Psychology In recent years, there exist many new types of economy in globalisation, and then it results in varying new types of job in which different job descriptions depending on different industries. More importantly, the role of employees is day by day appreciated as a core component in the development and the success of any organisational productivity and any company respectively.
Essay on Labour Turnover: Read this essay to learn about Labour Turnover. After reading this essay you will learn about: Meaning of Labour Turnover 2. Effects of Labour Turnover 3. Methods of Reducing Labour Turnover. Essay on Labour Turnover Contents: Meaning of Labour Turnover: Labour turnover refers to the establishment of a relationship between the number of employees leaving during a period of time to the average number of employees during that period.
It may also denote the percentage change in the labour force of an organisation. A higher percentage of labour turnover will mean that employees are not stable and new employees join while old employees leave the organisation.
A lower labour turnover, on the other hand, means that only small number of employees have come in and gone out of the organisation.
The extent of labour turnover can be judged with the help of following formulas: In this method the number of persons separating from the organisation in a particular period is counted and this figure is Essays on labour turnover by the average number of workers in that period to find out labour turnover rate.
In this method the number of workers replaced, and not separated is taken into account. For example, if workers have left the organisation in a particular period but 80 persons have joined on their place, the figure of 80 will be used for calculating labour turnover rate.
Flux Rate Method takes into account both the separations and their replacements. The number of persons who have left the organisation and those who have joined their place are totalled for calculating labour turnover.
Once this percentage is calculated with the help of a specific method, the same should be used again for finding out comparable position.
Every organisation should try to keep labour turnover to the minimum because workers are an asset and they should be retained for as much period as possible. Effects of Labour Turnover: A higher labour turnover will not only mean expenditure on hiring new persons but it also increases labour cost.
Some of the effects of labour turnover are discussed as follows: Hiring of new persons involves the loss of time and money.
A higher labour turnover rate will necessitate spending more resources on employing new persons. The employment of new persons will require their training facilities also.
There will be a loss of production during interval between separation and employing of new workers. The machines and equipment will remain idle during the interval of replacing the workers and their training period. The rate of production will be low in case of new employees. There will also be more depreciation of machines and equipment because new workers will take time to learn their jobs.
New workers will not be able to maintain proper quality of goods. The separation of employees will disturb production schedule.
To meet order in time overtime payments may have to be made. Higher labour turnover will increase labour cost per unit.
Types of Labour Turnover: Labour turnover is of two types: It means selection or addition of new employees.ECONOMICS CHAPTER 1- INTRODUCTION TO ECONOMICS Assumed 3 decision makers- consumers (households) – that sell land, labour, capital & entrepreneurship and firms- that pay rent, wages, interest and profits (rewards for above factors of production) firms then use the factors to produce G/S in return for payment from consumer.
Fifty Orwell Essays, by George Orwell, free ebook. Unfree labour is a generic or collective term for those work relations, especially in modern or early modern history, in which people are employed against their will with the threat of destitution, detention, violence (including death), compulsion, or other forms of extreme hardship to themselves or members of their families..
Unfree labour includes all forms of slavery, and related. By definition, psychological contract has been stated as “a set of unwritten reciprocal expectations between an individual employee and the organisation” (Schein, ) and “ the perceptions of the two parties, employee and employer, of what their mutual obligations are towards each other” (Guest and Conway, ).
This free Business essay on EFFECTS OF EMPLOYEE TURNOVER is perfect for Business students to use as an example.
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