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17357 Downloads 17 Pages 4295 Words
Research is an approach to study any factor exclusively and it helps in to acquire deep insight in the area of study. In order to complete any research project successfully it need to be arranged in a systematic manner so that needs of people can be fulfilled and relevant information can be attained (Mulder and et. al., 2000). Research methodology is creative and exploring in nature and impacts on people’s life in direct or indirect form.
In this context here in a detailed research has been carried out to prominently undertake a study and a specific am, objective and research question has been developed to fulfill the research scope with precise techniques in order to match with the suitability of research. In this present report a detailed evaluation has been undertaken to understand the significance of employee retention in a project and the way it assists in achievement of organizational goals. Employee retention is a process in which employees are encouraged to remain with the corporation for longer duration and is beneficial for company as well as employees.
With an aim to perform research on any particular topic, researcher has to carry out its efforts in terms of selecting the topic for its study and on the selected topic only the scholars has to analyze the problem which is associated with the selected topic of the study. Employee turnover is a leading issue which today’s company’s faces and business need to regularly keep a track of different costs that includes payroll and supplies. In a workplace where in employee are not able to utilize their full potential and are not valued they probably leave the job because of stress. In a transparent working environment employees develop a sense of achievement and associate them with healthy working environment and organization is benefitted with a reliable workforce that gives bright new ideas for its development (Clarke and Suri, 2009).
Tesco group a leading UK based retail company have estimated the total cost of approximately £ 1,20, 000 to replace ten specialists and it costs additional amount to hire a new talent. A prominent employee retention approach is a methodical effort that companies develop in order to create an environment that motivates current workforce in order to be remaining employed with varied needs (Quigley and Jr, 2006). Employee retention involves taking suitable measures so that employees can be inspired and remain loyal with business.
Tesco Corporation faces immense challenges in retaining its workforce and hiring experienced people costs additional value to business. However, the main reason behind selection of this topic is to explore the major reason with the help of which employees can be retained for the longer period of time.
In this regard there are different project selection methods which are being practiced by contemporary business firms and these approaches have different features and traits as every section method is different in businesses. However, there are several changes among project selection methods and it includes ideas and values that are similar. Here, in this study researcher has used in both analytical and descriptive approach for the type of design and it helps in to study the present literature that involves books, journals and scholarly articles, other than this online database has been studied to report for employee turnover and qualitative method has been used by researcher to compile the assessment of this report (Peffers and et. al., 2008).
This method is mainly known as assessment if data and main aim here in is to acquire a deep understanding about human behavior and motives to oversee each of the behavior. On the other side quantitative assessment has been undertaken to analyze the data with in depth interview and is one of the methods that is being used to acquire information in a qualitative study and being exploratory it facilitates in probing information so that people’s perception and opinions can be analyzed (Philosophies guiding research, 2009).
Every organization need to understand that people are one of the prominent sources to achieve corporate goals and is deprived of qualified people to accomplish a business activity. In numerous studies it has been founded that that the total cost of substituting a lost talent is of about 200% of that an employee’s annual wages (Ercikan and Roth, 2006). Additional costs are involved in orientation and training of a new employee with reduced productivity until the new employee is up to speed and loss of clients are loyal to departing of organization.
The process of retention of employee brings benefit for business in a numerous ways one is the cost of revenue that includes thousands of money to a company’s expenditure. However, it is an issue to fully assess the actual cost of revenue but specialists perceive average worker wages as a traditional estimate. The second factor is loss of company wisdom it is because once a employee leaves they take with them suitable knowledge about business as well as past history of business (Smith, 2003). Other than this disruption of customer service is also a challenge for a company because consumers are usually associated with the business because of the people they trade. If an employee leaves an organization the relation developed by that employees for the business gets suffered and it probably leads to loss of consumer.
