Word: turnoveritis
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The only modestly bright spot in the housing industry was the sale of existing homes, which rose by 6% in June to an annual rate of 2.6 million. The increase, though, reflected the vagaries of home financing rather than any strength in housing. With interest rates high and banks short...
To increase training, strengthen teamwork and lengthen time horizons, American corporations are going to have to adopt management practices that dramatically cut turnover rates. If America wants a loyal labor force interested in raising productivity, layoffs have to become the last, rather than the first, resort when a firm is...
The result is gross underinvestment in creating the on-the-job skills necessary for industrial success. Blue-collar workers are traditionally trained on the job, but with today's high turnover rates no firm wants to invest in training its work force since there is a very high probability...
Job hopping is only part of the problem of excessive employee turnover. U.S. firms are also quicker to fire workers in cyclical economic downturns than are their foreign counterparts. Compare the behavior of Chrysler and Mazda when they both faced economic extinction. Chrysler fired thousands of workers; Mazda went to...
Sometimes even Stockman could not get through the fog. He grappled one night until 4 a.m. with a bill affecting the federal employee retirement system and gave up. He could not understand it, and he doubts that the people who prepared it could either. It is Stockman's view...