Reducing Employee Turnover in Walmart: A Plan for Senior Leadership
Verified
Added on 2023/05/26
|16
|1207
|79
AI Summary
This presentation discusses the problem of employee turnover in Walmart and suggests practical methods and strategies to reduce it. It covers information collection, data analysis, and increasing innovation. The presentation recommends offering benefits, flexible working schedules, and transparency to retain employees.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
Plan for senior leadership
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Problem and its setting within the Walmart Theproblembeingaddressedis“employee turnover”intheWalmart.Itssettingwithinthe organization is made possible with the help of •A worst match between the employee’s skills and job: The job analysis and job descriptions should beusedtominimizethechancesofhiring unsuitable employees. •Lack of opportunity: Sometimes the applicants do not appropriately understand the job description, as a result, they are misled by the Walmart.
Continued….. •Feelingofnotbeingappreciated:The employees need to be appreciated time on time for the recognition. The employees feel alackofappreciationwhichcausedelays anddisinterestinthework(Amankwaa& Anku-Tsede, 2015). •Unequal wage structures: Inequality in the paystructuresisthegreatreasonfor dissatisfaction among the employees to quit the job at Walmart.
Methods recommended for collecting information and insight about the problem A performance indicator or key performance indicators (KPIs) can be recommended as a performance measurement at Walmart (Mittal & Dhar, 2015). The problem of employee turnover can be analysed by the following indicators: •Retirement rate: It is specifically important for the Walmart to develop a strategic workforce plan. The retirement rate can be estimated by considering at the number of employees who are retired as a percentage of the complete headcount. •Knowledge attained with training: IT can help Walmart to view the effeciency of the employee training. It can be decided by conducting an exam, checking exam pass rate percent and average score percent.
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Continued… •Internal promotions Vs. external hires: This ratio assesses the people employed at the company are reflected for the internal promotions versus the number of external hires. •Salary competitiveness ratio: The salary attractiveness ratio can be used to assess the opponents of the compensation options.
Practical methods and strategies to be used for analyzinginformation, data, and perspectives Statistical thinking method •An efficient hiring strategy: It does not have role as how hard a company makes effort to integrate a new employee into the business but the wrong fit is always the inappropriate fit. Forming and realizing hiring strategy guides more than the skills of the job applicants. It is the great way to search the ppropriate match for the working environment (Linton, 2018). •
Continued.. •Compensation and bonfire packages: The compensation is considered more than the money. Whereas salary is the prime significant thing but the employees are anticipated to opt a position which pays less but offers more benefits. These benefits include health insurance, maternity leave, paternity leave and paid vacation days are vital to the members with families. •Appreciation and rewards: Various workers leave jobs because they feel a derth of gratitude for their hard work. A bonus system, thank you mail, recognition reward or newsletter are the examples which can support the company in succeeding its operations by retaining employees.
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Continued… Thinking methods •Spend time with the employees: A vigilant review of the company’s performance data represents the conversations between a leader and the employees. •Measure output instead of input: It is suggested to the company to become output focused than measuring the inputs.
Continued… •Be productive about engagement: The employees should be engaged in Walmart by higher pay, promotions, recognition, interesting work, appreciation and more. •Involve employees in company strategies: When the employees are involved in the strategies of the company they feel more connected to their work.
Continued Methods for knowledge sharing •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(Johnson, 2017).
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Continued… •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 (Bradenberg, 2018). •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.
Continued… 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. •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.
Continued… •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.
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
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. It is recommended to the Walmart to offer flexible working schedules to the company. The company is also suggested to be transparent with its employees. It encourages employees to feel valued as their input will be heard.
References Amankwaa, A., & Anku-Tsede, O. (2015). Linking transformational leadership to employee turnover: The moderating role of alternative job opportunity.International Journal of Business Administration,6(4), 19. https://www.forbes.com/sites/lizryan/2016/08/01/emplo yee-turnover-is-a-leadership-problem/ - 266246953bc8 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.
Continued… Linton, I. (2018). How to Fix Employee Turnover With Leadership Concepts. Retrieved on 15th December 2018 from: https://smallbusiness.chron.com/fix-employee-turno ver-leadership-concepts-38954.html . Bolman, L. G., & Deal, T. E. (2017).Reframing organizations: Artistry, choice, and leadership. John Wiley & Sons. Johnson, C. E. (2017).Meeting the ethical challenges of leadership: Casting light or shadow. Sage Publications.