Specific Problem in Organization: Employee Retention

Section V: Specific Opportunity or Problem in Your Organization
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Contents Section V: Recommendations. 3 Introduction. 3 Interpretive Views About Results. 3 Recommendations, Options, Action Plans, and Practical Applications for Decision Makers. 4 Correlation to Investigative Findings for all Recommendations. 5 Conclusion. 6 Section V: Recommendations
Introduction
Employee retention is a significant issue for industries and organizations seeking to remain competitive and realize strategic success amid the escalating global business environment volatility. It is increasingly paramount that retail organizations establish robust strategies to improve employee retention considering the competitive job market and increasing turnover rates (Almawali, 2021). This section of the report offers recommendations for employee retention strategies in the retail industry while considering the Wayfair company case study based on the insights derived from the concluded literature review part. The investigative findings and interpretive views show the significance of combining positive work culture, financial and non-financial incentives, and career advancement avenues in enhancing employee retention. The section will also offer a detailed conclusion for the research project by offering relevant recommendations for opportunities and research areas not addressed in this report due to such factors as time limitations.
Interpretive Views About Results
Employees should be understood as a company's most crucial, productive, and valuable resource. Retaining them constitutes one of the significant challenges facing managers of retail companies. The case study analysis and the literature review of Wayfair Company demonstrate the complexity of the employee retention problem and the need for a multifaceted approach. As the cost of replacing strategic employees entails significant turnover, there is a need for Wayfair company to develop an integrative retention program to address these kinds of problems. The literature review revealed conventional and contemporary retention techniques that the company could implement to augment its capacity to retain employees. An amalgamation of financial and non-financial incentives, including training and career advancement opportunities, employee reward initiatives, and flexible work schedules, proved effective in augmenting employee retention in Wayfair company and the retail industry (Adebiyi et al., 2019). Moreover, it is crucial to foster a positive working environment and promote a robust organizational culture that aligns with the company's values and goals (Tiwari, 2021). Implementing effective feedback and communication channels is vital for workers to feel engaged and valued.
Recommendations, Options, Action Plans, and Practical Applications for Decision Makers
Considering the Wayfair Company study analysis and literature review, decision-makers can apply the following action plans and recommendations. First, decision-makers could develop and promote an extensive employee retention initiative that addresses the significant motivations of employee turnover rates. This initiative should encompass a combination of financial and non-financial incentives like flexible work schedules, employee reward programs, training, career advancement opportunities, and competitive compensation perks. Moreover, the initiative should establish a positive working environment and enhance a robust organizational culture consistent with the company's goals and values (Tiwari, 2021). For the company to attain this, it should improve open communication, offer feedback regularly, and engage employees in decision-making processes.
Authentic engagements play a central role in supporting a positive work environment and culture that supports the integration of efforts towards attaining the company's objectives. Wayfair should enhance a positive working environment which is a significant factor in retaining employees (Nguyen et al., 2022). The Wayfair company can create a positive working environment by improving work-life balance, motivating employee social interactions, and ensuring a healthy and safe working environment. Also, the company can create social events and team-building activities to foster employee engagement and ensure they feel valued and in a community (Al-Suraihi et al., 2021).
Accordingly, decision-makers could conduct employee engagement surveys continuously since they are essential in pointing out areas of improvement and evaluating whether the retention programs are effective. Many employees in retail industry experience substantial unpredictability and instability in their work schedules and significant work instability because of the high turnover rates and part-time job specifications. In this vein, Wayfair management should perform anony...