The global business environment is highly dynamic, meaning that there is a greater likelihood of uncertainties that would affect profitability and sustainability. This dynamism is associated with various challenges, including limited market share due to high competitiveness and financial constraints. The general problem to be addressed in this assignment is the human resource challenges that modern businesses face. This challenge overwhelms businesses across the globe which are not able to match tasks with the requisite staff. Pflugler et al. (2018) note that businesses are struggling to find and retain the right staff who could go ahead and buy into corporate vision and mission. Most of the employees in these businesses are after the benefits they will receive instead of being committed to improving the employer’s performance. This aspect means that companies are constantly hiring and firing staff, an outcome that delays performance in addition to contributing to wastage of resources.
The specific problem to be addressed in this assignment is high staff turnover rates, an aspect of human resource challenges that organizations face. Businesses depend on employees to gain a larger market share, which in turn improves their profitability. According to Imram & Ayub (2017), high staff turnover rates impact productivity since organizations are forced to keep on retraining the new hires, an aspect that slows other activities. In the same way, staff turnover negatively impacts customer loyalty since it points to weak human resource management structures. Brabson et al. (2019) note that clients prefer organizations that show commitment to their employees since it is an indicator of a futuristic and organized business. High levels of staff turnover rates affect not only customer loyalty but also staff engagement and motivation. Employees need a guarantee that they will have job security if they are to show commitment to organizational objectives. In this case, there is a need for businesses to adopt effective HR practices that could help to improve retention rates to achieve exponential growth.
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References
Brabson, L. A., Herschell, A. D., Kolko, D. J., & Mrozowski, S. J. (2019). Associations among job role, training type, and staff turnover in a large-scale implementation initiative. The Journal of Behavioral Health Services & Research, 46 (3), 399-414. https://doi.org/10.1007/s11414-018-09645-1
Imran, S., & Ayub, R. (2017). Impact of staff turnover on employees’ performance. RADS Journal of Social Sciences & Business Management, 4 (1), 15-35.
Pflugler, C., Wiesche, M., Becker, N., & Krcmar, H. (2018). Strategies for retaining key IT professionals. MIS Quarterly Executive, 17 (4), 13-25.