The other factor that contributes in the selection of this project is to understand about employee retention and various factors that impacts on it, one of them is higher revenue will lead to more income and when a employee ends the process the effect is felt throughout the business and colleagues mostly obligate with the slack (Flynn and Chatman, 2005). One of the major losses for a business from employee attrition is loss of goodwill that is upheld when the rate of abrasion is low and advanced retention motivates others to join the business. Finally, it can be said that when an employee resigns from the company then maximum of time is lost in hiring new talents and then providing them training that incurs maximum time of experienced employees. Besides this, there are some other factors that influence researcher with regard to carry out the selection of particular topic for the study. It consists of following:
High scope of project: Here, the researcher mainly carries out the selection of that particular type of topic that has high scope. In this regard, it can be said that employee retention related topic selected for the given study has the high scope as it is being regarded as major problem that is currently being faced by many retail firms.
Knowledge and interest of researcher: The area in which the researcher possess huge interest is being selected by it. Thus, these are being regarded as major factors that influence scholars with regard to carry out the selection of particular type of topic in an effective way.
Retail industry is the type business to consumer industry which provides opportunity to the manager of enterprises with regard to direct its efforts in terms of selling the produced goods and services directly to the customer. In this respect, it has been identified that retail industry of UK is growing in a very faster pace because of the increase income level of buyers. Here, for the given famous retail corporation of UK is selected named as TESCO. Tesco group a leading UK based retail company have estimated the total cost of approximately £ 1,20, 000 to replace ten specialists and it costs additional amount to hire a new talent.
There are five major tools for employee retention that includes environment, growth, relationship, support and compensation. In an organization support gives management can occasionally that serves as a reason for employee retention which prominently supports and individual to achieve the target and management should emphasis on acquiring employees with their satisfaction. A corporation can support employees by offering them wisdom and gratitude so that valuable feedback can be offered and employee feel appreciated in business. All this ultimately makes an employee feel more authorized and accountable.
In a business compensation involves the major part in the process of retention as workforce a have higher attribution towards their packages they receive. In this context an attractive compensation plays an important role in retaining employees and includes wages that benefits with different mechanisms (Diment and et. al., 2012). Salary is one of the biggest compensation and it reflects the skills and experience an individual possess and an increase should be on the basis of employees performance with contribution to company.
In an organization employees should be given an environment that is comprised of learning and it helps in the development of an employee through which business can deliver adequate support to maintain a work life balance and is comprised of efficient managers that help colleagues and workforce seeks in for novel opportunities. Growth and progress is an important part of every individual and it depicts about the career development in the present situation with significant factors that outlines the working scenario. In a business management occasionally provides a supportive culture and environment so that individual develops effective relations in business and right person should place at right job.
The main objective of this report is to explore the major reason behind employees leaving the organization. In order to attain the given aim different objective will be set by the scholars. Here, the first objective of this report is to identify the factors that influence the workers with regard to direct its efforts in terms of leaning the organization. In addition to this, the report as another objective to improve the understanding regarding the concept such as employee relation. In order to fulfill the given aims and objectives of the report varied steps identified which needs to be followed by the researcher. Here, at that first step researcher will design the questionnaire and with the help of given tool only opinions of Tesco manager will be collected by it. In this next phase, the data collected by the scholars will be analyzed and for this purpose it can use both qualitative and quantitative technique.
Deprived of prime reason for which people leaves a business the management is powerless to plan for regulating any revenue issue and there are various reason that ultimately causes in movement of labor force towards voluntary and compulsory factor. Different authors have given detailed understanding in certain motives and it has been identified from several studies that labor retention includes numerous factors.
The external factors are comprised of elements that are unassociated and in a business it could be more individual in nature and for some it could be strong links with family members where as for other it could due to illness and in many of the situations these elements facilitates in little elusive action for businesses. One of the factors is functional turnover in which revenue is eagerly welcomed by employees and is associated with fitness of every entity in the overall structure of business (Dawson, 2002). A poor work performance is an example that quotes about instances in diverse revenue that comes around with development of recruitment and selection process and is practical form of management in order to encounter any kind of issue.
