Strategies for Reducing Labour Turnover

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What do preventative costs refer to in terms of labour turnover?

Costs associated with preventing employees from leaving (correct)

Costs incurred when employees resign

Costs associated with training existing employees

Costs incurred as a result of hiring new employees

How can an organization reduce preventative costs related to labour turnover?

Increasing employee turnover rate

Implementing effective training programs (correct)

Encouraging employees to resign

Reducing incentives for employees

Which of the following is a method used to calculate replacement costs due to labour turnover?

Multiplying the salaries of current employees by their tenure

Calculating the expenses incurred from employee resignation letters

Estimating the overtime costs due to vacancies

Adding the costs of hiring and training new employees (correct)

What is the primary goal of keeping labour turnover as low as possible according to the text?

To minimize the costs associated with labour turnover Signup and view all the answers

Why should management attempt to keep labour turnover as low as possible?

To minimize the costs associated with labour turnover Signup and view all the answers

What is one of the adverse effects of labour turnover mentioned in the text?

Hampers productivity Signup and view all the answers

Which cost increases due to the training or learning phase of a new worker?

Training expense Signup and view all the answers

What is an example of a replacement cost associated with labour turnover?

Advertising and hiring expenses Signup and view all the answers

How does labour turnover impact the morale of co-workers according to the text?

Decreases morale Signup and view all the answers

What is one of the benefits of new hires mentioned in the text?

Boosting organizational culture Signup and view all the answers

What is the purpose of Replacement Method in calculating employee turnover?

To assess the percentage of employees replaced during a period Signup and view all the answers

Which cost is considered a considerable expense for an organization when dealing with labour turnover?

Training expense of new hires Signup and view all the answers

Which factor contributes to the Cost of selection and placement as a prevention cost?

Training costs for new employees Signup and view all the answers

How is the Separation Method calculated in determining employee turnover?

Number of employees separated during the period Signup and view all the answers

Which cost is considered a part of prevention costs to avoid high employee turnover?

Cost of welfare services like sports facilities Signup and view all the answers

What is the purpose of Flux Method in calculating employee turnover?

To show the combined effect of employees left and replaced Signup and view all the answers

Which method is used to determine the average number of employees during a period in employee turnover calculations?

Replacement, Separation, or Flux Method Signup and view all the answers

Strategies for Reducing Labour Turnover

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