Termination occurs when an employer or an employee ends an employee's employment with a particular employer. Termination can be voluntary or involuntary depending on the circumstances. When termination is initiated by the employer, it is usually involuntary. Reasons for involuntary termination of an employee range from poor performance to attendance problems to violent behavior. Involuntary termination, such as a layoff, can occur because an employer lacks the financial resources to continue an employment relationship. Other events that can trigger an involuntary termination may include mergers and acquisitions, a company relocation, and job redundancy.
ESN Solutions: Exit interviews, Turnover Analysis, Unemployment Claims Management....
The direct and indirect costs of employee turnover range from 30% - 200% of the annual compensation for the now vacant position! For employers who do not have a well-trained management team implementing systematic process, costly mistakes can happen. A common mistake employers make when an employee gives notice they are quitting is not performing a detailed exit interview.