Organizational Problem/Opportunity: Employee Retention
Executive Summary: Specific Problem or Opportunity in your Organization
Specific problem or opportunity in your organization.
The Executive Summary acts as both an introduction to your research paper and a brief overview of its contents. The intent is to leave readers with a preliminary understanding of your research topic, problem statement, research questions, and recommendations for moving forward. Your Executive Summary should include:
an outline of the organizational problem or opportunity being investigated.
a summary of the background and argument surrounding your issue.
an overview of your recommendations for your organization.
Your well-written Executive Summary must be 1-2 pages total in length. The paper should be formatted according to the Capstone project template and CSU Global Writing CenterLinks to an external site.. You must cite at least six scholarly (journal articles from the Global library) references, and at a minimum, four references must be scholarly/peer-reviewed sources.
Executive Summary
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Organizational Problem/Opportunity to the Investigated
Employee retention has proved to be a critical problem affecting companies operating in the retail industry, including Wayfair company. Labor will be the leading challenge within the retail sector in 2023. According to Deloitte (2023), there were 879,000 retail jobs lacking employees in November 2022. Recruiting and retaining workers has been a critical issue in the retail sector. Increased competition for hourly laborers remains stiff, with retail firms forced to offer greater flexibility and higher wages (Deloitte, 2023). High turnover rates constitute a prerequisite for lower productivity, reduced customer satisfaction, and deteriorated employee motivation. Employees are regarded as the most crucial, productive, and valuable asset of any organization, and retaining them proves an increasingly challenging endeavor for managers. Since the cost of replacing strategic employees entails significant turnover, retail companies must develop integrative retention programs (Singh, 2019). This is a substantial step in differentiating the company from its rivals and cultivating an environment where workers are valued and motivated. In this vein, the paper investigates the strategies that Wayfair can implement to retain its employees, reduce potential high turnover rates, and augment employee satisfaction and productivity.
Background and Argument Surrounding Employee Turnover
Management practitioners and scholars have been studying the issue of employee turnover, and it remains an important issue of concern for managers and organizations. Employee turnover is when employees leave the organization, thus forcing the managers to hire new workers. Various factors are attributed to high turnover rates in the retail industry, with individual, organizational, and environmental forces augmenting the issue concurrently. The leading factors contributing to the rising employee turnover include limited opportunities for career advancement, lack of development and training programs, job dissatisfaction, and poor remuneration. Retail firms have realized the need to address employee retention by implementing strategies to improve employee turnover and satisfaction levels (Chiat & Panatik, 2019). Some of the strategies that Wayfair should implement to address the high turnover rate include providing opportunities for career advancement, providing competitive remuneration rates, implementing employee education pro...