Business Management SL
Business Management SL
6
Chapters
175
Notes
Unit 1 - Introduction To Business Management - QB
Unit 1 - Introduction To Business Management - QB
Unit 2 - Human Resource Management - QB
Unit 2 - Human Resource Management - QB
Unit 3 - Finance & accounts - QB
Unit 3 - Finance & accounts - QB
Unit 4 - Marketing - QB
Unit 4 - Marketing - QB
Unit 5 - Operations management - QB
Unit 5 - Operations management - QB
Unit 6 - Assessment
Unit 6 - Assessment
IB Resources
Unit 2 - Human Resource Management - QB
Business Management SL
Business Management SL

Unit 2 - Human Resource Management - QB

Master The Intricacies Of Labour Turnover: A Vital KPI For Business Success

Word Count Emoji
698 words
Reading Time Emoji
4 mins read
Updated at Emoji
Last edited onย 5th Nov 2024

Table of content

What's labour turnover? ๐ŸŒŸ

Imagine a business as a big merry-go-round. ๐ŸŽ  Now, picture the employees as the passengers. Labour turnover measures how often passengers (or employees) get on and off during one full ride (or year).

 

โœจ Quick Definition: Movement of employees in and out of a business over a period of time (mostly a year). It helps us see if a business is more like a calm boat ride or a stormy sea! ๐ŸŒŠ

The magic formula ๐Ÿ“

Labour Turnover (%) =
(number of staff leaving over a year ÷ average number of staff employed in a year) x 100

High labour turnover - good or bad? ๐Ÿ”ฅ

  • The Bad News

    • High turnover usually means unhappy workers. ๐Ÿ˜Ÿ

    • It signals other employees that "Hey, something's wrong here!"

    • Constantly hiring? ๐Ÿ’ธ Expenses go up! Training isn't free, you know.

    • Newbies on the team? They might take a while to adjust, so productivity dips.

      Real-world Example: Imagine a football team where players keep changing every match. Would they play well together immediately? Probably not!

  • The Not-so-bad News

    • High turnover can happen when the economy is booming and people jump for better jobs. ๐Ÿš€
    • Young employees sometimes switch jobs like they switch clothes. It's not always the company's fault!
  • The Good News

    • Fresh faces bring fresh ideas! ๐ŸŽ‰

    • If a lazy worker leaves, it's like taking out the trash. The team might even throw a party!

      Real-world Example: Remember when you got that new classmate who had all these exciting stories? Fresh energy, right?

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IB Resources
Unit 2 - Human Resource Management - QB
Business Management SL
Business Management SL

Unit 2 - Human Resource Management - QB

Master The Intricacies Of Labour Turnover: A Vital KPI For Business Success

Word Count Emoji
698 words
Reading Time Emoji
4 mins read
Updated at Emoji
Last edited onย 5th Nov 2024

Table of content

What's labour turnover? ๐ŸŒŸ

Imagine a business as a big merry-go-round. ๐ŸŽ  Now, picture the employees as the passengers. Labour turnover measures how often passengers (or employees) get on and off during one full ride (or year).

 

โœจ Quick Definition: Movement of employees in and out of a business over a period of time (mostly a year). It helps us see if a business is more like a calm boat ride or a stormy sea! ๐ŸŒŠ

The magic formula ๐Ÿ“

Labour Turnover (%) =
(number of staff leaving over a year ÷ average number of staff employed in a year) x 100

High labour turnover - good or bad? ๐Ÿ”ฅ

  • The Bad News

    • High turnover usually means unhappy workers. ๐Ÿ˜Ÿ

    • It signals other employees that "Hey, something's wrong here!"

    • Constantly hiring? ๐Ÿ’ธ Expenses go up! Training isn't free, you know.

    • Newbies on the team? They might take a while to adjust, so productivity dips.

      Real-world Example: Imagine a football team where players keep changing every match. Would they play well together immediately? Probably not!

  • The Not-so-bad News

    • High turnover can happen when the economy is booming and people jump for better jobs. ๐Ÿš€
    • Young employees sometimes switch jobs like they switch clothes. It's not always the company's fault!
  • The Good News

    • Fresh faces bring fresh ideas! ๐ŸŽ‰

    • If a lazy worker leaves, it's like taking out the trash. The team might even throw a party!

      Real-world Example: Remember when you got that new classmate who had all these exciting stories? Fresh energy, right?

Unlock the Full Content! File Is Locked Emoji

Dive deeper and gain exclusive access to premium files of Business Management SL. Subscribe now and get closer to that 45 ๐ŸŒŸ