Retention Strategy
Introduction
The purpose of this essay is to analysis Wally’s Wonder Wash company case and discuss on the high turnover rate in the case.
Wally’s Wonder Wash is a full service, high tech and high-touch car was company owed solely by Wally Wheelie. Wally plans to add four more facilities and expend his business into bigger surrounding towns in the next 2 years. However, Wally’s company has facing an overall high turnover rate on the past year of 65% for attendants and 20% for custom service specialist. Employees are one of the assets to an organization that helps organization growth in the future and success in the business. (Cascio 2003) Lost the talent in company can definitely can make the company loss in productivity, co-worker’s time, manager’s time, operating errors and loss of client satisfactory. Wally should notice that if turnover rate still increasing, this is threat to Wally’s company and it will fail to expand his strategies even will facing bankrupt in the future. Some argue that sometimes the employee turnover is good for weed out the lower level talent, but generally employee turnover is associated with cost (Anonymous 2008). Studies have shown that turnover rates can carry a price tag across the United States of $25 billion annually, with the cost of hiring and training an hourly worker at 300 to 700 times the worker’s hourly wage (Mckeown 2010).
According to recent study, in every industry, companies face the challenge of retaining the talent (Siegfried 2008). Retention strategy is a challenge to organization and is the critical to the long-term growth and success of the business (Siegfried 2008). Retaining key talent and keeping productivity high will surely help the organization to succeed and get back into growth mode. Retention strategy is critically important for Wally to retain his employee to stay and work for him.
Furthermore, the major issues in Wally’s case will be analysed and identify the major issues
The purpose of this essay is to analysis Wally’s Wonder Wash company case and discuss on the high turnover rate in the case.
Wally’s Wonder Wash is a full service, high tech and high-touch car was company owed solely by Wally Wheelie. Wally plans to add four more facilities and expend his business into bigger surrounding towns in the next 2 years. However, Wally’s company has facing an overall high turnover rate on the past year of 65% for attendants and 20% for custom service specialist. Employees are one of the assets to an organization that helps organization growth in the future and success in the business. (Cascio 2003) Lost the talent in company can definitely can make the company loss in productivity, co-worker’s time, manager’s time, operating errors and loss of client satisfactory. Wally should notice that if turnover rate still increasing, this is threat to Wally’s company and it will fail to expand his strategies even will facing bankrupt in the future. Some argue that sometimes the employee turnover is good for weed out the lower level talent, but generally employee turnover is associated with cost (Anonymous 2008). Studies have shown that turnover rates can carry a price tag across the United States of $25 billion annually, with the cost of hiring and training an hourly worker at 300 to 700 times the worker’s hourly wage (Mckeown 2010).
According to recent study, in every industry, companies face the challenge of retaining the talent (Siegfried 2008). Retention strategy is a challenge to organization and is the critical to the long-term growth and success of the business (Siegfried 2008). Retaining key talent and keeping productivity high will surely help the organization to succeed and get back into growth mode. Retention strategy is critically important for Wally to retain his employee to stay and work for him.
Furthermore, the major issues in Wally’s case will be analysed and identify the major issues
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