The results of the above table show that the three independent variable factors have an adjusted R2 value of 0.002 which shows that they explained approximately a paltry 0.2% of the variance in employee and customer satisfaction which is insignificant. Their corresponding beta coefficients are; innovation culture (-0.02, p>0.05), organizational learning (0.123, p>0.05) and organizational flexibility (0.0444, p>0.05) which show that they also had insignificant contributions to profit. According to Stevenson, Seville, Vargo & Roger (2010), resilient organizations are those that are able to survive and thrive in this world of uncertainty. Survival and thriving is much more a function of low employee turnover and customer satisfaction than it is about making profit. A retail organization can satisfy both its employees and its customers before it is able to make any profit. Moreover employee satisfaction also involves how much and how consistently they are paid among other motivational factors, which in itself is a cost to the organization. Consequently, it is therefore possible to achieve low employee turnover and high employee satisfaction at the expense of profit levels. 4.3 RECOMMENDATIONS The results of the study show that, for the retailers who were interviewed, organizational resilience was more focused on adaptation and survival, rather than making the step further and generating profit. Besides being able to survive the dynamic business environment in Zimbabwe, retailers also need to make profit. We therefore recommend adoption of the following measures: 4.3.1 Exploiting new markets The demand for retail is driven by a number of factors including customer related aspects such as population size, population growth and existin... ... middle of paper ... ...he population of retailers in Zimbabwe, therefore results cannot be generalized the entirety of retailers in Zimbabwe. It was difficult to get access to company records so subjective measures of resilience based on customer satisfaction, employee morale and company performance were used. These cannot be generalized since they are not objective. Further studies may need to be done in other areas of the city and in other towns in the country. 4.5 CONCLUSION Businesses are operating in a complex and dynamic environments hence the need to adapt quickly to afford extinction. In Zimbabwe, the economic fundamentals weigh too heavy on retailers. Based on the study conducted on resilience of retailers, not only should they learn from past experiences and competitors and become flexible in decision making and implementation, they also should adopt measures to make profit.
Levy, Michael, Barton A. Weitz, and Dhruv Grewal. Retailing Management. ed. New York, NY: McGraw-Hill Education, 2014. Print.
The retail stores of JC Penney and Sears have face headlines of “Which is Worst: JCP or Sears?” The end maybe near for both companies (Andersen2014). The customers look at the employees like their idiots. The public believes that poor management is the reason for the down fall of these companies. Eddie Lambert and Ron Johnson are the CEO’s of being credited to running these companies with wrong management strategies (Andersen 2014). Ron Johnson who is now the former CEO was highly qualified with his retail instincts tried to run the store like a retail boutique. He never took the time to consult a survey on what the consumer’s thought were and after two years he jeopardized the company (Andersen 2014). Whereas the CEO Eddie Lambert of Sears
In recent past across the United Kingdom, many prominent retail chains have closed down their business operations at a high rate of more than 30 stores per day, as the economic depression continued. The United Kingdom’s high street went suffering from the declining consumer confidence and spending as a consequence. Some retail outlets have been put under receivership as well as under administration. High-profiled administrations included retail giants such as Woolworths, Comet and Blockbuster.
In conclusion, this organization should focus more on their employees and less on profitability. This reasoning comes from the idea that efficient and appreciated employees will dictate the future of an organization through their quality of work and their outlook on the company they work for. Implementing rewards for employees and showing appreciation towards them will make them feel honored to work for such a company. In addition, word of mouth from employees will dictate in the inflow of new or current customers. If employees are treated fairly and respectfully, they are more likely to recommend their place of employment for shoppers. Finally, the implementation of a hybrid culture will benefit the company by meeting the needs of the employer, employees and customers alike.
Resilience is a personal journey, one approach to build resilience may work for one person but it may not work for another, as people do not react the same way to different life events. All people have resilience but being able to build resilience is debatably at odds with the concept of resilience since resilience is a characteristic of oneself, although there are ways to enhance your resilience. There are certain lifestyle factors and support networks that help develop ones resilience such as, doing things that you, as the consumer, enjoy and “being physically active helps to improve resilience and decrease ones stress” (Lowinger, 2015). For any consumer it is important to show and strengthen their resilient characteristic, it helps to overcome stress and difficult
Resiliency is an important quality for successful leaders to have. However, leaders are often challenged with considerations of “how do I help others navigate the body slams of life? How do I help the organization and people I lead is recovered from changing market conditions, tragic circumstances, perplexing dilemmas? How do I bounce back and how do I help others do the same?” (Dees, 2013, p. 31). These among other considerations present a challenge to the leadership of an organization.
