It is important to note that employee turnover is a major issue for both large and small businesses. The concept is primarily used to describe the decrease or loss of the general talent pool in a company within a specified period of time. More specifically, the term is used to define the total number or percentage of workers who leave their jobs in either a willing or unwilling manner (Mayhew, 2019).
One should note that certain regions of the nation can be potentially lucrative in regards to the opportunity offered. Newfoundland is a Canadian region, where the total population is equal to 521542 (Zheng & Lamond, 2010). Thus, the given location is an attractive option for potentially profitable and safe investment measures. Employee turnover is expected in small businesses in Newfoundland since they usually do not have enough resources or facilities to support large groups of employees. The problem is a lack of sufficient resources, and it may discourage employees because they may feel uncomfortable working for low wages and in an unfriendly environment.
The proposed method for primary data collection can be conducted through surveys due to their plausibility in the given context. The secondary data points can be acquired by referring to research articles within this field. When an employee leaves through retirement or resignation, businesses can employ a new team member through a factor of inclusiveness (Stamolampros et al., 2019). In other words, a survey will enable a more comprehensive data collection with sufficient details.
Reference List
Mayhew, R. (2019). Employee turnover definitions & calculations. Small Business – Chron. Web.
Stamolampros, P., Korfiatis, N., Chalvatzis, K., & Buhalis, D. (2019). Job satisfaction and employee turnover determinants in high contact services: Insights from Employees’Online reviews. Tourism Management, 75, 130-147. Web.
Zheng, C., & Lamond. (2010). Organisational determinants of employee turnover for multinational companies in Asia. Asia Pacific Journal of Management, 27, 423-443. Web.