Leadership in Business: Methods for Addressing Employee Turnover at Walmart
Verified
Added on 2023/05/26
|10
|2854
|53
AI Summary
This report discusses the problem of employee turnover at Walmart and suggests practical methods and strategies for addressing it, including collecting information, analyzing perceptions, statistical thinking, and knowledge sharing.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
RUNNING HEAD: Leadership in business0 Leadership in business
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Leadership in business1 Part 2: Research Paper Contents Introduction................................................................................................................................2 Methods of collecting information and insights from diverse perspectives on the problem.....2 Methods for analyzing information and perceptions on the problem........................................3 Statistical thinking method or tool for solving the problem......................................................3 Thinking methods to aid leadership in solving the problem......................................................4 Methods for knowledge sharing.................................................................................................5 Methods for increasing innovation.............................................................................................6 Conclusion and Recommendations............................................................................................6 References..................................................................................................................................7
Leadership in business2 Introduction The leadership in business sets direction, inspiring vision and create something new. This report discusses the problem faced by the Walmart which is employee turnover. The methods are suggested for collecting information about the problem faced by the Walmart. The practical methods and strategies are used to analyse the information in order to understand the problem. The report also includes the strategic thinking method to solve problem. Some other methods like thinking, knowledge sharing and for increasing innovation are suggested to address the problem of employee turnover in the Walmart. Finally recommendations are also given which were made to the leadership in order to initiate towards problem. Methods of collecting information and insights from diverse perspectives on the problem The information regarding employee turnover problem of Walmart has been collected from the secondary data. It includes government publications, trade journals, business reports, and statistical documents. The secondary data used for the research is cost efficient along with the time-saving. The problem of the employee turnover at Walmart has several impacts on the business. It is an issue for Walmart so the steps are required to be undertaken for the probable causes of revenue like assessing turnover rate, defining turnover costs and then addressing the turnover complications (Li, et. al. 2016). A high employee turnover rate is faced in the company because employees leave the company and it affects the bottom line of the business. The insights on the diverse perspectives of the problem of the employee turnover are: A bad match between the employee’s assistances and job: The scanty information about the necessities required to fill job results in the employing of under-skilled or overkilled employees. The job analysis and job explanations should be used to reduce the chances of hiring unsuitable employees (Han, Bonn & Cho, 2016). Lack of opportunity: Sometimes the applicants do not appropriately understand the job description, as a result, they are misled by the Walmart. The job is required to be defined precisely for the development and expansion in the organization. Emotion of not being respected: The employees need to be appreciated time on time for the recognition. The employees feel a lack of appreciation and cause delays and disinterest in the work.
Leadership in business3 Unequal wage structures: Inequality in the pay structures is the great reason for dissatisfaction among the employees to quit the job at Walmart. The gap in the pay structures causes dissatisfaction among the employees. Methods for analyzing information and perceptions on the problem A performance indicator or key performance indicators (KPIs) can be used as a performance measurement at Walmart. The KPIs relies on what is important to the company in terms of making progress. The performance indicators evaluate the existing state of the company and are linked with the range of employees and the performance indicators (Mittal & Dhar, 2015). The performance indicators are linked with the performance improvement initiatives. The problem of employee turnover can be analyzed by the following indicators: Retirement rate: It is specifically important for the Walmart to develop a planned personnel plan. The retirement rate can be estimated by considering at the sum of employees who are discharged as a percentage of the entire headcount. If the company do not have an aging staff than the staff is a good measure as well (Bendapudi & Leone, 2002). Information attained with training: IT can help Walmart to see the efficiency of the employee training. It can be decided by conducting an exam, checking exam pass rate percent and average score percent. Walmart can even conduct pre-test and post-test of training to acknowledge what was actually educated by the staff. Internal promotions Vs. external