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Staff Turnover at United Finance Company

   

Added on  2020-10-22

16 Pages4653 Words313 Views
Staff Turnover at UnitedFinance Company

EXECUTIVE SUMMARYThe report is based on the problem of unstable staff turnover of United Finance Companywhich is based in Oman and founded in year 1997. This problem is resulted due to differentcauses which are lack of growth opportunities, monetary benefits, top executive support etc. Forthe managers of the company it is very important to find appropriate ways so that all of them canbe resolved and employees can be retained. In below report organisation's back ground, industrycontext, problem statement, analysis of the problem, appropriate justification for theidentification and usage of analytical tools are covered. Realistic recommendations and an actionplan has also been formulated in this assignment.

Table of ContentsEXECUTIVE SUMMARY.............................................................................................................2INTRODUCTION...........................................................................................................................1ORGANISATION'S BACKGROUND AND INDUSTRY CONTEXT.........................................1Organisation's background.....................................................................................................1Industry context......................................................................................................................2PROBLEM STATEMENT..............................................................................................................2IDENTIFICATION OF ANALYTICAL TOOLS...........................................................................4Mind mapping........................................................................................................................4The five whys.........................................................................................................................4Fish bone analysis...................................................................................................................4BRIEF DESCRIPTION AND JUSTIFICATION OF USAGE.......................................................6ANALYSIS OF THE PROBLEM...................................................................................................7CONCLUSION................................................................................................................................8REALISTIC RECOMMENDATIONS...........................................................................................9ACTION PLAN...............................................................................................................................9REFERENCES..............................................................................................................................12

INTRODUCTIONUnited Finance Company is finance company which is based in Oman and successfullyexecuting its business there. The organisation was founded in year 1997 and it is listed onMuscat Securities Market. It is offering different types of financial products such asbancassurance, corporate deposits and conventional finance to the corporate business entities.The business is executed through retail segments (Guilding, Lamminmaki and McManus, 2014).Other products that are provided by United Finance Company are bridge loans, hire purchase,bill discounting, debt factoring, car loan, vehicle finance etc. Currently this finance company isdealing with an issue of staff turnover which is affecting its performance and profitability. Theorganisation operates business in 8 different locations. Main aim of this assignment is to findappropriate solution for the problem of staff turnover of United finance Company . In thisproject report detailed analysis of the problem with its statement, identification of analyticaltools, justification about the usage of the tools are discussed.ORGANISATION'S BACKGROUND AND INDUSTRY CONTEXTOrganisation's backgroundUnited Finance Company is based in Oman and operating its business in 8 locationsincluding Ibra, Sohar, Nizwa, Barka, Ibri, Mawelah etc. It is rendering different types of servicesto the corporate organisations. The services are composite loans, corporate deposits, financing ofreceivables and leasing, equipment and commercial vehicle finance, hire purchase etc. Theorganisation was founded in year 1997. It was established by 20 different promoters who alsocontributed in the issued capital of the business. Their share in the whole capital of theorganisation was 60% (Overview of United Finance Company , 2018). United Finance company is one of the leading financial companies in Muscat. Businessof the organisation was started with an amount of 5 million Omani Rial (United Financecompany , 2018). Vision, Mission and objectives of the company are mentioned as follows:Vision: United finance company has a long term vision to become the first choice of theclients and best finance company for the stakeholders so that business can be operated withhigher profitability in upcoming period.1

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