Push factors comprises problems that exists with reasoning and it depicts a sense of displeasure in a business. From resignation to poor level of employee participation and there could be several causes which gives push factors and it can be industrialized at ease of management at an early stage. On contrary to this pull factors includes in attraction of competitors and it includes higher level of wages with employees which is a significant asset to enhance their standard of living. Career development opportunity also plays a crucial role for retaining employees who seeks to move ahead in their career path. In this respect organizations need to be very much aware with the market scenario and should keep themselves abreast with demands that are being placed by experts so that it can be better associated with the business (Qualitative methods: the position of the researcher, 2011). Finally, it can be said that by developing a effective communication link among workforce and management several issues can be resolved and a novel technology with give chance to provide a competitive edge in a business.
A researcher has to develop some plans and procedures with an aim to conduct its study in an effective manner. Here, at the first step researcher will collect the data for the given study. In this regard, it can use the tool like questionnaire. In addition to this, telephonic interview can also be conducted by scholars with an aim to collect the data for the given study. After that sample will be selected for the given study and in order to select the same varied techniques of non probability sampling will be used.
An establishment can seek in numerous techniques that provide a reason behind labor revenue and it includes quantitative study like survey and different records of employees can be analyzed in order to understand the conditions of those who leave different situations and it will facilitate an organization to make a general consensus for potential references. Tesco Corporation can employ in different methods as well that incorporates exit interview and is one of the most commonly used method that is used to assess reason for a employee leaving a business and analyze the area of research (Coram, 2011). This process precisely facilitates in companies to define the level of satisfaction and it includes matters like pay, social relationship and other aspects of culture.
The main reason which is many of the times hidden includes different factors which an employee can easily list as every individual faces critiques on the basis of their department heads and because of future implications included in action (Jackson, 2008). While undertaking a exit interview there should always be a worker employed who makes the management aware about their intentions and it ensures that they move ahead in a friendly approach without creating any issue. An organization should make it workforce believe that they should never dissuade employees from leaving company and the conducting person should be from HR or other specific metrics for regulations.
Other than this survey method facilitates in to acquire deep understanding about an employee’s point of view and focus on the exercise that helps in to see the feelings and beliefs of employees with respect to business and their job. Employees are give chance to express their views and with the help of structural polices better results can be acquired (Principles of Research Design, 2009). One of the most convenient methods to define an employee’s point of view is to simply administer them and is being accomplished in private form.
The chosen area of research in this study is of human resource management that is comprised to understand the significance of employee retention in an organization. In this respect an analysis has been carried in one of the leading retail company of UK i.e. Tesco.
Different tools and techniques are used with an aim to perform the study upon particular topic in an effective manner. Here, in the hypothesis of the study is that an organization is influenced with the level of employee retention or not. In this regard researcher has accomplished a detailed research to understand the role of employee retention in organizational performance and the way it motivates workforce to give their best to corporation (Scandura and Williams, 2000). For this useful resources are acquired that includes secondary sources materials of books and journals. In primary research a small interview has been accomplished with some of the senior personnel’s of HR department of Tesco and their views have been acquired with respect to employee retention and the way it assists in acquiring a competitive edge in the business. Here, in order to conduct the given interview the varied sample questions are being prepared by the scholars.
Several researches have been accomplished to comprehend the significance of employee retention and the role it plays in the management of business activities effectively. For this researcher has acquired in numerous authentic materials to have deep knowledge in the topic and certain materials have been assessed form online sources where in focus has been given on copyright of materials (Plooy, 2003). On the other side for primary research an interview has been carried among senior personnel’s and it has been arranged according to the time convenience of participants. Prior to begin the interview respondents have been clearly defined about the main aim and objectives of study and none of them have been forced to participate in the study. The study has the main aim with regard to explore the major reason behind the employees leaving the organization. Here, in order to perform the given study 50 senior HR personnel of Tesco is selected as the sample. Here with an aim to select the given sample random sampling approach is used.
The acquired data from secondary as well as primary sources reflects similar outcome that states about the significance of retaining an employee in the business and the way it assists in undertaking the business activities in a smooth manner. The main focus with which the study has been undertake is to assess in importance of employee retention and the way it helps companies to acquire a competitive edge in business. However, with an aim to attain the given aim tools like questionnaire and survey will be used. Here, the questionnaire framed for the report will possess both open and close ended type of questions. With the help of such type of questions only the objective of given research can be met by scholar in an effective way.
