Original Post : Your last thought question deals with analyzing a management pro
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Question
Original Post: Your last thought question deals with analyzing a management problem. Read the following situation and factors, then write what you would do to solve the problem.
Situation: You are a manager in a retail business that employees 100 employees. You have recently discovered that there has been a sharp and significant loss of staff due to employee turnover. Not only does your business run the risk of lower quality customer service but your bottom line is threatened by the increased costs of recruiting, hiring, and training new employees. You have taken on the job of analyzing the causes of the turnover and identifying possible solutions.
Factors:
1) There has been recent turnover in the middle management team. A few have taken early retirement and have been replaced by new managers.
2) Better economic conditions have resulted in a surge of new business. You are gaining new customers rapidly and they are buying more merchandise producing a higher need to restock shelves with inventory.
3) This same economic upturn has resulted in a more competitive job market.
Question: What would you do to pinpoint the most important causes of employee turnover and what would you recommend as solutions to upper management? Defend your recommendations. Remember that you have an influx of new business that might go away if you do not provide quality customer service.
Explanation / Answer
Answer: The various causes for high employee turnover may be listed as below:
- More competitive salary offered in the market due to better economic market conditions
-Lack of sense of belonging or ownership of the employees
-The company growth objectives may not be aligned to the career aspirations of the employees
- Employees might not be having the correct job fitment as per their skillsets
- Lucrative counter offers from competitors
- lack of holidays and other non financial benefits
- strenuos work timings
-lack of proper onboarding and employee care,engagement
- lack of visibility of professional and personal growth
-Expectation mismatch
-lackadaisical Attitude /insensitivity of the supervisors/managers
- Differential treatment at workplace bsed on color ,caste, creed ,gender etc.
The following are the recommendations which can be implemented:
- Review the recruitment policy and clearly define the skillsets required for each job description. Recrutment should be aimed towards finding the right fit for the organization
- Thoroughly review if the interests of the candidates are aligned towards the organizational goals and objectives. This may be done using a personality/psychometric test
- review and revise the compensation and benefits so that it is at least competitive in the market
- Design the employee onboarding and training and development program for the employees taking into consideration their expectations, career objectives and goals.
- Implement the cooncept of flexible work timings
- Implement robust employee review , appraisal and feedback mechanism
- introduce suitable rewards and recognition program to acknwledge the contributions of the employees
- We can also think of introducting employee equity sharing plan and profit sharing bonus to embed a sense of belonging
- we can also implement the concept of job and role rotation so that everyone gets a taste of what others do within the organization and if they ike any specific role other than the current role, his/her fitment can be considered
- Implement egalitarion workplace policies.
-Suitably compensate the employees in the form of paid leaves, maternity leaves, compensatory day offs, perks etc.
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