Wal-Mart Employee Retention
What can be change? |
Factors that make employees leave and organization 3
Factors that can retain employees within an organization 4
Strategies to help with Retention 6
Employees are valuable assets and retaining employees can be challenging and is a critical issue. Employee retention is a very important part of any organization. There are many problems that cause the turnover rate in the Wal-Mart organization to be very high. This document will show the different factors that cause the turnover and why they leave to seek ...view middle of the document...
* An employee that resigns will more than likely join the competitor.
* Employees that have been with the company for a long time are familiar with policies and will perform better than someone who frequently changes jobs.
* Every individual will need time to adjust to others; however a company benefits when employees are compatible with each other and are able to collaborate together.
* Long-term employees show loyalty to management and organization.
* A Valuable employee needs to be retained to help improve the organization.
Not having a good retention plan in place to keep the current, new or to attract new employee’s leaves room for disaster within an organization. Employees are the lifeline of the organizations that made it successful and profitable. The major asset in any organization is the employees and without them the organization wouldn’t exist.
Factors that make employees leave and organization
Most employees will leave an organization for many reasons. Some will leave due to frustration or constant misunderstandings between superiors or other co-workers. Here are some other reasons that make employees resign from an organization:
* No growth opportunities
* Lack of appreciation
* Lack of trust and support
* Stress from overwork
* New Job offers
* Job is not what employee expected (Chhabra)
Factors that can retain employees within an organization
When an individual seek employment they look for several key factors that will attract them to join an organization. Stability is the number one factor according to forbes.com following compensation, health benefits, respect, and a work-life balance. Other factors that can play a role are:
* The credibility of the organization
* Good Culture
* Talent utilization and Job Satisfaction
* Good Succession Plan
One of the many organizations that face employee retention problem is Wal-Mart. Wal-Mart is a multinational organization that currently has the most employees than any other organization in the United States besides the Federal government. Wal-Mart is ranked to be one of the best 100 companies to work for according to the Forbes magazine. However, most of their employees that have children live in poverty level and the average take home pay is about $250 a week. This company has face many problems with its employees such as the health insurance are overpriced, the working conditions, the relationship between the employer and employee are unfavorable and has been accused of doing some horrible things in the past. Wal-Mart has a very high turnover rate that affects the organization. Their annual turnover rate in 2012 is about 70 percent. Wal-Mart stores have had turnover rates as much as 85 percent to 104 percent compared to the retail industry of only being an average of 34.7 percent in 2006. That is very high especially for one of the largest organizations out there. With...