Every organization has its own set of values and by retaining workforce Tesco aims in to achieve its goals precisely as well as create a distinguished image in the international market.
In order to undertake the study in a suitable form researcher has used in both secondary and primary evaluation techniques. In this respect for secondary study diverse books, journal and articles have been reviewed and the topic being employee retention that is faced by almost every corporation different online articles have also been studied (Soliman and Spooner, 2000). Other than this for primary research a short interview has been carried out in Tesco Corporation and their views and ideas have been critically analyzed.
After attaining information from several different sources researcher has used in qualitative technique to interpret the results that has been derived and outcomes have been evaluated. Diverse published sources have also been reviewed to attain information on the topic and here in significance is given that every material is from authentic sources and is reliable (Morgan and Harmon, 2001). In this regard, it can be said that qualitative technique is the best approach for evaluation. This is because, with the help of given topic the opinions given by the respondents can be effectively gather as well as evaluated by scholars. Thus it is through this way only an effective conclusion for the study can be drawn by the scholars.
After undertaking the primary and secondary research it has been found in that the significance of employee retention is prime and it has become necessity for every organization through which a management builds robust employee retention approaches that may take into diverse patterns which mainly depends on conditions of business. It has been found that there is a strong connection between a motivated workforce and level of profitability in a business and with changing things it must be ensured that employee retention practices are carried out evidently (Reis and Peña, 2001).
In this regard one of the prime attribute to retain an individual in any business is happiness from pay and it drives, motivates and rewards employee to accomplish their goals. Other than this rewards system of a company is also a crucial factor that indirectly connects with retention of employees and there is a nexus among individuals to retain with a motive to understand customers and build prominent marketing strategies for organizational performance (Hill and et. al., 2007). The wisdom level of employees is also a critical factor that impacts on the retention and management has to consistently offer a learning and development opportunity to workforce so that they employees can have self sufficiency.
It is because the main motive of learning and development is to achieve organizational progress with collective process so that facilitation of learning and knowledge could support in business goals and develop the potential of an individual so that trust and diversity can be build. It has been manifested from the skills of employees that as an organization adopts systematic approach it is being ensured that workforce are capable enough to deliver prominent results and develop themselves with the area of expertise (Walliman and Baiche, 2001). All this will eventually reflect a progress in the workforce of company and it boosts morals of individual to achieve level of security with a significance to achieve overall strategic goals and thereby provide employees a sense of belongingness and every employee makes themselves associated with the company and will assist in to achieve organizational goals and it is important to increase the commitment level of employees which is being required to build actions and systematic approach for learning and development. In addition to this, while conducting the research the senior officials of Tesco had given their immense support. It is because of their crucial support only the aims and objectives of the give research is being effectively met by the researcher.
It is evident from the study that employee retention requires in much of effort and resources that helps in to attain valuable results and successful companies gives much attention on this aspect so that effective employee retention plan can be build and acquire growth in the market place (Huber and et.al., 2001).
The management of Tesco need to give priority on employee retention in certain aspects as the level of attrition in company is considerably high and it needs to be rectified. For this a prominent strategy should be build that focuses on providing different kinds of rewards and recognition to employees so that workforce can be motivated and their intrinsic can be fulfilled. In this respect a efficient management need to make employee retention as a core element so that their talent can be managed and developmental process can be build that makes this process more reliable and business can attain a competitive edge.
Besides this, a recommendation is suggested to the scholars with the help of which the research can be carried out by it in more better way. It is suggested to the researcher that it must employ varied new methods of conducting the research. This is because, it is through such type of activity only respondents can be encouraged to take part in the researcher program in an effective manner.
From this study it can be concluded that employee retention is a crucial attribute and need to be given attention in this swiftly changing business environment. The research has offered immense knowledge in several areas that comprise of way to undertake a research project, different sources to collect data for a study and various data analysis techniques that basically helps in formulating research study. Other than this a distinguished understating has been acquired about the role employee retention plays in the achievement of corporate goals and if managed adequately it can provide prominent results in several areas as well as workforce will probably give their best to corporation.
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