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Employee turnover and key personnel retention; a review and analysis of Trident UK

Extracts from this document...

Introduction

University of Hull Independent Study 26432 Name: Alex Jones Student Number: 200214309 Title "Employee turnover and key personnel retention; a review and analysis of Trident UK" Abstract Employee turnover and retention are two factors that are becoming increasingly important in business, particularly in the current job market where unemployment is low and obtaining those with the necessary skills and abilities is becoming harder. Staff turnover rates have a significant impact on business, particularly in a professional service organisation such as Trident UK where the 'personal relationships established between employees and clients are central to ongoing success' (Torrington et al. 2002). Lewis et al. (2003) consider the term psychological contract which in addition to the formal contract of employment 'refers to the expectations of employer and employee' (Lewis et al. 2003:12). The study and research will largely be of a qualitative nature and key points will be drawn from the findings of the employee satisfaction survey, directors' and leavers' interviews. The findings conclusiveness is affected due to the sample being of around 30%, where 100% would be ideal. A possible key to Tridents current prosperity could be down to the factor that the differences between shop floor and the directors are so small. Review basic supervision practices: - The employee satisfaction survey indicated that only 56% of employees agree that they receive sufficient supervision and feedback from line managers, whilst the employee questionnaire results also show that lack of confidence in management and lack of recognition could leave to employees to consider their position. A review of these practices to ensure that company standards are met in terms of regular and effective supervision for all employees could highlight areas of weakness that need addressing. Acknowledgments I would like to acknowledge the directors and management at Trident UK for their ongoing support and assistance throughout the preparation and research involved with this study, particularly Brenda Dowds and Dave Keel. ...read more.

Middle

employee and asked questions regarding every aspect of their working lives including training opportunities, supervision and management qualities as well as employee considerations on the remuneration package they receive. The key statistics and facts from the survey are outlined below: ? 95% responded favourably when questioned about personal treatment. ? 70% responded favourably in relation to fair consideration for job openings. ? 33% responded favourably in relation to pay compared to similar jobs in the area. ? 22% responded favourably in relation to health insurance. ? 63% responded favourably to availability of training opportunities. ? 56% agreed that they receive performance feedback from supervisors ? 87% agreed they had a strong commitment to Trident UK 5.0 Employee Questionnaire: Findings Summary & Analysis This section will review the answers from the employee questionnaire looking at the coded data and providing summaries of the findings in context to the objectives. Each question will be summarised by two key fact bullet points before further analysis takes place to help better put the findings into appropriate context; an example of a completed questionnaire can be found at APPENDIX FIGURE 1. 1. In general, how do you feel about working for Trident? Manager Supervisor Employee Total Enjoy 3 4 25 32 Happy 1 9 10 Satisfied 2 2 Unhappy 0 Bored 0 Other 0 Summary: ? 72% employees on all levels 'enjoy' working for Trident. ? 0% feels negatively about their current position. Analysis: These results generally go along with the findings of the customer satisfaction survey where 87% responded favourably, with only 3% giving an unfavourable response. It may be possible that the 3%'s attitude has changes slightly in the five-month period between questioning. 2. What is your key motivation behind your work? Manager Supervisor Employee Total Personal fulfilment 6 6 Money 4 4 Career progression 2 2 14 18 Challenge 2 1 3 Passion for actual work 1 1 6 8 Continued learning and development 5 5 Something to do 0 Other 0 Summary: ? ...read more.

Conclusion

A review of these practices to ensure that company standards are met in terms of regular and effective supervision for all employees could highlight areas of weakness that need addressing. * Increase practice of exit interviews: - Although Trident's current employee turnover is very low and a degree of natural turnover deemed an acceptable practice, use of such interviews can potentially benefit Trident; this is particularly important for key personnel when a desire to leave is expressed. Such an interview is often held and the management look at the reasons why they are leaving and see if there is any reasonable remedy to the issues. However increased use of these interviews on all leavers can not only assist in dissuading key personnel from leaving but can also uncover smaller issues that can be easily addressed. It must be ensured that these interviews are held by an appropriate representative (likely to be an HR officer) so as to encourage genuine answers from the interviewee, as some may feel uneasy about speaking their true feelings about the company to e.g. a director. * Introduce career development plans for all employees within one year of starting: - The importance of career development has been deemed an important factor in relation to all employees morale and motivation. Although it seems that a number of employees have their intended path set out for them, there are also a number of employees that are unsure of their future within the company and this proves to be unsettling. The directors' interviews indicated that as a dissuasion technique for those considering leaving a clear outline of where that employee stands within the company is given as well as where they are seen to be heading. Implementing this practice at an earlier stage, possibly through supervision interviews, could prevent the consideration to leaving from actually happening. Through having a clearly defined career path of timed progression within the company employees' security needs have not only been considered but their self actualisation desires have been addressed therefore increasing motivation and providing goals for which the employee can work towards, potentially increasing productivity. ...read more.

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