HRM200 Lecture 9: Module 9

• School: University of Waterloo
• Department: Human Resources Management
• Course: HRM200
• Professor: Peter Buhr

Document Summary

Turnover the termination of an individual"s employment with an organization, most common reason being downsizing or restructuring, turnover rates vary by industry, size of company and age of workers. The first cost is only applicable when the turnover is involuntary. Separation: the costs of time and money spent on the separation interview, administration, separation or severance pay, the costs for temporary workers, overtime, or loss of productivity due to the. Training: the costs to recruit and hire a replacement, the costs associated with training, on-boarding and developing a replacement. Departing employees might migrate to competing firms where their knowledge and abilities can be used as a disadvantage to the firm. Trends and early warnings of pending voluntary turnover can be identified through exit interviews, staff surveys, and annual hr reviews. Unexplained reasons are grouped under the term hobo phenomena . There is no current legislative requirement for a notice period for voluntary resignation, or quitting.