Staff turnover at united finance company SAOG : Report
Added on 2020-10-22
35 Pages12025 Words105 Views
Dissertation
Table of ContentsEXECUTIVE SUMMARY ............................................................................................................1ASSESSMENT 2: REPORT ..........................................................................................................1TITLE: ............................................................................................................................................1Introduction......................................................................................................................................1Analysis ...........................................................................................................................................4Value Chain Analysis................................................................................................................11Critical Review of Literature ........................................................................................................14CONCLUSION .............................................................................................................................22RECOMMENDATION.................................................................................................................22ASSESSMENT 2: REFLECTIVE.................................................................................................24REFERENCES..............................................................................................................................29
EXECUTIVE SUMMARY Staff turnover introduces to the percentage or number of employees who leave anenterprise and are replaced by other workers. Measuring turnover of employees can be essentialto managers or an organisation that need to analyse main research behind turnover or estimatethe hiring cost for budget purpose. Main purpose for conducting this dissertation is to analysisimpact of staff turnover issue on business growth and success of united finance company SAOG.For this dissertation, different models or framework have been used by researcher such as MindMapping, The five Whys, Soft System Methodology, Hard System Methodology and Fish boneanalysis. All these are identified as a best model which will support an organisation to overcomeimpact on high employee turnover on their profitability and productivity (Aarons and et. al.,2012). For this, different objectives were addressed by the investigator such as concept ofunstable staff turnover in the context of business, impact of unstable staff turnover on thebusiness environment of United Finance Company SAOG., issues that replicates throughunstable staff turnover within United Finance Company SAOG, relationship between unstablestaff turnover and employees sustainability and different ways that are considered by UnitedFinance Company SAOG to addressing the issue of unstable staff turnover. Along with this,literature review were also used for identifying opinion of authors about the topic. Al last,conclusion and recommendation have been done for fulfilling issues of staff turnover. ASSESSMENT 2: REPORT TITLE: “Staff turnover at united finance company SAOG”. IntroductionProblem StatementThe dissertation is based on the issue related with financial company as “United Financecompany is facing a problem of unstable staff turnover which is taking place as theemployees are leaving their jobs for some other opportunities”. Overview of the ResearchIn the era of globalisation, it has been regarded to be a key consideration to deal withunstable employee turnover for any organisational concern. Unstable staff turnover is a wide1
issue, particularly in the area of human resource management and has a huge impact over theoperations of an organisation or its performance. In the financial sector the potential motive ofeach business organisation is to enhancing performance of the firm through reducing extraemployee turnover. Each business organisation is concern over minimising turnover and gainingmore benefits from the employees. United Finance Company SAOG is the chosen organisationfor this particular project, it is a Oman based finance company which successfully operates itsbusiness operations from there (Brandt, Bielitz and Georgi, 2016). The company operates atlarge level and facing the issue of unstable staff turnover, thus this is a wide issue which hasinfluences the sustainability of employees they they are leaving their jobs for some otheropportunities. This dissertation will covers the analysis of the issue of unstable staff turnover andhow it could affect the sustainability and performance of employees within United FinanceCompany SAOG. Background of the OrganisationUnited Finance Company SAOG is a financial company which is based in Oman andoperating its business functions from 8 different location which involves Ibra, Sohar, Nizwa,Barka, Ibri, Mawaleh & Salalah. The company was founded in the year of 1997. The companymainly deals in variety of products and services that are connected with financial aspects likefinancing products, corporate deposits and Banc Assurance. The organisation has started itsbusiness operations with around the capital of 5 million with its main office which is situated inMuscat and 5 rivals with 4 being older then 10 years in 1997. The major objective of the firm isto capturing a wide area of market through providing effective services and benefits to its clients.Another potential aim of the firm is to increasing its profitability by 10 percent in upcoming twoyears by improvising quality of services and reducing the high staff turnover (Chu, C. H.,Wodchis, W. P. and McGilton, K. S., 2014). Research AimThis Considered as the most essential aspect of an exploration work, thus it provides asignificant direction to the researcher to implement all investigation activities in right manner.The potential aim of this particular research is "To analyse the impact of unstable staff turnoveron employees performance and sustainability". A case study on United Finance CompanySAOG. Research Objectives2
