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Producing creative solutions to business problems - Assignment Example

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Possible reasons for high turnover rate have been identified as low motivation, low wages, lack of job satisfaction, lack of rewards, lack of training, and no opportunity for growth and career…
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Download file to see previous pages It can be observed that majority of the problems leading to high turnover stem from lack of motivation. Repetitive tasks, low wages, lack of appraisal and low opportunity for growth reduce employee motivation. Staff therefore quit their jobs and move to other organizations that pay and reward them well. High turnover indicates that the organization is facing challenges with human resource management, more specifically, with employee retention. Therefore the solution to the problem will focus on designing new rewards and compensation schemes, training and development programs, and task design, which will aim at improving motivation and enhancing job satisfaction.
It is suggested that managers motivate their staff by encouraging them, understanding their social needs, and acknowledging their efforts (Stoner, Robbins, Chaturvedi, Coulter, Hitt, and Manjunath, 2011). A rewards system is a great way to acknowledge an employee’s efforts. A ‘pay for performance’ model of compensation should be implemented based on which employees with higher performance will get higher rewards. The staff will be motivated to work more productively and this will increase the overall performance of the organization. At the same time, annual performance evaluation should be carried out each year. The evaluation will help in the identification of high performing employees as well as those whose performance has been below satisfactory. This way the organization can reduce its low performing staff and save its cost which can be invested back in the company.
The performance evaluation will be followed by bonuses that will reward high performing staff for their efforts and performance. The distribution of bonuses will occur according to a pre-planned tier system that will highlight various performance levels with a certain bonus reward. Additionally, employees who perform very well will have chances ...Download file to see next pagesRead More
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