover: is employer initiated, usually in the form of dismissals of layoffs. Separation costs: the cost of exit interviews, administrative functions associated with the turnover, and separation or severance pay. Vacancy costs: the net savings or cost incurred of increased overtime, the use of temporary workers, and the loss of sales associated with the vacancy. Replacement costs: the cost of recruiting and hiring a replacement to fill the vacant position (including the cost of interviews, testing, administrative expenses, travel/moving expenses, and so on) Training costs: formal and informal training (including the performance differential between employees exiting the organization and their replacement)
