PMAP 4041: Problem Set 3 Grading: This assignment is worth a total of 34 points (5% of your overall grade). Question 1: Please answer the following questions based on the information in Table 1.Table...

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Answered 14 days AfterJun 30, 2021HC2101

Answer To: PMAP 4041: Problem Set 3 Grading: This assignment is worth a total of 34 points (5% of your overall...

Karishma answered on Jul 15 2021
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SUPP ASSESSMENT
        
Student Number: (enter on the line below)
Student Name: (enter on the line below)

ANSWER: 1
Monthy turnover rate :
Total Number of Separated Employees / Total Number of Employees Midmonth * 100 .
Monthly Turnover rate for mo
nths , is below mentioned:
March : 6.59 % | April : 8.18% | May : 11.51% | June: 13.51% | July: 15.17%
Overall monthly turnover for past five months works out to be 10.70 %
Since, the employee turnover/attrition rate is increasing every month by +2% rise in employee separation, this high rate of employee turnover is alarming and indicates serious internal issue that must be addressed. Higher employee rate affects the productivity as well as adds to additional cost in terms of hiring and recruitment including trainng.
ANSWER: 2
-There must be steps taken to reduce the overall employee turnover rate by engaging more with employee through exit interviews and understanding the cause & reason on leaving the organisation. This involves complete cycle starting from hiring right set of candidates to keeping the compensation and benefits in line with industry standard & individual’s capability and contribution. Employees feel valued with the act of generosity and gratitude, therefore giving them more tangible rewards act as motivator for retention.
-Other remedies, would depend case to case, HR must engage to understand employee mindset and allow them flexibility in terms on maintain their Work Life balance.
-Ensure employees are nourished on the job by giving them trainings and prospects for growth and development. Culture of respect can only be demonstrated with the management actions and offering other benefits to the employees which aligns with their motivation and synergies.
ANSWER: 3
Currently, I have been employed in a service industry which belongs to Customer Relation Management Segment. Employees hired for such profile are usually School / College graduates. There is huge attrition rate in this industry and segment. Retention of Employees is one of the major issue in Business process outsourcing industry. Following are three reasons for higher employee turnover in my current industry:
(1) Youngsters Keep Changing Job Profile for hike or raise in Salary Profile: The Average age of employees engaged as agents for calling/ chatting process is majorly 18years-25years. During this age, youngsters tend to explore and are in need more financial hike to support their expenses and other family needs. Particular, these employees switch for better financial package and lucrative working environment. Youngsters today do not have patience and mindset to wait for several years before switching for another...
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