A Case study of Thomas Cook

   

Added on  2021-02-20

21 Pages4909 Words297 Views
Research Project
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Table of ContentsChapter 1: Introduction....................................................................................................................1Introduction.................................................................................................................................1Background of research...............................................................................................................1Statement of research problem....................................................................................................2Scope of research........................................................................................................................2Research Aim..............................................................................................................................2Research objectives.....................................................................................................................2Research questions......................................................................................................................2Chapter 2: Literature Review...........................................................................................................3Concept of employee retention...................................................................................................3Main significance of employee retention in improving organizational performance.................3Factors that affect employee retention within the organization..................................................4Chapter 3: Research Methodology...................................................................................................4Chapter 4: Data Analysis.................................................................................................................5Chapter 5: Conclusion and Recommendation................................................................................18Recommendation.......................................................................................................................18Conclusion.................................................................................................................................18REFERENCES..............................................................................................................................19.......................................................................................................................................................20
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Topic: “To evaluate the importance of employee retention and its effect on performance ofthe company. A study on Thomas Cook.”Chapter 1: IntroductionIntroductionEmployee retention consider as an power of business organisation to retain as well assustain their workers in company. It is also related with the process in which all the resources aremotivated as well as encourage workers to stay in organisation to attaining higher sustainability.One of the main aim of employee retention is to make both employee and employer happier(Balouch and Hassan, 2014). This will help them in sticking within the company that maydirectly assist in accomplishing competitive picture in customers mind. Furthermore, it is alsodepends how employer understand the different concerns of the workers and at the same howhelp them in resolving their issues in appropriate manner. Present report is based on ThomasCook, is famous hospitality company operate in London with the aim of providing qualityservices to various customers according to taste. In this, research is carry out to retain workers byusing different technologies of human resource.Background of researchIn business organization, employee retention is one of the important process in whichworkers are highly engage as well as encourage within the company to make organisationalperformance strong. Mainly, it is consider as an ability of business organisation to retainworkers. It also includes all those practices which help employees stick in company for longerperiod of time. Retaining workers is play a significant role in business to attain success. Alongwith this, retention strategies also help company to provide better communication that help inincreasing their productivity level. For attaining the same, manager of the organization shouldenhance the motivation by providing them positive and healthy work environment (Irefin andMechanic, 2014). In this context, Thomas Cook is a British global travel company that providequality services related with the hotel and resort. Company was founded in 1841 for attainingsuccess. Management of business organization includes motivated and skilled workers that helpthem in operating their activities in effective manner. Along with this, company also providebetter training and development programs to enhance workers skills and knowledge. It define1
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positive impact on workers performance at workplace through which company enhance theiroverall productivity at market place. Statement of research problemCurrent study is related with the“To evaluate the importance of employee retention andits effect on performance of the company. In this context, employee retention is crucialconception within the organisation that aid in sustaining workers at workplace with the aim ofenhancing productivity (Hameed, Ramzan and Zubair, 2014). In business organisation, variouschallenges are there that faced by company while retaining talent and valuable workers. This isthe main reason that, this investigation is carry out to determine the keeping issues. It assist inaccomplishing optimistic outcomes within the research activities. Scope of researchCurrent investigation is based on determine the value of workers retention within theorganisation and also analyse how it affect the company performance. This study providenecessary information towards the basis of work and activities that help organisation to improvetheir productivity and retention as well. Research Aim “To evaluate the importance of employee retention and its effect on performance ofthe company. A study on Thomas Cook.”Research objectivesTo define the concept of employee retention.To evaluate the importance of employee retention in improving organizationalperformance.To examine the cause that affect the workers retention within the organization.Research questionsWhat is the concept of employee retention?What is the importance of employee retention in improving organizational performance?What are the cause that affect the workers retention within the organization .2
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Chapter 2: Literature ReviewLiterature review is a explicit, tabular, consistent and useful method which is applied byinvestigator to identifying, evaluating and determining appropriate information regarding thestudy. It is a most essential part of dissertation which will assist a researcherto identify gaps inprevious study. Therefore, in this section, all objectives of study are addressed in systematicmanner which are determined as under: Concept of employee retentionAccording to the Fiordelisi and Ricci, (2014), Employee retention introduces as theoverall ability and strategy of an enterprise to retain its knowledgeable workers and thusmaintain a lower turnover. An enterprise is capable to accomplish this by adopting differentprograms of employee retention. This program involves steps opening from identifying the mainsubscribers in the company, and planning accurate schemes to include them with the business tosee that they do not leave. In addition, employee retention refers as an organisational goal andobjective of keeping knowledgeable workforce and overcoming turnover by developing apositive work environment. As it will help them to encourage appointment, giving competitivepay, showing appreciation to workers and healthy work-life balance. In order to retain workersfor long time, an organisation follow human resource technology for recruiting, onboarding,recognizing and engaging employees and offer modern advantages such as financial as well asphysical wellness programs. Main significance of employee retention in improving organizational performanceAs per the point of view of Bhuvanaiah and Raya, (2014), Retention of a motivated andpositive worker is very essential for success and growth of an organisation within given timeperiod. High turnover of employees maximise the expenditure and also has an unfavourableimpact on the morale of an enterprise. Along with this, implementation of employee retentionprogram is essential and important style of making sure that the pivotal employees stayemployed while keeping and balancing job performance as well as productivity. Employeeretention is most essential and important part for improving organisational performance withingiven time duration. Better relation with employees is also important and significant part for thesuccess and growth of Thomas Cook. In order to retain employees for longer period, anorganisation can follow various form of motivation theories and techniques such as job rotation,3
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process and content theory of motivation. All these are effective and useful for an enterprise toimprove their performance and profitability level within given time duration. Factors that affect employee retention within the organizationAccording to the Schiemann, (2014), Employee retention refers an effective process inorganization makes efforts for their employees so that they will stay in the organization for alonger period of time. There are various factors which can impact this process and mentioned asbelow:Incentive program: Every employee in an organisation is different and so as its abilities.In order to satisfy all the employees and make sure to provide returns for their hard work, it isimportant to provide them relevant monetary and non monetary benefits. Personalised incentiveprogram is the considered as the best technique as due to this, employees can get returnsaccording to their contribution towards the company (Crozet and Milet, 2017). In regard toThomas Cook, employers of this organisation should maintain appropriate records so that theyassess contribution of the employees and accordingly provide returns to them.Motivation: Another factor which impacts employee retention in an organisation ismotivation. It has been seen that the most common reason of low employee turnover is lowmotivation of employees (Dögl and Holtbrügge, 2014). It is important of employees working incorporate world to be motivated so that they can give their hundred percent towards theorganisation. Thomas Cook should arrange training sessions to encourage and motivate theiremployees in order to gain overall productivity. Motivation can also be provided by the way ofrewards and recognition.Chapter 3: Research MethodologyResearch methodology is important part of research which will be applied foraccumulating actual data regarding the study. This section of research will also assist aninvestigator by giving proper information about current study (Dugguh and Dennis, 2014). Thissection have to includes different methods which is data collection tools, research philosophy,research approach etc. All these are consider effective and useful methods for doing thisinvestigation in systematic manner. All these methods are explained as under in accurate manner:Data collection:This part of methodology have been divided into two types such asprimary and secondary. Both are essential and effective methods which will support a researcher4
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