Although Most Organizations Devote Considerable Time and Resources to the Process

question 139

Short Answer

Although most organizations devote considerable time and resources to the process of attracting new workers,a great many fall short by not placing enough emphasis on retaining the high-quality personnel they currently employ.Identify five specific strategies that organizations can employ to help retain existing staff.

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Definitions:

Economic Profit

The difference between the total revenue received from the sale of an output and the total opportunity costs of the inputs used.

Average Variable Cost

The total variable costs (costs that change with the level of output) divided by the quantity of output produced.

Economic Loss

A situation where total costs exceed total revenues, resulting in a negative profit for a business or economy.

Short Run

A period of time during which at least one of a firm's inputs is fixed, affecting the firm's capacity to adjust to demand changes.