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Management Accounting at Rivington Hospital - Essay Example

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Management Accounting at Rivington Hospital

According to the survey, there are more than 60 per cent of them have been in the Hospital for less than one year. Among the HR professionals, there was 38 per cent of them had an increased employee turnover in the past 12-18 months; 53 per cent stayed the same; and only 9 per cent had decreased. For the laundry supervisor, there was 23 per cent of individual contributors, professionals, first-level leaders, and mid-level executives somewhat or likely to leave within the next year. This study shows that employees in Chinese firms are likely to change their job quite often. This is because it is hard for them to stay within the Hospital for a long time. Moreover, studies done by Owens (2006) argue that finding and remaining high qualified laundry supervisors is the greatest problem in the Hospital. Therefore, turnover rates in the Hospital are quite high. This creates room for prediction that turnover rates in the Hospital’s SMEs may be even higher than the results of this survey. This is because SMEs are more informal and instable than MNCs. (Owens, 2006, p. 71). Hence, it is necessary to research the aspects that could influence turnover in SMEs. In Chinese manufacturing firms, voluntary employee turnover is becoming an expensive problem. The issue is even worse for SMEs (Owens, 2006, p. 101). If SMEs have the power to compete against the larger ones, working conditions for employees are poorer than larger companies, and poorer working environment would be an obstacle to remain employees. The characteristics of employment relations in the Hospital’s SMEs are different from State Owned Enterprises (SOEs), Joint Ventures (JVs) or large private the Hospitals (Owens, 2006, p. 112). SMEs have limited resources, both compensation packages and career enlargement, which can be the key motive for high employee turnover rates in SMEs. However, SMEs could remain employees through other methods and do not depend only on compensation packages. According to the hierarchal of needs theory (Owens, 2006, p. 71), human beings have different levels of needs. There are basic levels which could be fulfilled by extrinsic rewards. Nevertheless, people could only be motivated by intrinsic rewards at higher levels. Hence, firms could remain employees by recognition, care, and career advancement, which are all intrinsic motivators. Thirdly, the laundry supervisor turnover intention after training could be influenced by alternative job opportunities. When there are increased external job opportunities, employees are more likely to leave the Hospital after training. In other words, skilled employees are more attractive to employers. This makes him more likely to seek Hospitals that provide better extrinsic and intrinsic rewards. In (Owens, 2006)’s study, it argues that respectable performers are more probable to depart from the firm than awful performers. Outstanding performers have more job alternatives than those who do not perform well. Not surprisingly, there are studies focusing on the positive correlation between training and turnover intention. However, studies in this field are still not enough. It has been proven that the more training provided by firms in Asia, the higher level of employee turnover. One of the reasons to explain this is the ‘expense of cheap labor’. As trained and skilled employees could be attractive to any employers including the competitors, employees could simply change their job to the ...Show more


MANAGEMENT ACCOUNTING AT HOSPITALHOSPITAL By NAME Presented to INSTITUTION PROFESSOR COURSE MANAGEMENT ACCOUNTING AT HOSPITALHOSPITAL a) Various possible effects on the behavior of the laundry supervisor There is always a high employee turnover rate among skilled laundry supervisors in Chinese and Asian firms (e…
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Management Accounting at Rivington Hospital essay example
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