Turnover and Retention Concepts

Turnover and Retention

• Turnover Rate: Calculated as the number of departures during the year divided by the average number of employees, multiplied by 100.
• Bridge Employment: Reducing hours and job demands for retiring workers.
• Boomerang Employee: Former employee returning to the organization, often costing less to re-employ.
• Employability: Focuses on employee skill development to secure and advance careers.
• Employment at Will: Both organizations and employees can terminate employment at any time.
• Involuntary Turnover: Employee termination initiated by the organization.
• Voluntary Turnover: Employee resignation or departure initiated by the employee.
• Job Satisfaction: Employee contentment with work, supervision, pay, and advancement.
• Layoffs: Departures due to economic or strategic reasons.
• Unemployment Insurance: Monetary payments to the unemployed.
• Work Engagement: Emotional commitment to the work and self-contribution to work.
• Stay Interviews: Conducted to understand employee reasons for staying and address concerns.
• Severance Pay: Payment to departing employees.
• Pulse Surveys: Short, frequent surveys to predict and monitor turnover.

Compensation and Benefits

• Executive Order 11246: Expanded protections against employment discrimination.
• Exempt Employees: Not covered by minimum wage and overtime laws.
• Non-Exempt Employees: Covered by minimum wage and overtime laws.
• Fair Labor Standards Act: Regulates overtime pay, minimum wage, hours worked, and recordkeeping for nonexempt employees. Covers organizations with $500,000+ annual gross sales.
• Job Evaluation: Systematic process to determine job worth.
• Job Structure: Data from internal and external equity sets pay levels for benchmark and non-benchmark jobs.
• National Labor Relations Act (NLRA): Includes a provision about pay transparency, Section 7 allows employee pay discussions in collective bargaining.
• Organizational Justice Theory: Focuses on fairness perceptions, stemming from equity theory.
• Pay Secrecy: Policies and practices to limit pay information exchange.
• Pay Structure: How an organization applies pay rates to various jobs or skills.
• Pay Transparency: Extent to which organizations share pay information.
• Point Factor Method: Job evaluation technique assessing job values based on factors like skills, responsibilities, and effort
• Reward Systems: Structured incentives based on performance, behavior, or achievement.
• Total Compensation: All forms of pay, including salary, benefits, bonuses, and commissions.
• Employee Stock Ownership Plans (ESOPs): Rewards employees with stock share appreciation.
• Pay for Performance Programs: Encourages employees to reach performance goals through monetary incentives.
• Traditional Pay Programs: Reward employees based on job description, title, or level. Relatively fixed and stable compensations.

Motivation and Performance

• Expectancy Theory: Motivation consists of expectancy, instrumentality, and valence.
• Extrinsic Motivation: External driving forces for behavior.
• Intrinsic Motivation: Internal driving forces from perceived meaningfulness or enjoyment.
• Goal-Setting Theory: Specific, difficult, yet attainable goals increase motivation and performance.
• Instrumentality: Belief that high performance leads to rewards.
• Merit Pay: Pay increases integrated into base pay.

Labor Relations

• Collective Bargaining: Negotiating wages, hours, and working conditions between unions and employers.
• Employee Handbooks: Outlines rules, expectations, onboarding, and enforcement.
• Labor Management Relations Act: Granted unions rights like collective bargaining and defined unfair labor practices.
• Labor Management Reporting and Disclosure Act: Regulates union internal workings and ensures fair elections.
• National Labor Relations Act: Added unfair labor practices for employees and prohibited certain strikes.
• National Labor Relations Board (NLRB): Supervises union elections and investigates unfair labor practices.
• Right-to-Work Laws: Individuals aren't compelled to join unions or pay dues.

Work-Life Balance and Well-being

• Family-to-Work Conflict: Nonwork responsibilities interfering with work.
• Work-to-Family Conflict: Work responsibilities interfering with nonwork.

Workplace Safety and Health

• National Institute for Occupational Safety and Health (NIOSH): Supports workplace safety and health research.
• Occupational Safety and Health Administration (OSHA): Ensures safe working conditions by enforcing standards.
• Safety Committee: Employee participation in safety-related decisions.
• Safety Compliance Behavior: Extent workers follow safety rules and regulations.
• Safety Officer: Examines workplace safety and health issues.
• Safety Participation Behavior: Willingness to support safety among coworkers.
• Total Worker Health: Integrates safety and wellness programs for systematic change.
• Workplace Accidents: Measurable outcomes like slips, trips, and falls.
• Workplace Fatalities: Measurable outcomes like fatalities.
• Workplace Injuries: Measurable outcomes like injuries.
• Workplace Bullying: A form of stress from supervisors, coworkers, or culture.
• Workplace Intervention: Addressing specific safety or health issues.

This quiz explores key concepts related to employee turnover and retention strategies in organizations. It covers terms such as turnover rate, bridge employment, and job satisfaction, along with their implications for workforce management. Test your knowledge on how these concepts affect organizational dynamics.