Employee Turnover and Motivation

In: Business and Management

Submitted By sophan86
Words 7668
Pages 31
Hiring employees is only the first step to creating a strong work force. Next, you have to keep them. Employee turnover costs businesses owners both in time and productivity, and the impact is especially large at a small firm because of the relative connection to its size. But how can a small firm offer the right motivational factors to ensure that the staff remains within the organization? How can they compete with motivational employee benefits of larger corporations?
This paper looks at one case company, a small accountancy firm located in Sweden that offers a wide range of financial services, mainly within four main categories: economic consultations, tax-returns, bookkeeping and auditing. The firm currently has 13 employees of different educational background, divided into two sections; bookkeeping and auditing. The firm has one manager who is also the sole owner of the company. This person is an authorized accountant who will remain anonymous in this paper but referred to as “Laura” in the remaining of this paper. The firm is currently expanding but is experiencing difficulties in motivating well-educated employees to stay long term. During the past year, two employees have quit their jobs and one of the replacers is currently on sick leave due to burnout.
The concern is that if the firm does not improve its employee retention, they will spend an excessive amount of time trying to recruit and train new people, so retention of the current employees is important. They want to look into this issue and provide a plan to improve retention.

The intent of this paper is to investigate the main retention factors relating to job satisfaction, derived from the work practice itself, at the given case company, and to suggest ways to improve retention. By applying a given theoretical framework on a small enterprise in the consulting business, this…...

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