Significant objectives of this specific research are associated as under:To understand the concept of unstable staff turnover in the context of business. To determine the impact of unstable staff turnover on the business environment ofUnited Finance Company SAOG. To identify the issues that replicates through unstable staff turnover within UnitedFinance Company SAOG.To evaluate the relationship between unstable staff turnover and employeessustainability. To identify the ways that are considered by United Finance Company SAOG toaddressing the issue of unstable staff turnover. Research Questions The major questions that covers the aim and objective in appropriate manner are associated asunder: What is the concept of unstable staff turnover in the context of business?What is the impact of unstable staff turnover on the business environment of UnitedFinance Company SAOG?What are the potential issues that replicates through unstable staff turnover within UnitedFinance Company SAOG?What is the relationship between unstable staff turnover and employees sustainability?What ways are considered by United Finance Company SAOG to addressing the issue ofunstable staff turnover?Methods for AnalysisThis is also another essential aspect of research which provides a systematic direction tothe investigator to implement all exploration activities in right manner. Major consideration of aninvestigator is to select the most suitable methodology in respect to carry out the work in propermanner (Currie and Hill, 2012). A research is either quantitative and quantitative in nature, thusin this particular investigation work qualitative investigation tool will be applicable because it iseffective in providing detailed analysis on an issue with the support of appropriate hypothesisand theories. Along with this data is being gathered through secondary sources because thepresent exploration work is based on qualitative investigation in which secondary tools willeffective in drawing a valid and accurate outcome. 3
Analysis This section work toward performing analysis over the information gathered regardingthe particular issues that are facing by company which leads to staff turnover. This evaluationwill be performed with the help of using several theoretical models or framework that willprovide a guidance regarding systematic evaluation of effect as well as cause behind a particulararea of concern. As there are number of issues prevailing in United Finance Company SAOGwhich leads to increase in staff turnover which includes, not proper support from employer, lackof monetary benefits except salary, extra working hour, unstable fund position etc. In order toovercome staff turnover issues, several solutions can be adopted by United Finance CompanySAOG which support it in overcoming issues of staff turnover such as providing employeesincentives over their efforts, flexible working hour, working in shifts, adoption of autocraticleadership etc. Apart from this the analysis will be performed over several factors that areinterconnected with the performance of United Finance Company SAOG (Dawson and et. al.,2014). In this present investigation work unstable staff turnover is the issue which is faces byUnited Finance Company in their business operations. This section is effective conductinganalysis on basis of theories and models that are applicable towards the specified area of study.Some significant models related with this area of study are associated as below: Mind MappingA mind map is considered as a digram which is used to visually organize data orinformation. It is a visual thinking tool which helps structuring data, or helping the firm or anindividual in to effective analyse, synthesize, comprehend, recall or generate new or uniqueideas. The diagram of mind map represent the tasks, words and concept arranged around asubject using a non linear graphical layout. This will allow the user to build a model around acentral concept. Mind mapping is also refers as the tool for the brain which captures the thinkingthat goes on inside the head of an organisation or individual. Mind map helps an individual tothink, remember, collect knowledge or create ideas (Duffield and et. al., 2014). However thistool is effective in making an individual more better thinker. It is an easy path to brainstorm byorganically without worrying in regards to the structure and order, it basically allows anindividual to visually develop an idea that helps them in effectively conducting analysis andrecall. This tool is basically effective in representing the proper structure of an organisational4
operations and working. This tool is significantly applied through the businesses in respect toreaching at appropriate data of a central world. It can guide to determine the factors which arecausing issues for the businesses. When all the aspects of the conflicts are identified than it helpsthe firm in analysing an appropriate solution for the issue which has some sort of influence overthe businesses and its operations. Mind maps can be best used for solving the problem,presenting the information, gaining the knowledge on complex subject, and researching orunifying the information from number of sources. As a large finance industry the United FinanceCompany is dealing with the difficulty of unstable staff turnover which recognised as the majorissue and has a wide impact on the overall operations and functions of firm. So, the managers ofthe business entity can use this technique to find solution for the trouble as this tool is effectivein providing an appropriate structure to proper execution of operations and provide solutions forconflicts (Green, Miller and Aarons, 2013). A mind map is considered as a digram which iseffective for representing organisational task, words, concepts or items that are linked to theoperations of the firm and managed across a central concept or subject applying a non linergraphical layout which allow the user to build an intuitive framework across a central concept. Amind map is also refer as an effective platform for determining an organisation, developingdecision or anticipating key risk and threats. The divergent nature of a Mind Map allowslimitless enlargement of knowledge or idea whilst keeping a consistent and managed structurethat is effective in rendering the whole picture in one visual snapshot to a business in regards toits operations and functions. A mind map can be used as content management system. This willallow the data to store in an organised manner. By using various software of mind mapping filescan be easily attached to other deaprtmnent, this will increase the flexibility The management ofUnited Finance Company has concern over using the tool of mind mapping and develops a widerarea to implement organisational operations in effective manner and proper solutions can beimplemented on the issue of research. The five WhysThe five whys is considered as an effective technique for making root cause analysis inthe lean management arsenal. This also refers as an iterative interrogative tool which is appliedby a business to explore the cause-and-effect relationships underlying a specific trouble. Theprimary goal of this tool is to find out the root cause of a defect or problem by repeating thequestion "Why?". Thus it is effective in providing effective details in regards to a specified area5
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