Operation management in the Wal-Mart is given higher importance still certain issues arise due to the way they manages their different operations. Some of them are:
Wal-Mart is facing issues in retaining their staffs. High employee turnover has led to many kinds of challenges for the company. Due to this they have to spend high amount of money in their training and development programs. Some of the alternatives that can be chosen by the Wal-Mart are as follows:
Both the solution has different kinds of advantages and disadvantages attached with it. Some of these are mentioned below.
Rewards and benefits: They advantages and disadvantages attached with each of the solution are as follows:
Advantages
Disadvantage
Reacting towards other demands: For this alternative the advantages and disadvantages are as follows:
Advantages
Disadvantage
In the two above mentioned solutions, the most appropriate solution is giving financial rewards and bonuses based on the performance of the employees. This is more appropriate as it is capable of motivating the employees for longer period of time when compared with fulfilling non-financial needs.
For retaining employees for longer period of time, it is crucial that company increases their salaries and reduces the expenses of the company in other areas of operations. Performance management system must be supported by the use of technology.
References
Bonanno, A., & Goetz, S. J. (2012). Walmart and local economic development: A survey. Economic Development Quarterly, 26(4), 285-297.
Kramer, M. R., & Pfitzer, M. W. (2016). The ecosystem of shared value. Harvard business review, 94(10), 80-89.
Pearson, B. (2017) Wal-Mart’s Employment Deployment And 6 Ways To Curb Retail Turnover. Retrieved from: https://www.forbes.com/sites/bryanpearson/2017/01/24/wal-marts-employment-deployment-and-6-ways-to-curb-retail-turnover/#6b2b5e271008
Roberts, B., & Berg, N. (2012). Walmart: Key insights and practical lessons from the world’s largest retailer. Kogan Page Publishers.
Shi, R., Zhang, J., & Ru, J. (2013). Impacts of power structure on supply chains with uncertain demand. Production and operations Management, 22(5), 1232-1249.
Wakamatsu, M., & Wakamatsu, H. (2017). The certification of small-scale fisheries. Marine Policy, 77, 97-103.
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