Essay on Cost Implementation

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Cost of Implementation/Retention When calculating the cost of turnovers and the implementation of a retention program, Wal-Mart has to consider why they turnovers are so high. Considering the rate for example the grocery store industry which are a mainly a part of the Super Store and the regular Wal-Mart to some extent dabbles as well as they have a limited food section. At any rate the when comparing the grocery store to the grocery industry in general the statistics show where there highest turnover is, the region, and the employees involved, “The study found that grocery stores had an overall employee turnover rate of 38.7 percent, with 83 percent of the departures voluntary. The group showing the highest rate of turnover -- 64.9 percent -- was made up of non-management, part-time workers. The study also found that there was substantially higher turnover in urban, metropolitan areas, compared to rural settings -- 40.2 percent to 28.1 percent. The study also found a correlation between ownership structure and employee turnover with a 40.9 percent rate at chain stores, 31.8 percent at independents and 27.2 percent at franchised stores (Buchanan, 2012).” The rate of turnover for Wal-Mart is near fifty percent and to hire someone for the available job it costs anywhere from seventy five percent to one hundred fifty percent. There are also findings that show how human resources present the policies varies significantly and thus affects the how many employees are lost in a year. To calculate the rate the number of worker Wal-Mart has to be considered and using a small number as an example, if Wal-Mart had 100 workers and they let fifteen people go then the rate would be fifteen percent. To combat the turnover, the cost of implementation of a structured and cohesive retention plan must be assessed. The retention plan must include communicating what the organization intends to do to foster a positive environment, a relaxed open door policy and most important to workers a compensation plan that will encourage talented workers to apply as well as retain the workers currently
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