Memorandum Report

Information Report
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MEMORANDUM
TO: Shelly Bradley, COO, Green Local
FROM: Shawn M. Wainwright, Regional Manager
DATE: October 10, 2020
SUBJECT: Effective Employee Retention Strategies
After researching five peer reviewed articles from the ResearchGate website, Open Journal of Social Sciences, Sage Open Journal, and Science Journal of Business and Management, I found four effective employee retention strategies to avoid the excessive turnover rate of employees. As discussed on October 1, 2020, I am submitting an outline based on your request to find effective strategies that is suitable for small/medium-sized retail businesses. In this report, I will describe Four strategies, which include (1) recruitment retention strategy, (2) timely performance appraisal, (3) work-life balance flexibility, and (4) the participative leadership strategy that I verified to improve employee retention.
RETENTION STRATEGY #1: RECRUITMENT RETENTION STRATEGY
According to the study of Kamalaveni et al. (2019), the foundation of employee retention starts on their first day (p. 4). The way on how the company recruit and treat their recruits affects the employee turnover rates. For instance, if the company has bad recruitments policies, such as a biased selection process or a lack of clarification of job description, there will be around 60% increase of unwanted turnovers (Sawaneh & Kamara, 2019, p. 70). Therefore, the company needs to consider the selection of employees based on their merit and provide the employees the proper orientation and guidance to make them feel that the company are cares. Additionally, our company needs to recognize and emphasize the skill of the employee (Lewis & Sequeira, 2012, p.5). For instance, we need to tell them after the hiring process that they are a valuable asset to the company rather than showing the monetary or other benefits that they will gain. Money is one of the sources of motivation, but money is not the main reason why employees stay (Kamalaveni et al., 2019, p. 6).
RETENTION STRATEGY #2: TIMELY PERFORMANCE APPRAISAL
Performance appraisal is the way of evaluating the performance of the employee by the standards set by the company (Kamalaveni et al., 2019, p. 5). A timely performance appraisal is necessary for knowing the strengths and weaknesses of the employee. As the employer, we need to learn how to invest in the strengths and improve on the weaknesses. Performance appraisal is also important in determining the promotions, incentives, and other rewards of the employees that show remarkable performance, but also the added training or termination of the employee (Sawaneh & Kamara, 2019, p. 70; Kamalaveni et al., 2019, p. 5).
Using timely feedback, our company can navigate the expected behavior that we need from the employee (Kamalaveni et al., 2019, p. 5). Although we are strict in implementing the minimum standard, we need to clarify to the employees that we will give them the necessary training to reach the minimum threshold of recognition. Afterward, we will help them to go beyond that level. Therefore, developing a performance appraisal system can help the emp...