Contemporary Issues in Entrepreneurship : Report

Added on - 06 Jun 2020

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Contemporary Issues inEntrepreneurship
Table of ContentsINTRODUCTION...........................................................................................................................3Part B – Analysis of a contemporary issue - “ Employees Turnover”............................................31.Employees Turnover - A Contemporary issue in entrepreneurship or a small business.........32. Relating Employee turnover to contemporary theories..........................................................43. Scope and objectives of the Employee turnover....................................................................64. Critical analysis of the contemporary issue related to the Bridge house hotel......................8Conclusion.....................................................................................................................................10REFERENCES.............................................................................................................................11
INTRODUCTIONEmployees turnover is observed as a highly effective issue related to a business orentrepreneurship, it refers to the rate of employees resigning or leaving an organisation as well asgetting replaced by new employees. This report will discuss the nature, reason and impact of thiscontemporary issue within a business. It will also demonstrate the awareness of the Employeeturnover issue by relating it to contemporary theories of management in order to determine theunderstanding and knowledge of this contemporary issue in entrepreneurship. The report willalso identify and determine the objectives as well as scope of Employees turnover within abusiness. The various concepts, theories and practices as well as contemporary information willbe included in this report. The various sources of minimising or managing this issue will beidentified and included in the following report. Furthermore, the report will include an in depthanalysis and debate in order to understand or evaluate the issue of Employee turnover.Part B – Analysis of a contemporary issue - “ Employees Turnover”1.Employees Turnover - A Contemporary issue in entrepreneurship or a small businessThe Bridge house hotel has observed a major ups and down in their business cycle, asobserved by the review. The hotel company has stopped its operations due to various problemsand issues related to the entrepreneurship or business. One of the most affecting issue for theBridge house hotel was Employees turnover. The hotel was facing a lot of issues and problems inretaining there employees. In order to achieve high profitability and a successful business everybusiness or organisation needs to develop and maintain an effective or strong workforce. Theemployees are the key to success for each and every business or entrepreneurship, forsuccessfully operating a business an organisation needs to recruit and manage a highly skilledand talented workforce (Gibson, 2014). This workforce is responsible for performing varioustask and activities within the business organisation to achieve the organisational goal orobjective. The Bridge house hotel was not able to develop a strong workforce which was a majorissue or problem which caused the failure of their hotel business(Nica,2016) This contemporaryissue leads to the failure of their hotel business which clearly shows that the Employee retentionis very essential for each and every type of business or organisation. The employees of the hotelwere leaving their jobs due to various reasons which caused the employee's dissatisfaction, newemployees were replacing older ones in a very short span of time which was affecting the overallperformance of the hotel negatively. The difficulty in employee retention caused a high rate of
employee turnover for the Bridge house hotel. There are many challenges faced by the Hotel tinemployee retention as described below -Monetary dissatisfaction – It is a major reason for influencing an employee in leaving hisor her job or changing it. Every organisation or business has a budget for paying salary totheir employees, this budget can be increased to a certain limit. Employee retentionbecomes difficult when an employee demands a high increment in the salary beyond thebudget of an organisation (McBarron, 2014). This causes monetary dissatisfaction amongthe employees and becomes a major issue in employee retention leading to increase in therate of Employee turnover.Lack of skills and talent – The other reason for the failure to employee retention is thelack of skills, talent or knowledge. Some individuals fake their interviews by usingvarious lies regarding their qualifications or experiences. These lies cause a problem infulfilling the job responsibilities or roles provided to the employees. Due to the lack ofknowledge and skills regarding a particular job or business it is difficult for the companyor business to retain their employees (Ehrhart and Kuenzi,2017).Increased competition and opportunities – The employees working in an organisation gethighly influenced or attracted by various other opportunities or organisations hiringemployees in the market. The organisation uses various tools and techniques which havea high impact on the employees as well as influence them in changing their jobs (Kiis,2014). This makes it difficult for the organisation such as the Bridge house hotel to retainthe employees and hence it increases the rate of employee turnover.2. Relating Employee turnover to contemporary theoriesThe Bridge house hotel needs to focus on developing an effective workforce, the hotelcompany needs to focus on decreasing employee turnover. Employees needs to be effectivelymanaged and closely attach themselves with the business which can help to stay loyal with theircompany or organisation they are working in. In order to build a strong relationship with theiremployees the Bridge house hotel needs to motivate the employees for developing interest andloyalty with regards to their jobs and responsibilities (Gordon, 2013). The employee motivationis very effective and important to develop an interest factor among the employees to performwell and contribute in the success of the organisation or business. For better understanding of the
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