Assessment item 3 – Final Project Report Due: XXXXXXXXXXSunday of Week 13, 11 pm AEST Length: XXXXXXXXXX-7,500 words Conditions: XXXXXXXXXXIndividual Weighting: XXXXXXXXXX% Requirements You are...

FACTORS OF EMPLOYEE RETENTION: A CASE STUDY OF WOOLWORTHS
Executive Summary
The research paper is based on the analysis of the factor and the effects of employee retention. The cu
ent environment of business depends on the employees and their performance. Companies doing a better job need to apply various strategies to retain the best performing employees. Ultimately that the data that is collected from the case studies in the survey were not altered and it is authentic. The authenticity of the data made it possible for the co
ect analysis of the data.
A good internal human resource is an advantage to any organisation. The research paper particularly follows Woolworths in the process and identifies the factors, which are essential for retaining the employees. Various theoretical frameworks are used to understand the process, in which the employee's satisfaction level and other needs are primary factors in retaining them in the company. The second factor is the type of employment. Only 8 employees who filled the form are permanent employees. Eighteen employees on the other hand are employees who have a temporary job at the organisation.
The other nine employees are casually employed. The focus of retention for the permanent and temporary employees will have more significance on the outcome of the organisation. The achievement of the most serious organizations all through the world, including advanced education foundations, lies in their profoundly gifted representatives on which these establishments burn through millions to hold. Writing uncovers the expense of losing best workers to be colossal past money related measurement. Additionally significant is that the deficiency of one skilful representative to a contender establishment fortifies the contender's prefe
ed position. Worker responsibility, high profitability and maintenance methodologies are the most serious human asset the executives difficulties of the impending future.
In this situation, representative turnover altogether affects decrease of profitability and disappointment of corporate plans. The importance of inspiration in holding key representatives can't be neglected. Extraneous inspiration is driven by fortification possibilities, which isn't adequate, so it ought to be guided by inherent inspiration which includes intriguing position and making it pleasurable. The present associations are confronting massive test in view of satisfying the prerequisites of four generational companions. Age y representatives who have various qualities framework and prerequisites in co
elation with past ages overwhelm present labour force. In this manner, it is fundamental for the association to chalk down their necessities and plan a successful persuasive framework, which will build their profitability. This paper means to understand on subjective investigation to investigate distinctive natural persuasive components affecting age y workers and their inclination for inspiration. End and suggestions for additional research have been drawn from the examination.
Moving to cloud has allowed Woolworths to achieve standardised processes for managing talents. Employees get the empowerment to opt for centralised jobs, which is monitored by managers looking specifically to fulfil job openings. Clarity of objectives and goals is essential to ensure that all the teams and business units are aligned against together.
Table of Contents
Introduction and research problem    5
Introduction to topic    5
Overview of the industry partner    5
Research Problem    5
Research Rationale    6
Research Aims    6
Research Objectives    6
Research Questions    7
Literature Review    8
Employee Retention    8
Maslow's hierarchy of needs    8
Herzberg theory    10
Equity theory    11
Retention strategies    12
Cost of employee turnover    13
Risks of employee turnover    13
Methodology    15
Research Design    15
Research Approach    15
Sampling method and sample size    15
Data Collection Strategy    16
Data Collection Method    16
Data Analysis Strategy    17
Ethical Consideration    17
Findings    18
Discussion    34
Recommendations    38
Limitations and Conclusion    42
Limitations    42
Conclusion    42
References    44
Introduction and research problem
Introduction to topic
Employee behaviour in the workplace has shifted a lot in recent times. Particularly, when it is about company’s loyalty 51% of employees are on the lookout for new job openings. Surveys indicate that whenever employees changed jobs their employers were left in a situation to do the same. Reducing turnover and increasing company loyalty is the need of the hour. Addressing some key factors regarding employee retention can solve a lot of issues rather than calling for a threatening situation with a huge increase in turnover. Making employees feel valued at the workplace is a great way to boost productivity instead of making them feel like their talent is being wasted.
Overview of the industry partner
The General Manager HR, Carin Katsikogianis, Supermarkets outlined the strategies for retention of her employer. The organisation comprises 190000 employees, three thousand work sites and twenty-seven thousand store managers. Woolworth believes that any retention strategy works well if the leaders possess the ability and the focus to implement them successfully (Biyela, 2018). It is not only the responsibility of HR but also of the management. Woolworths has adopted the strategy of identifying some core leadership qualities so that the strategies built by them are collaborative, customer centric, empowering, disciplined as well as visionary. A
angements of forums and networks for new employees to meet and greet each other are taken into consideration by Woolworth (Savage, Bam
ick & Gallegos, 2020). Managers are continually encouraged to take responsibility and groom new talents with repeated reinforcement of the ideas.
Research Problem
Woolworths tries to maintain focus on meeting the needs of retail consumers and offering all necessary household products. The
and has its headquarters at Bella Vista, New South Wales and Australia but now in order to head towards
oadening its base in the international market, certain issues must be addressed with utmost importance. Streamlining of human resource policies to ensure that the best quality staff are positioned at the new places so as to ensure effective management should be the centre the of the corporate strategies of the business. It has not increased acres in Australia but since it's looking for international expansion a very good quality and efficient team is necessary.