This assignment will attempt to determine why Marks & Spencer nearly collapsed and what they have achieved in terms of success and failure as part of their recovery programme.
Walmart is one the biggest companies in the world. In 2012, Walmart regained the No. 1 spot for fortune magazine’s list of 500 American companies’ ranked by revenue. This is no small feat with sales being over 400 billion dollars in 2012 alone. The United States in 2012 only accounted for 62% of the net profits of Walmart making a multinational enterprise. In the business world there are multiple types of performance measures that can be applied to Walmart showing how large this multinational enterprise truly is and the quality it provides. Walmart is able to maximize customer savings and its profit margins by controlling its supply chain by focusing on key aspects. Walmart’s operation’s strategy is the key to their success and must be understood before their performance can be measured as well as how their supply chain effects that performance.
Answer to Question 1. Measures of employee satisfaction are potentially more important than measures of financial performance and this could be explained by the links in the service-profit chain (or the employee-customer-profit chain which we have already discussed during the classes). The key point in the service-profit chain is that in case if employees of the company are satisfied with job and company at whole, then this will bring to employee loyalty, retention; that in turn will result in customer satisfaction. Customer satisfaction will bring to increase in sales since customer retention and recommendations. This fact will obviously influence positively on overall financial performance of the Sears. Moreover, the importance
Wal-Mart Stores, Inc. is a renowned retail goods superstore that sits atop the Fortune list at number one. It would be very difficult to find an individual who is unaware of Walmart’s position as the largest brick-and-mortar retail chain in the world. The company has thrived over the past few years and is continuing to grow by effectively managing its store operations and distribution strategies. One of the major contributors to the business consistently meeting market expectations is directly attributable to their management approach. Walmart has revolutionized the way retail companies manage their supply chains in more ways than one. But, perhaps the most revolutionary was the practice of unprecedented coordination with suppliers (Chekwa,
The purpose of this report is to brief the management on the importance of employee satisfaction in achieving the competitive goals of the organization through increasing the retention of the employees.
It has been observed that motivated and satisfied employees have directly relate with the business performance, profitability and eventually, its stability (Shemiah, 2009). However, dissatisfied and less committed employees have a negative impacts on the performance and profitability of an organization (McKinley, Sanchez, & Schick, 1995). It should be taken into account that disengaged and less efficient employees cost the organization thousands while losing the productivity (Hislop,
The idea of change is the most constant factor in business today and organisational change therefore plays a crucial role in this highly dynamic environment. It is defined as a company that is going through a transformation and is in a progressive step towards improving their existing capabilities. Organisational change is important as managers need to continue to commit and deliver today but must also think of changes that lie ahead tomorrow. This is a difficult task because management systems are design, and people are rewarded for stability. These two main factors will be discussed with reasons as to why organisational change is necessary for survival, but on the other hand why it is difficult to accomplish.
Staying ahead of the competition and increasing profits are the fundamental objectives for every organization. However, many firms today continue to invest extensively in business development activities and less on employee productivity. This mindset ignores the firm’s chief asset and its core foundation, its workforce.
The nature of the business of retailing puts retailers at a assumed risk of incurring costs because products are bought with the assumption that consumers will purchase. Additionally there are external factors that may also pose risks such as natural disasters, theft, spoilage and fire. In other circumstances retailers also extends financial credit to customers in the form of credit sales which facilitates the smooth transition from retailers to the marketplace. Retailers are in constant contact with customers which gives them the opportunity to research and study buyer’s behaviour. This involves collecting information about changes in customer preferences, perception and shifts in the demand curve. Through advertising within their stores retailers are able to exhibit and introduce existing and new products to the marketplace. Ultimately retailers are in the business of selling products to customers to achieve their goals of generating