Online published on 28 February, 2020.
Employees are important assets in any running of a business; without them the business would be unsuccessful. Employee turnover is the process of replacing one worker with another for any reason. A turnover rate is the percentage of employees that a company must replace within a given time period. This rate is a concern to most companies because employee turnover can be a costly expense, especially for lower-paying jobs, which typically have the highest turnover rates. Having an employee leave a company, either because of his or her choice or after being fired or otherwise let go, might require various administrative tasks to be performed and severance pay or other payments made to the employee. Replacing the employee might require such things as advertising the open position, usingaso-called head hunterorotherservice to findpotential job candidates, bringingin candidates for interviews and eventually training the new employee.
Employee turnover is always taken as a negative aspect of any business house. It not only affects the production and in long run the profit but also the working culture and learning environment of the corporate sector.
There are several factors that play a vital role in the employee turnover rate of an organisation. These factors can be from the employer side also. Psychological needs like motivation, recognition, performance, monetary benefits, working environmentareconsidered to be mainangleforemployee turnover. However, in today scenario the corporate houses are clear that an employee with high ambitions and with extremely good knowledge remains with the company for not more than 24 months to 36 months.
The continuous training and positive reinforcement develops an employee to be more committed, competent, consistent, competitive and effective which also in long run plays a very important role in the employee turnover which is result of global competitiveness.
In this scenario, employer may keep their employees motivation and morale in a high degree of satisfaction which also make an employee feel that they are valuable or important to the organisation. This can be achieved by keeping their employees involved in all the activities of the company like decision making, meetings, future planning etc.
Employee turnover has beendefinedasapermanent movementof theemployee beyond the boundary of theorganization. Interest in thetopic has gained momentum in the recent pastamong organizational psychologists, economists, and sociologists with different perspectives.
Data was collected from 449 employees of a two well-known steel companies Tata Steel and Hindalco. A 23-itemquestionnaire was developed to study the relationship of company image, pay satisfaction, nature of work, and nature of peer group, comparison to peer group, inside career opportunities, expectations-reality match and turnover perceptions with intentions to stay. A step wise regression analysis through SPS showed that expectation reality match, length of service, turnover perception and outside career opportunity were responsible for causing intention to stay/quit in both the Organizations. In The only common predictor identif ied for the two organizations is turnover perception indicating that employee's perception of manpower stability in the organization causes intentions to stay. The findings have implications for redesigning work settings to attract, motivate and retain the best employees. The relationships of some demographic variables like Gender, age and designation were also put to test.
The present paper is an attempt to understand employee turnover of steel companies of Odisha. Chapter-I: Deals with the overview of employee turnover, introduction to employee turnover, reasons of employee turnover. Chapter-II: Deals with review of available literature on earlier studies, the objective of studies, limitations of the study, research Methodology etc. Chapter-III: Explains the portfolio of the research Universe. Chapter-IV: This chapter deals with the data analysis collected from visit. Chapter-V: Deals with findings, suggestions and conclusion