hires: This ratio processes the individuals employed at the company are reflected for the internal promotions versus the figure of outside hires. It is operative in the organizational succession planning (Liu, 2013). Salary effectiveness ratio: The salary effectiveness ratio can be used to assess the effectiveness of the reimbursement options. It is an effective tool for solving the problem of employee turnover (Carnahan, Kryscynski & Olson, 2017). This ratio can be determined by separating the average company salary by the average salary accessible by the competitors. Statistical thinking method or tool for solving the problem The tools for solving the organizational problem of employee turnover are: An operative hiring strategy: It does not matter how hard a company tries to assimilate a new employee into the business but the wrong fit is always the wrong fit. Forming and realizing
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Leadership in business4 hiring strategy addresses more than the assistances of the job candidates. It is the greatest way to discover the perfect match for the working environment (Reina, et. al. 2018). It is considered that skilled workers are not always suitable for hiring. The appropriate candidates composite well with the company culture, management, and employees. In order to maintain a good rate of employee turnover the business should fit with the future employee. Reimbursement and bonfire packages: The reimbursement is regarded more than the money. Whereas salary is the most significant thing but the employees are likely to opt a position which pays less but deals more benefits. These benefits include health insurance, motherhood leave, paternity leave and paid vacation days are vital to the members with families. The whole package is considered at the time of making the employment decision and the benefits feasible. The human resource experts in the company should review compensation and benefits packages every year in order to retain employees (Yi, Hao, Yang & Liu, 2017). Add on it allows the company to stay on the top of the industry trends. It also helps in sustaining competitive advantage in the niche. Appreciation and rewards: The company generally supervise the significance of viewing importance to the current employees. Various workers vacant jobs because they feel a lack of gratitude for their hard work. A bonus system, thank you mail, recognition reward or newsletter are the examples which can help the company in succeeding its operations by retaining employees. Such resources invested help company in the long run. Thinking methods to aid leadership in solving the problem There are some methods to assist leadership in solving the problem of employee turnover can be: Spend time with the employees: A vigilant review of the company’s performance data represents the conversations between a leader and the employees. It is a leading indicator of the company’s higher performance. The time spends by the leader in proper training, instructing and performance managing helps to improve the employee retention rate. Measure output instead of input: It is suggested to the company to become output focused than measuring the inputs. The hours spend should not be issued if the work is delivered on the time. The work completed and the standards should be only focused by the leaders. This approach is helpful in shifting responsibility to the employees (Katsikea, Theodosiou &
Leadership in business5 Morgan, 2015). It empowers employees to work in a way which suits their lifestyle and personal needs. Be productive about engagement: The employees should be engaged in Walmart by higher pay, promotions, recognition, interesting work, appreciation and more. It creates passion among the employees to fulfill tasks. The employers are influenced by such employees who do they work with full desire and passion. It results in employees’ retention and higher productivity. Involve employees in company strategies: When the employees are involved in the strategies of the company they feel more connected to their work. They also feel empowered and a sense of respect in the organization. The turnover is likely to reduce in the company of they feel a stake in the future of the company (Harhara, Singh & Hussain, 2015). Methods for knowledge sharing Here are some methods of knowledge sharing which can help lead in addressing the issue of high rate of employee turnover: Encourage various forms of knowledge: Walmart should take knowledge sharing initiative to make employees feel comfortable in a multitude of ways. It makes people comfortable and ensures that their voice is being heard. When employees feel that their point of view is being considered than they are likely to stay loyal towards the company. Such employees also contribute their maximum efforts in the organization. Whereas the goal of knowledge sharing is to make employees feel comfortable and spread the wealth in the multitude of ways (Rai, 2015). The face to face collaboration should be encouraged to express their ideas who feel a little shy. The time should be imparted to the employees to share and contribute content. It ensures that the knowledge is being shared and documented. Incentivize knowledge sharing: The employees in the organization are like to being rewarded. There are various ways to reward employees who exemplify the knowledge sharing movement. The employees should be appreciated by an email or announcement when it is noticed that they are contributing good efforts towards the organization (Hom, Lee, Shaw & Hausknecht, 2017).