Research Rationale
According to general observation many employees have shown considerable amount of cautiousness about seeking other jobs. This is because of the financial downturn globally in the year 2008-2009. However, it has also been observed that most of these employees have resigned from their jobs due to emotional reasons. Turnover is a big problem in recent situations because it's increasing the replacement cost of an employee to a mammoth amount.
Analysis has shown that some of the retention theories have been not of much use. Metclaf claimed that the issue of retention was much more complicated than generic solutions. Issues like remuneration, group job satisfaction, and alleviation of work versus family conflicts, security of employment and many more if are addressed then there might be some positive retention but Mecalf claims that the list is unnecessarily too big and complicated for a simple analysis to be ca
ied out.
Despite having an effective employment process Woolworths lacks certain areas that can improve employee motivation. Regular reviewing of employee performance and setting up differential reward systems for several categories of employees in the organisation will contribute to employee motivation. Discussion and communication should be made open so that the areas that are lagging can be addressed thoroughly.
Research Aims
The main aim of this research is to achieve and identify the key factors for employee retention as well as how Woolworths can transform by the adoption of policies to ensure smooth operation of business. Furthermore, rejuvenation of already existing practices for the enhancement of success rates shall be discussed.
Research Objectives
· To highlight the importance of addressing key factors for employee retention and reduction of turnover to avoid unwanted cost of replacing employees.
· To analyse the actual reasons behind employee turnover and find out the real root causes that will help in prevention of employee demotivation.
· To evaluate the causes and policies that need to be adopted to keep employees motivated and make them feel valued in various ways.
· To recommend adoption of revised human resource policies so that fresh talents are groomed in the desired way to meet the cu
ent needs of the company.
Research Questions
1. What are the factors affecting the process of employee retention?
2. What are the strategies that can help in retaining the employees?
3. How does employee retention affect the organisational performance?
4. What are the most effective ways through which employees can be retained?
Research Outline
Literature Review
Employee Retention
Employee Retention is a technique of getting back their best employee, and the process of retaining the employee is done by the HR department, which helps in reducing the turnover of the company. There are a few points, through which a company can keep their best talent with them (Hopper, 2019). Flexibility in the workplace help employees to feel comfortable at their work and benefits the employee with some bonus, insurance, and extra wages, development in skills of the employee and enhance their professional skills, good relationship between employees and managers.
Finding the best talent for the company is a little bit difficult for the HR department and they have to spend a lot of money and resources to hire the best talent for the company, and when employee get the experience of work and stays in a company for a very long time then it becomes an asset for a company and an integral part of a company (Ștefan, Popa & Albu, 2020). Employee retention helps the company to save time and a lot of money to groom the employee for the respective assigned work. Through employee retention, the company and employees both get benefited.
Maslow's hierarchy of needs
In 1943 Abhram Maslow gave an idea in psychology, which is known as Maslow's hierarchy of needs. It is defined as the motivation theory, holding the five different levels of human needs. Levels are structured in pyramid shapes from lower levels to higher levels and first, it satisfies the lower level than a higher-level factor (Khanna, 2017). Level 1 is the lowest level which tells about psychological needs, level 2 safety needs, level 3 love and belonging needs, level 4 esteem needs, and level 5 is the highest level which tells about self-actualization needs. The employees continue to have their distinct psychology; adoption of this theory allows both the organisation as well as the employees to sustain the defined needs. Therefore, the levels of employee satisfaction can be measured and the level so employee dissatisfaction can be pointed out.
Need for maintenance techniques
Maintenance is a procedure of getting their capable representatives to the organization, and this can be simpler in the event that they plan the methodology of how to hold their workers. There are numerous techniques to get back their workers yet in this all out eight procedures are talked about which help to get back the representatives (Shaikh, Shaikh and Shaikh, 2019). Begin perceiving the worker from beginning, that is from screening and select the possibility for the meeting and take a gander at the representative for a more drawn out period so longer the representative stays they will be more profitable with relaxes and add to the organization achievement and become helpful resources for the organization.
Break down the applicant and discover the up-and-comers who will remain long and care about the things and sticks with them. Make a working environment where representatives don't hesitate to work and offer progressing instruction, study materials and show the way for the improvement of profession and abilities. Examine with the organization the board and give various offers and advantages. So that if a competitor contrasts and the other organization and discovers more advantages in the cu
ent organization. Trustworthiness is the best strategy so clear with your contemplations and straightforward so that later on they don't lose trust in the organization.
Cost of worker turnover
Worker turnover happens in an association when a representative chooses to leave. Worker turnover can be willful or compulsory. Worker turnover is connected to two kinds of expenses. The expenses are immediate and roundabout. The immediate expenses fundamentally include the deficiency of huge amounts of cash by an organization. The deficiency of cash can go somewhere in the range of $2,300 and $13,000 per worker (Altahtooh, 2018). The money related misfortune changes from organization to organization. The bigger the size and position of the organization, the more prominent is the misfortune. Recruiting another representative because of worker turnover implies added use of an association in preparing, creating and prepping the new representatives.
