Employee Turnover Problem in Retail Sector

Running head: EMPLOYEE TURNOVER PROBLEM IN RETAIL SECTOR
Entrepreneurship, Innovation and Start-ups
[Employee turnover problem in retail sector]
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1EMPLOYEE TURNOVER PROBLEM IN RETAIL SECTOR
Executive summary
This report aims to address the issue as faced by the retail industry. An increasingly growing
employee turnover rate is a growing concern for every organization in the industry. With a view
to bring some solutions to the problem a new venture is being introduced. The venture is based
upon a new business model and the business plan. Moreover, this report is like an experiment
with a new approach thinking that some fresh findings could help organizations overcome the
increasing employee turnover rate.

2EMPLOYEE TURNOVER PROBLEM IN RETAIL SECTOR
Table of Contents
A brief background..........................................................................................................................3
1.An explanation to the needs for the new venture.........................................................................3
2. The proposed business model......................................................................................................4
3. An alignment between business plan and the business model....................................................6
4. Application of business plan structure and components..............................................................8
5. Project Plan for launch of new venture......................................................................................10
6. Enunciation of critical risks, problems and assumptions associated with the business model
and plan..........................................................................................................................................11
Conclusion.....................................................................................................................................13
References......................................................................................................................................14
Appendix........................................................................................................................................16

3EMPLOYEE TURNOVER PROBLEM IN RETAIL SECTOR
A brief background
The retail industry faces a major issue in the form of employee turnover rate. Employee
turnover rate is largely being affected fromfierce market competition, relatively low wages and
mismanagement of expectations. These issues can be treated by implementing different ideas.
These are offering appropriate salary and other benefits, recruiting professionals adaptable to the
industry culture and giving insight of the opportunities to employees. The main purpose of this
report is to propose a new venture startup. The startup will definitely be based upon a new
business model. This willhelp retail companies overcome issue as mentioned in above. “Cloths
for all ages” is being chosen as the product for the new business plan.
1.An explanation to the needs for the new venture
There are growing issues in the retail industry as faced by many organisations. One of the
most common issues is increasingly growing employee turnover rate in the retail industry. The
retail sector has many giant companies operating with both similar and distinguished product
line. Some of the examples include Woolworths, Bunnings, and Birdsnest etc. ( Pulker et al.,
2018)
These different companies as mentioned above are among the market leaders.These
companies follow different business models. However, employee turnover rate is a growing
problem to all these companies in addition with other market leaders as well. The rate of severity
may vary depending on how these companies utilise their various resources and perform under a
risk situation (Torres, 2016). Indeed, employee turnover rate is more or less a problem to every
single organisation. There must be a problem in the operations system, which is affecting these
organisations and causing employee turnover rate to happen. Therefore, it is important now to