Impacts of employee turnover Business & Marketing Essay (Essay Sample)

Impact of Employee Turnover on Small Business Operations in Newfoundland Canada.
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Impact of Employee Turnover on Small Business Operations in Newfoundland Canada.  
Employee turnover is a significant issue of concern by many businesses, either small or big firms. It refers to the loss of a talented workforce over a given period within a company. This happens through contract termination, departure, retirements, resignation, and layoffs. According to Mayhew (2019), it is the percentage or the number of employees who leave an organization either willingly or unwillingly. Businesses are required to measure employee turnover so as to estimate the costs of hiring new staff. Employee turnover results from different factors and produces many negative and positive impacts on small businesses in Newfoundland, Canada.
Causes of Employee Turnover in Newfoundland
Newfoundland is a province in Canada with a population of about 521,542. With this large number of people, Newfoundland is an excellent province to invest in and run businesses. Employee turnover is a common term in the region due to many businesses replacing workers with new and experienced employees to keep up with the competition from other firms. The high employee turnover results from the economy's fast growth rate (Harris, 2020).