The shrouded costs incorporate the harm of the business
and. An inadequately overseen turnover causes a feeling of hatred in the worker, accomplices and the clients. Incessant worker turnover may cause loss of information, adding to an expansion in the expense of creation. The a
ival of a worker from a group can make the group fail to meet expectations. This thusly
ings about wasteful out conveyance and loss of benefit. A similar frustrates the group advancement. At the point when the administrators are more amassed in filling the vacant spot they neglect to make any cutting edge achievement plans. Representative turnover distu
s the exhibition elements.
Risk of worker turnove
There are various dangers to worker turnover. The first can be seen in regard to the little ventures. The efficiency levels of these organizations are hampered because of the deficiency of abilities and information. There is loss of yield during the holding up period of HR enrolling. The distu
ance in customer connections is another danger. Because of high representative turnover the danger of adversary overwhelm increments. There is a battle to discover trades for the key jobs. Giving proper preparing occasionally is both tedious and costly. Expanding turnover may project an area ugly in a lifelong way. All the dangers contrarily affect the exhibition of the organization.
· Imparting how every representative adds to the corporate vision and mission;
· Developing an environment of trust;
· Improving the abilities level of the chiefs who oversee proficient staff;
· Providing the executives preparing, including compelling initiative abilities by underscoring improvement;
· Clarifying the comprehension of workers' requirements and support of regular co
espondence;
· Not consuming laborers out;
· Clarifying jobs and obligations to quicken learning commitment
Investing in keeping up continuous responsibility by paying the best ability what they are worth while losing representatives is an exo
itant exercise, the substitution costs
ought about incorporate promoting. Enrolment costs, direction and preparing of new workers, diminished efficiency until the new worker is up to speed what is more, loss of clients who were faithful to the withdrawing representative. Discovering, enrolling and preparing the best workers address significant venture difficulties. When an organization has caught skilled individuals, the profit from speculation requires shutting the secondary passage to keep them from leaving. The key part of HR improvement experts ought to be to lead the battle for ability in the interest of their associations.
Motivation
The board hypothesis and practice has generally cantered around extraneous helpers. While these are amazing sparks, without help from anyone else, they are not, at this point enough inborn rewards are fundamental for representatives in the present climate. These days inspirational issues are more mind boggling in light of the riches and opportunity such, countless representatives have appreciated. Over the long pull, individuals need inborn compensations to continue onward and to perform at their pinnacle. Labourers have been compelled to assume greater liability for their own vocations, going where the work is fulfilling and where they can create abilities that will ensure their employability, in whatever association. Capable labourers have more options than any other time in recent memory, and are probably going to leave if not happy with their manager or occupation content. As representatives have been bound to leave unrewarding positions, the effect of loosing people has gotten more prominent. Later on, the greatest increases will come from efficiently improving an association's inherent prize cycle—making the actual work so satisfying and empowering those representatives themselves will not have any desire to leave. Rediscovering the part of direction in work is vital to understanding the new work and the inspiration of the present representatives. Associations presently get themselves contending to pull in and hold labourers based on the significance of their positions.
Methodology
Research Design
The most important part for a researcher in a research is to engage with what kind of design is suitable for the research. Design of a research is important for a researcher because it gives the foundation or base to build the research on. Descriptive Design has been im-p0lemenetd in this research. This design of the research totally depends on the observations; it helps to collect data and analysis of the data by using a statistical method. The data are collected from evidence, which are real and from the existing theories from the previous researches, a hypothetical conclusion is developed (Singh, 2019).
Research Approach
There are two types of approaches, which are used by the researchers for research. These approaches are called deductive approach and inductive approach. The researcher uses deductive approach, when a new logic or theory is used in the work. In this approach, it is important to have a collection of data, which is sufficient to support the theory. The researcher collects sufficient data in order to support the theory. The Inductive approach on the other hand is used by the researcher, when testing of the theories is involved. It is a bottom up process, which means the research moves from specific to more general way. It takes literature evidence and patterns from the environment and previous research. The deductive approach has been used in this particular research work as it includes testing of new logic based on previous research works.
Sampling method and sample size
Researchers use a sampling method, which allows them to collect data of any particular sample size in the research. There are two types of sampling methods, which are used by the researchers in the research. These two types of sampling methods are known as the probability sampling method and the non-probability sampling method. Both the sampling methods are used for the extraction of data (Khanna, 2017). One of the most important advantages of the use of sampling methods for a researcher is that it helps to organize and maintain time as well as the monetary or financial resources. Time and financial resources are an important issue for a researcher in any research. The simple random non-probability sampling method was adopted by the researchers so that the researcher can extract genuine and authentic information in a bulk in a very short period of time. In this research the sample size has been taken to be 35.
Data Collection Strategy
The researcher has to adopt research strategies in order to complete a research. The strategies...