Leadership in business6 Revamp training and onboarding methods: The training and onboarding methods often seem unrelated. The new hires in the organization can be collaborated by giving a mentor. These mentors put a positive impact on the new hires. Another team member can be used to shadow on the newly hired person. It can also be realized to the new hires that their input is not valued but they are required to contribute more towards the organization. Methods for increasing innovation An exit interview process should be executed for the employees who leave the organization willingly as well as unwillingly. A method can be developed to determine the conditions of the employee’s parting. The feedbacks can be encouraged by the employees are being terminated. It shows that their feedback is important even if they leave the organization (Demirtas & Akdogan, 2015). The exit interview questions should be constructed to petition candid feedback from the leaving employees. The questions should be asked which contribute their decision to resign. The employees’ opinion should be surveyed by asking questions about the compensation and benefits. The reasons should be examined for leaving the jobs. The particular attention should be paid to the instinctive terminations and attendance records for the questions about job satisfaction and employee morale (Bolman & Deal, 2017). The meeting should be conducted with the supervisors and managers regarding departing employees. The feedback should be attained from the supervisors who assess employees subject to termination. It should be made sure that the supervisors are there to help employees and have the proficiency to manage departmental functions along with the staff. Conclusion and Recommendations It is recommended to the Walmart to reduce employee turnover rate by providing on-going education and clear paths to the advancement. The existing employees in the company can be retained by offering the right benefits. These benefits and perks help in keeping employees happy, engaged and healthy. The employees also like to exceed performance goals and stay for a long time with the organization. It is recommended to the Walmart to offer flexible working schedules to the company. The employees feel valued and go beyond their limits to contribute efforts towards the organization. The company is also suggested to be transparent
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Leadership in business7 with its employees. It encourages employees to feel valued as their input will be heard. The feedback of the employees should be considered to offer them suitable working conditions.
Leadership in business8 References Bendapudi, N., & Leone, R. P. (2002). Managing business-to-business customer relationships following key contact employee turnover in a vendor firm.Journal of Marketing,66(2), 83-101. Bolman, L. G., & Deal, T. E. (2017).Reframing organizations: Artistry, choice, and leadership. John Wiley & Sons. Carnahan, S., Kryscynski, D., & Olson, D. (2017). When does corporate social responsibility reduce employee turnover? Evidence from attorneys before and after 9/11.Academy of Management Journal,60(5), 1932-1962. Demirtas, O., & Akdogan, A. A. (2015). The effect of ethical leadership behavior on ethical climate, turnover intention, and affective commitment.Journal of Business Ethics,130(1), 59-67. Han, S. J., Bonn, M. A., & Cho, M. (2016). The relationship between customer incivility, restaurant frontline service employee burnout and turnover intention.International Journal of Hospitality Management,52, 97-106. Harhara, A. S., Singh, S. K., & Hussain, M. (2015). Correlates of employee turnover intentions in oil and gas industry in the UAE.International journal of organizational analysis,23(3), 493-504. Hom, P. W., Lee, T. W., Shaw, J. D., & Hausknecht, J. P. (2017). One hundred years of employee turnover theory and research.Journal of Applied Psychology,102(3), 530. Katsikea, E., Theodosiou, M., & Morgan, R. E. (2015). Why people quit: Explaining employee turnover intentions among export sales managers.International Business Review,24(3), 367-379. Li, J. J., Lee, T. W., Mitchell, T. R., Hom, P. W., & Griffeth, R. W. (2016). The effects of proximal withdrawal states on job attitudes, job searching, intent to leave, and employee turnover.Journal of applied psychology,101(10), 1436.
Leadership in business9 Liu, Z., Cai, Z., Li, J., Shi, S., & Fang, Y. (2013). Leadership style and employee turnover intentions: a social identity perspective.Career Development International,18(3), 305-324. Mittal, S., & Dhar, R. L. (2015). Transformational leadership and employee creativity: mediating role of creative self-efficacy and moderating role of knowledge sharing.Management Decision,53(5), 894-910. Rai, R. (2015). Building employee engagement through organizational culture: an empirical study of Indian it industry.Prestige International Journal of Management and Research,8(2/1), 15. Reina, C. S., Rogers, K. M., Peterson, S. J., Byron, K., & Hom, P. W. (2018). Quitting the boss? The role of manager influence tactics and employee emotional engagement in voluntary turnover.Journal of Leadership & Organizational Studies,25(1), 5-18. Yi, H., Hao, P., Yang, B., & Liu, W. (2017). How leaders’ transparent behavior influences employee creativity: The mediating roles of psychological safety and ability to focus attention.Journal of Leadership & Organizational Studies,24(3), 335-344.