Employee Retention in the Retail Industry: A Case Study of Lebanon

Abstract

Employee retention in the retail industry can be a significant challenge due to factors like high turnover rates, seasonal demands, and often low wages. However, it is crucial for the success of retail businesses to retain their employees, as a stable workforce can lead to better customer service, reduced recruitment and training costs, and improved overall performance. Employee retention is vital for a company's success. If a company loses many employees, it can lose money, clients, and its good reputation. Previous research tells us that a company's people (human capital) are its most valuable asset. In one study, they looked at employees in different businesses. They found that offering better pay helps to keep employees from leaving. In a competitive and diverse market, there are challenges. Employees care a lot about their morale, how the company is organized, and the overall work environment. Also, competition for skilled employees is tough. One big problem today is that some managers don't realize how important certain positions are. The research also found that when companies reward and appreciate their employees, turnover goes down. On the other hand, when employees don't see a future for themselves at a company, they tend to leave. Job stability, a well-organized workplace, and a good atmosphere are things employees really value. In one specific group of companies (the Phillips group), a bad working environment makes people want to quit their jobs. So, it's clear that how a company treats its employees has a big impact on whether they stay or go. The ability of a corporation to retain its workforce has a significant impact on its productivity and success. According to previous research, human capital should be seen as the most precious asset for any company that is serious about achieving its goals. A descriptive research approach was used for this investigation. The employees in the category of businesses are the focal groups for the study. Better pay plans were shown to reduce employee turnover, according to the study's findings. The research showed that reward and appreciation discouraged job turnover in businesses. It also pointed out that inability of management to have prospects for job advancement promoted employees’ turnover firms. Job stability, workplace organization and the working atmosphere is the most critical considerations that workers do recognize. The analysis showed that bad working environment promotes job attrition in Phillips group of firms.