Executive summary
This report examines the effects of high employee turnover in Brookfield Asset Management Company, a Canadian firm that invests in real estate, infrastructure, renewable energy, and private equity. High turnover negatively impacts business operations, and productivity costs the company in terms of hiring and training new staff and weakens organizational cohesion. The turnover rate at Brookfield Asset Management must be lowered by taking the necessary measures, such as raising salaries and benefits, providing incentives, and demonstrating appreciation for workers. These measures can reduce employee turnover, boost efficiency, and improve customer satisfaction.
Introduction
Organizations in all sectors worry greatly about employee turnover or how workers depart and are replaced by new hires (Lyons & Bandura, 2020). This research examines employee turnover implications, focusing on the Canadian firm Brookfield Asset Management Company and its high turnover rates. The real estate, infrastructure, renewable energy, and private equity investments managed by Brookfield Asset Management have earned it a reputation as a world-class operation. However, it has the same problems as many other businesses: a high employee turnover rate.
High employee turnover is a problem that has to be examined because of the damage it may do to a company’s productivity, morale, and identity (Ekhsan, 2019). This research aims to shed light on the effects of excessive personnel turnover at Brookfield Asset Management by analyzing the causes, the knock-on effects, and the potential remedies.
Description of Brookfield Asset Management Company
Brookfield Asset Management manages over $688 billion in real estate, infrastructure, renewable electricity, private equity, and credit (Brookfield Asset Management, 2023). The Canadian corporation has offices in North America, Europe, Asia, Australia, South America, and the Middle East. Brookfield Asset Management has historically invested in urbanization-related real estate, infrastructure, and development projects. Brookfield Asset Management invests in concession and toll roads, commercial and residential real estate, and economic cycles.
Brookfield’s infrastructure business invests in fly bridges, interconnectivity, energy, airports, utilities, and ports. The organization has actively expanded and improved energy and transmission networks, giving the expertise to help grid modernization and electric utilities (Brookfield Asset Management, 2023). Brookfield invests billions in hydroelectric, solar, and on-shore wind-generating plants worldwide. Brookfield Asset Management recently launched a minority private equity fund for significant market cap companies. The fund will invest in privately owned, managed public and private firms. Brookfield also creates, administers, and manages commercial and consumer loans and other financial instruments. Brookfield Asset Management is a leading asset management firm. The firm invests in infrastructure, renewable power, and real estate to generate substantial shareholder returns.
The effects of high employee turnover
The Canadian asset management firm Brookfield has experienced high staff turnover in recent years. When many workers leave a company quickly, it is said to have a high turnover rate (Lyons & Bandura, 2020). That is terrible news because it means the company cannot afford to keep its current staff. High employee turnover negatively impacts business operations and productivity. It significantly affects the company’s competitive position and overall efficiency. It is bad for morale and productivity because it raises the remaining workers’ tasks (De Winne et al., 2019). It also drives up the price of hiring and training new staff. Furthermore, the company’s capacity to cultivate and retain human resources is hampered by excessive employee turnover because of diminished organizational cohesion.
High employee turnover also causes disruptions in the flow of work and diminishes process continuity since new hires need training and time to learn the ropes before they can contribute effectively (Sun & Wang, 2017). As a result, your turnaround time will increase, and your customers will be less satisfied. Another adverse effect of losing skilled workers is a drop in morale and output among those still employed (Stamolampros et al., 2019). Furthermore, low consumer loyalty and trust in the company are consequences of frequent personnel turnover.
The turnover rate at Brookfield Asset Management must be lowered by taking the necessary measures. To reduce employee turnover, it must determine the root causes and implement solutions (Al Mamun & Hasan, 2017). Raising salaries and benefits, providing incentives, and demonstrating appreciation for workers have all boosted morale and decreased turnover. These measures can boost the company’s efficiency and output in the long run.
Conclusion
Finally, Brookfield Asset Management Company’s high personnel turnover rate in Canada affects productivity, morale, and identity. Research has illuminated this issue’s causes, effects, and solutions. High personnel turnover hurts production, competitiveness, and efficiency. It burdens remaining personnel, raises hiring and training costs, and hinders the company’s ability to develop and retain talent. Training new hires disrupts workflow, process continuity, and customer pleasure. Losing skilled people lowers morale, output, consumer loyalty, and organizational trust.
Brookfield Asset Management should identify and address the causes of high turnover. This may include increasing wages, perks, and employee recognition. Increased morale and lower turnover enhance efficiency and output. Brookfield Asset Management can improve productivity, competitiveness, and culture by tackling high staff turnover.
References
Al Mamun, C.A. and Hasan, M.N., 2017. Factors affecting employee turnover and sound retention strategies in business organization: A conceptual view. Problems and Perspectives in Management, (15, Iss. 1), pp.63-71.
Brookfield Asset Management (2023) Brookfield |, Brookfield. Available at: https://www.brookfield.com/ (Accessed: 19 June 2023).
De Winne, S., Marescaux, E., Sels, L., Van Beveren, I. and Vanormelingen, S., 2019. The impact of employee turnover and turnover volatility on labor productivity: a flexible non-linear approach. The International Journal of Human Resource Management, 30(21), pp.3049-3079.
Ekhsan, M., 2019. The influence of job satisfaction and organizational commitment on employee turnover intention. Journal of Business, Management, & Accounting, 1(1).
Lyons, P. and Bandura, R., 2020. Employee turnover: Features and perspectives. Development and Learning in Organizations: An International Journal, 34(1), pp.1-4.
Skelton, A.R., Nattress, D. and Dwyer, R.J., 2020. Predicting manufacturing employee turnover intentions. Journal of Economics, Finance, and Administrative Science, 25(49), pp.101-117.
Stamolampros, P., Korfiatis, N., Chalvatzis, K. and Buhalis, D., 2019. Job satisfaction and employee turnover determinants in high contact services: Insights from Employees’ Online reviews. Tourism Management, 75, pp.130-147.
Sun, R. and Wang, W., 2017. Transformational leadership, employee turnover intention, and actual voluntary turnover in public organizations. Public Management Review, 19(8), pp.1124-1141.
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