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Employee Turnove
Employee Turnove
Employee Turnove
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Contents
Introduction    3
Description of the problem    3
The issue/problem    4
Design of an intervention    6
Conclusion    9
References    10
Introduction
British Petroleum Corporation (BP) is an Oil & Gas company headquartered in London, UK. It was founded in late 1908. It has retained 108 years of history. It is known as the world's largest oil and Gas Company. BP earns huge amounts of income every year. Organization covers almost every area of the oil & gas industry, for example production, exploration, distribution, refining, promotion, power generation as well as commerce. BP is related to the United States, Russia and other countries. At Rosneft, BP owns 19.75% of the shares (BP global, 2019).
Description of the problem
BP faces issues of high employee turnover from last few years. This is because labour challenges are vary by location, industry, and other differentiation factors, but rising employee turnover also affects BP. At BP high employee turnover is a big issue and increasing day by day. At the same time, one of the world's leading economies has the highest volatility in the workforce. The average employee turnover rate in the UK is 15% per year, although the differences between industries are large (Galkis, 2016). For example, HSBC's annual sustainability report states that employee turnover is 19% per year. High turnover rates are very common in the banking and finance industry due to competition between other companies, high stress levels at workplace, and few other reasons. However, this ratio indicates that BP has been facing lots problems with employee retention and loyalty rates. Large market participation, BP, said that employee turnover rate is 25% at BP, which is sound higher than average (Galkis, 2016).
This percentage is disappointing for the oil and gas industry as they know that the employees tend to be long in this area. The average annual turnover rate for mid-range positions is 40% (Rasmussen, 2014). This means - replacing a new employee may result in more losses than benefits. According to our calculations, if the two companies invest in employee engagement, which in turn will reduce employee turnover by 25%, then the bottom line revenue will generate -1.13 billion to 91 million Euros (Galkis, 2016).
The issue/problem
The performance appraisal system is the main reason for the flow of BP employees. Employees are very frustrated with the performance appraisal system. There is a bias in the system. Annual confidential reports are filled out in a personal and unfair manner. Performance-based assessment systems have no concept. Employees tell engineers that they receive more rewards than associate engineers. Lower-level employees receive a fixed percentage in annual confidential reports. Despite how many people work hard or perform their duties honestly, the system is still heavily implemented. Therefore, an unfair performance appraisal system is the main reason for employee turnover. Employment growth is another major reason for the transfer of BP employees (Bartolec, 2018).
Employees strongly oppose the company's equal employment growth. According to these employees, BP's employment growth system is unfair. There is a bias in the promotion system. Every employee has not been promoted based on performance. Any employee who has a personal relationship or uses unfair practices will grow up and be considered an outstanding employee. Family background or family influence also plays an important role in employment growth. Any employee with a strong family background or who may exert pressure or influence on management; he/she can be promoted in an unfair manner. In other words, lack of value; performance is frustrating. Most low-level employees are faced with such problems (Bartolec, 2018).
Most employees desperately disagree and tell them to be frightened when they express their opinions. The bosses retaliated in the performance evaluation. They reacted negatively to the annual confidential report and said that the boss would write down their names and punish them when giving holidays, shifts or annual confidential reports. Therefore, due to this, employees are wo
ied that they...