Term

Labor Turnover

Definition

Labor turnover is the percentage of a business’s workforce that leaves the organization over a given time (usually a year).

Term

Labor Turnover (Advantages/Disadvantages)

Definition

Advantages: - Establish good relationships with customers. - Establish good relationships between employees - Business is stable, training/recruiting costs is low Disadvantages: - No new and creative ideas brought into business - Ineffective employees remain until fired - Business will fire staff if they want to reduce staff

Term

Appraisal

Definition

Regular process of evaluating the performance of an employee through two way communication between a manager and employee. Foster positive environment, motivate, and progress employees.