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Minimizing Turnover and Expenses

Why Do Employees Leave and What Are the Costs of Turnover?A recovering U.

S. economy means a healthy job market. This leads to rising employee turnover and many challenges for employers and managers that find themselves in a war for talent. Learn how to take the necessary steps to identify problem areas, reduce turnover and increase retention and productivity. This topic will assist organizations in determining reasons why they have employee turnover, identifying the costs of turnover, effective retention, performance improvement and compensation best practices in reducing this turnover.

Runtime: 87 minutes

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Why Do Employees Leave?

  • Work Satisfaction - Mismatch Between Skills, Job and Company Culture
  • Work Relations (Inadequate Supervision)
  • Value Proposition (Unequal or Substandard Wages)
  • Operations (Substandard Equipment, Tools, Facilities)
  • Lack of Advancement or Personal Professional Growth
  • Work Life Balance

What Are the Costs of Turnover?

  • Productivity
  • Hiring and Training Costs
  • Employee Morale and Engagement

How to Reduce Turnover and Retain Top Performers

  • Make the Right Hire Through Effective Recruiting, Screening and Interviewing
  • Listen and Take Action on Employee Engagement Survey Results
  • Manage Performance Through:
    • Effective Goal Setting
    • Timely Feedback
  • Provide Development Opportunities
  • Ensure Compensation Is Aligned With the Work Being Done
    • Align Pay for Performance
    • Educate Your Team on the Company's Compensation Practices
    • Provide HR With Accurate Job Descriptions to Ensure the Job Is Appropriately Priced to Market
    • Maintain a Pulse on What the Market Is Paying for Jobs Managed
  • Communicate Effectively and Frequently

How to Prepare for Turnover

  • Have a Succession Plan in Place for Key Roles in Your Department:
    • Determine the Impact of Each Position on Your Department and Ultimately the Organization's Success
    • Determine the Vacancy Risk of Those High Impact Positions (e.g., Retirement, Employee's Marketability, Life Events)
    • Identify Possible Successors and Provide the Critical Experiences and Development Opportunities to Prepare for the Role
    • Know What the Market Is Paying for Like Positions
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on October 29, 2019.

Call 1-866-352-9540 for further credit information.

  • AIPB 1.5
     
  • This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Tara Morey

Tara Morey

Findley

  • Senior consultant with Findley
  • 20+ years of HR experience (12 years in consulting, 10 years in corporate HR roles)
  • Has the following certifications: Project Management Professional (PMP), Human Resource Information Professional (HRIP) and a Six Sigma Yellow Belt
  • Has presented on multiple topics for many different organizations including the following topics: Hiring for Safety; Measuring Performance – HR Metrics; Employee Performance Management; Automating Performance Management; Knowledge Harvesting; Developing the Next Generation of Leaders
  • M.S. degree in industrial organizational psychology, University of Tennessee, Chattanooga; B.A. degree in psychology, Ohio University, Athens, Ohio
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Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 406957
Published 2019
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