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es at the company, evaluates the objectives necessary in tackling this issue, and then puts forward various suggestions and propositions for the company that it can apply in order to overcome the problem of losing its experienced and professional employees so soon and at a high rate. Problem
A high turnover rate among employees of a given company has a negative impact on the overall performance of the company. This is because employees are the best asset that any company may have, and as such, instrumental in creating or developing a competitive advantage for the company over other industry players. However, a high rate in employee turnover means that the company loses at a fast rate its experienced and professional employees, sometimes to its competitors. This becomes a thorny issue as the company suffers a brain drain, as well as facing stiff competition from its competitors since the employees who leave the company to join its competitors go with important company information and secrets that its competitors later use to drive it out of the market.
On the other hand, it is imperative to note that the company also suffers from inefficiencies in performance that result from the high rate of employee turnover. For instance, a company may reduce its production or processing capacity because it lacks adequate employees to undertake these duties and responsibilities within the company. This in turn reduces the overall output of the company, hence making it less competitive within the market, especially because it can no longer meet its market demands or satisfy its customers appropriately. Similarly, the process of recruiting and training new workers to fill in the vacancies created by the employees who left the organization is very costly and tiresome, especially considering that the company might have to undertake this process more frequently. The company loses vast resources in the recruitment and training sessions, as well as valuable time that would otherwise
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One major difference between formal research and a business proposal is that while formal research caters to the purpose of “knowledge generation” irrespective of its practical implications, a business proposal tries to address practical problems in a real time business situation (Buckley et al., 31-32).
This academic proposal is being carried out to understand the process of economic recession. While having a glance at the business industry, it can come up with the perception that economic recessions leave an ineffaceable indentation on to the businesses, amongst which Woolworths is one of it that would come under consideration from the assessment in the research.
Before focusing on problems in the organization, let us first understand what the purpose of management in organization and in what way it can assist the business organizations to function. The practice of coordinating people and the other resources in an organization to achieve the organizational goals is considered as management.
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