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TRENDS IN THE GLOBAL BUSINESS ENVIRONMENT

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TRENDS IN THE GLOBAL BUSINESS ENVIRONMENT

 

Introduction

The various trends of global business influence its working environment both positively and negatively. Moreover, the various trends in the global business help an organisation to develop different strategies for mitigating risk factors along with critical success factor achievement. However, this study mainly focused on the trend called employee retention to mitigate the issue among employees in the context of teamwork development and cultural diversity improvement. It has been seen that remote employees tend to feel excluded from an organisational culture related to equal treatment within the working environment. Therefore, the organisations tried to accumulate all the distributed workers together for doing proper teamwork without any confliction. However, it can be said that the core aim or purpose of the study is to evaluate best employee retention strategies for mitigating the risk of employee retention.

Body

Concept of global business environment trend

Trend mainly stands for the pattern, which influences the gradual changes within a business in the context of output processor general tendency of a data series. Moreover, various trends or approaches within a business help an organisation to develop its business profitability along with expansion in future (Murray et al. 2017). However, in the present days, most of the organisation wanted to expand its business globally; therefore, the company's started to follow various business trends for it. Moreover, the organisations also emphasised on the issue mitigation related to any organisational process to develop their business. These business approaches or innovative ideas help an organisation to expand its business globally, which can be recognized as global business environment trends.

Concept of Employee retention

Employee retention mainly stands for the ability of an organisation, which helps a company to retain its employees. On the other hand, employee retention also can be recognized as the attempt of employers for retaining its employees in the organisational workforce. However, employee retention generally helps an individual to stick within an organisation for a longer time based on significant policies or practices done by the organisation (Wakabi, 2016). Therefore, it can understand that employee retention mainly provides benefit to an organisation by engaging their employees within the workforce. Besides, employee retention also helps an individual to make self a corporate-ready material to provide the company potential effort.

General

Importance of employee retention

Employee retention plays a key role in the corporate sectors in the current situation related to holding the employees within an organisation. However, it can be said that after the providence of training most of the employees showed the tendency for changing the existing organisation in against better offerings from other companies (Cloutier et al. 2015). Therefore, it can be said that based on the current situation, all the organisation must form some retention policies to fulfil the gaps which influence the employees for exchanging organisations. Moreover, it is the responsibility of the human resource team and management for intervening and find out the proper reason for employee dissatisfaction (Ahammad et al. 2016). However, the valuable reason for employee retention mainly lies in the below factors such as

       Mitigation of employee resignation

       The hiring of potential employees

       Development of potential activity and profitability

       Teamwork development

       Cultural diversity improvement

Influencing factor of employee retention

Various significant factors related to the employment influences employee retention; besides, the differentiation of employee benefit also influences the individuals for organisation exchange. However, the factors mainly include

       Culture and employee confliction- Most of the organisation prefers the cultural diversity and teamwork within the company. On the other hand, the individuals coming from the different background were unable to adopt another culture, which influences employee confliction (Ertürk and Vurgun, 2015). As a result, the teamwork of the organisation could not provide potential efficiency. Therefore, it can be said that to mitigate such kind of issues an organisation must need to retain potential employees.

       Inequality- Most of the corporate organisation practices discrimination within the working culture to specific individuals. Therefore, the employees feel to resign the organisation. Moreover, excessive bias toward some particular employee influences the employees negatively for exchanging organisation.

       Low growth- Those organisation unable to provide promotions and increment to the employees in spite of providing sufficient work potentiality lose efficient employees. On the other hand, those organisation who offers the individuals a considerable amount of remuneration in respect of their potentiality easily retain the employees (Aguenza and Som, 2018). Therefore, it can be said that the organisations must need to form employee retention policies for engaging them in the existing company through benefit providence.

Figure 1: Influencing factor of employee retention

(Source: Ertürk and Vurgun, 2015)

Best employee retention strategies

The monotonous situation of the working environment influences the employees for a change; therefore, the organisations must form some employee retention strategies to retain them. The strategies mainly include

       Hiring of potential candidates



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