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What is meant by wastage analysis in human resource planning?
Wastage analysisConcept, meaning and definition- It is an element of labour turnover- It is severance from the organization, which includes voluntary retirement, normal retirement, resignations, deaths and dismissals.- It decreases with the increase of length of service.- It also decreases with increased skill exercise and age.- In human services, turnover, or employee withdrawal behavior, has become a serious personnel problem.- Turnover creates consider¬able costs for the organization, decreases productivity, disrupts worker relationships, and can increase waste and accidents.- Thus turnover must be considered during human resource planning es¬pecially in regard to supply forecasting.- Organizations must expect a certain amount of turnover, but they must also be able to calculate and evaluate their turnover rate.- To calculate turnover rates, administrators must first define a "turn¬over." Discharges, retirements, and deaths may be areas that create problems in the definition. Once a definition is determined, however, data collection and calculation of turnover rates is relatively straight¬forward: Count the number of turnovers and then compare that number with the total number of employees. From this, a percentage rate is determined.- Evaluation of turnover is a bit more complex. There are a number of ways to conduct turnover analysis;o comparison studies are among the simplest.o Administrators may want to compare the turnover rate in their organizations with that of other organizations, with data presented by government agencies or trade organizations, or with organizational objectives.o Although these comparisons can be valuable, they provide little information in regard to the organization's indi¬vidual situation.o Thus administrators might also want to compare the rate internally (Watts & White, 1988). Internal turnover comparisons often involve the dividing of em¬ployees who have left by a variety of factors: department, supervisor, performance level, length of employment, and career path (external hire or internal hire/promotion). The division of employees in this way can provide insight into the causes of turnover.o Qualitative information to supplement the analysis can be obtained by job satisfaction surveys or exit interviews. Ultimately, solutions or pre¬ventative strategies can be sought.Difference methods of Wastage Analysis- Labour Turnover Index:- It indicates the number of leavers as percentage to average number of employees.- Labour Turnover = Number of employees leaving/Average number of employees employed * 100.Stability indexConcept, meaning and definition:- Stability Index = number with more than 1 year service now / total employed 1 year ago * 100
How social responsibilities of managers of organizations change over time?
Social responsibility is defined as the obligation and commitment of managers to take steps for protecting and improving society's welfare along with protecting their own interest. The managers must have social responsibility because of the following reasons:1.Organizational Resources- An organization has a diverse pool of resources in form of men, money, competencies and functional expertise. When an organization has these resources in hand, it is in better position to work for societal goals.2.Precautionary measure - if an organization lingers on dealing with the social issues now, it would land up putting out social fires so that no time is left for realizing its goal of producing goods and services. Practically, it is more cost-efficient to deal with the social issues before they turn into disaster consuming a large part if managements time.3.Moral Obligation - The acceptance of managers' social responsibility has been identified as a morally appropriate position. It is the moral responsibility of the organization to assist solving or removing the social problems4.Efficient and Effective Employees - Recruiting employees becomes easier for socially responsible organization. Employees are attracted to contribute for more socially responsible organizations. For instance - Tobacco companies have difficulty recruiting employees with best skills and competencies.5.Better Organizational Environment - The organization that is most responsive to the betterment of social quality of life will consequently have a better society in which it can perform its business operations. Employee hiring would be easier and employee would of a superior quality. There would be low rate of employee turnover and absenteeism. Because of all the social improvements, there will be low crime rate consequently less money would be spent in form of taxes and for protection of land. Thus, an improved society will create a better business environment.
What is the meaning of PmHr?
predicted maximum heart rate gud question. I want to be a doctor.predicted maximum heart rate....
What are the prerequisites of Capital Budgeting?
When making capital budgeting decisions the following need to be considered:Accounting rate of returnPayback periodNet present valueProfitability indexInternal rate of returnModified internal rate of returnEquivalent annuityReal options valuation
A Basic Guide to Performance Management?
Performance management is a procedure that will provide both the employer and the employee the opportunity to establish a set of goals that will relate to the goals of the company. Employee performance is monitored and structured to make sure the employee is working toward the goals at an acceptable rate of performance and is provided with a written and measurable evaluation plan. The first step in creating a performance management system in your company is to create a mission statement for your company, as well as a list of goals. For each goal, you also want to create a plan of how you the company can achieve it. The more detailed each one is, the better you will be able to measure the company’s success in achieving each one. Regardless of how menial a goal may seem, it can make a big difference in the profits. Next, you will need to create complete job descriptions for each employee you have on staff. Each position should have a detailed, itemized list of responsibilities. Again, the more descriptive and detailed the job description is, the better. Along with the job description, you will also need to write a performance evaluation template for each job description. Each duty should be able to evaluated. Often, the duties are measured on a scale of 1 to 10, with 10 being the highest performance. Each manager in the company should be educated in performance management. This would include how to evaluate an employee’s performance and how to write a list of goals for each employee. They should meet with each employee at set intervals throughout the year for an evaluation of their abilities and determine how well they are achieving their goals. Consistency with the evaluations is very important to keep the employees on the right track. Performance management is a process that can take some time to implement in your company. However, with consistency and fairness, it can help you to create more effective and efficient employees and a more successful business. Not only that, employees who receive consistent evaluations and praise for meeting goals will be more satisfied employees. In turn, happier employees can lead to a more profitable business for you.
What are the risk of employee turnover?
Employment turnover is basically the rate the company needs to replace the employees who had left the company. For example, when somebody said the company's employment turnover rate is high, meaning many people left the company.
What is the employee turnover rate at Sprint?
100%. The chances the employee getting fired is in their 1st year after employment.
What Is safeways employee turnover rate?
Over time it's 100 percent!
What are some benefits of having a low employee turnover rate?
Turnover might be a goal for employers to reduce placement in training cost,increased productivity,enhanced customer service,or improved product quality.
Which body of congress has a higher turnover rate than the other?
the house has a turnover rate of 93% the senate is closer to 80%
What is the definition of staff turnover?
In a human resources context, turnover or staff turnover or labour turnover is the rate at which an employer gains and loses employees. Simple ways to describe it are "how long employees tend to stay" or "the rate of traffic through the revolving door".
What is turnover rate of plasma glucose pool?
Glucose is available in pools of plasma once it is created by biological processes. The turnover rate has to do with energy expenditure for the animal.
What is relationship of asset turnover rate to the rate of return on total assets?
It is the ratio..
What should you ask a potiental employer?
What would a normal working day be like in this position? How will my job performance be evaluated? What is the rate of the of employee turnover? Are there opportunities for advancement? Are flexible work schedules permitted?
What is the turnover rate in the dental hygienist field?
high
How do you calculate accounts receivable turnover rate?
Net Sales / Average Accounts Receivable = Account Receivable Turnover
What are the importance of employee orientation?
Increased job satisfaction and morale among employees Increased employee motivation Increased efficiencies in processes, resulting in financial gain Increased capacity to adopt new technologies and methods Increased innovation in strategies and products Reduced employee turnover Enhanced company image, e.g., conducting ethics training (not a good reason for ethics training!) Risk management, e.g., training about sexual harassment, diversity training
