PMD2 conducting assignment research Essay Example | Topics and Well Written Essays - 250 words

PMD2 conducting assignment research - Essay Example Some of the problems that contribute to the research topic broadly include: Lack of opportunities for professional development. Employees do not reach points in their life`s and stop developing. Professional development occurs continuously throughout the life of employees that is why if there are no opportunities to further their professionalism –stuck in one position- employees leave to seek better opportunities elsewhere (Baker 47). Job stress and poor relationships with managers. Even when employees are completely committed to the ensuring success of the organization, their immediate supervisors sometimes create uncomfortable work environment prompting them to consider leaving the organization. In some cases the supervisors treat them unprofessionally. Inadequate compensation. Employees’ key motivating factor is better pay and compensation for their effort in the organization. When better opportunities avail themselves employees consider leaving the organization to explore this opportunities which offer better pay. One crucial component of financial management, regardless of size is to ensure that the cost of operation of the business is kept at a minimum. The point is to ensure the best possible margins of profit for the sustainable growth and success in the business. Employee turnover represent a significant cost incurred by the business. The cost incurred could substantially affect the profit margins of the organizations. It cost at least one and half times the base salary to replace an employee. Other factor cost include cost due to a person leaving, lost productivity, hiring and training cost. All this cost should be minimized to ensure high profit margins (Baker 77). Employee turnover: assessing churn rate. A high turnover rate is an indication low employee morale in the organization while a low rate implies high morale in the organization. Turnover rate creates a clear impression of the level of morale, however it normally provides a