Statistics and Research Business Model

Question: Describe about the Statistics and Research Business Model. Answer: 1.0. Introduction The word retain can simply be defined as to continue having or using something. In the manufacturing industry, the term retention of staffs is defined as the process by which the organization tries to keep their present employees for a longer period, by motivating and encouraging them. Or the company tries to retain them for at least a period until the project he/she is associated with getting completed (Mowday, et al., 2013). Retention of the employees benefits both the employees and the organization they are presently working. When there is high turnover retention in an organization, then such situation may impact the company. Disturbances due to the higher turnover rate and mounting work pressure on the existing employees will cause the new employees to move to some other organization. It has been estimated that the cost of turnover by the employees is almost 150% of the individuals salary. Different authors have shared their views on retention of employees. This research proposal will identify whether the opinion impacts the retention of employees in the manufacturing industry (Hong et al., 2012). 1.1. Significance of the study Every organization faces different problems related to the retention of their employees. So the main aim of this study is to the factors that will be the retention of employees in the manufacturing industry. The study will also highlight the impact of job satisfaction, compensation to the workers and work-life balance in the retention of employees (Salome et al., 2014). 1.2. Aim of the research The main aims of the research are highlighted below: To identify the factors that helps in retention of employees in the manufacturing industry. To highlight the relationship between employees retention and job security. To identify the relationship between job satisfaction and retention of employees. To identify the relationship between work-life balance and employees retention. To identify the relationship between the compensation of the employees and their retention. To provides a comparative analysis of the employee's retention depending on their experiences at the manufacturing industry. 1.3. Justification of the research In every organization retention of employees plays a vital role and different factors help in the retention of employees (Sageer, et al., 2012). It is imperative for an organization to concentrate on the retention of employees, because a lot of time is invested in the HR department of the organization to pick out the best candidates from a large population of the talented candidate, by interviewing and testing them. When a new employee joins an organization, then the management of the firm invests a lot in the employee, to make him/her ready for the corporate culture. If the employee suddenly leaves the job then it will affect the company, as all the efforts of the HR department and the management will be wasted and the organization will take some time to fill up the vacant position. Selecting the right employee is a very tough job, and if the worker leaves the job suddenly then all the efforts will go in vain (Schmitt, et al., 2012). If an employee resigns then, there is a huge possibility that he/she may join the competitor's organization, and this may lead to the leakage of important information regarding the strategies of the former organization. So it is important for the employers to sign an agreement with the new employee, which will prevent the employee from joining the competitor's organization. For an organization to perform effectively, it is crucial for the management to make sure that there is proper coordination between the members of the team. The employees also face the challenge of building up faith. The employees that are associated with the organization for a longer period are considered more loyal to the organization. In fact, the employees also enjoy several benefits such as job satisfaction, job security, and work balance. So the above discussion highlights the importance of retention of employees in an organization (Robinson et al., 2014). 2.0. Literature review This part of the study highlights the importance of employees retention in an organization and the how it is beneficial for the organization. This part also highlights the theories and concepts related to this topic. 2.1. Conceptual framework There are several previous research conducted by several researcher, which highlights that there are many factors that can help in retention of the employees in an organization. Training and development, working environment, job satisfaction, reward system and justice in the organization are some important factors that help in retention of employees (Ashar et al., 2013). These are some important factors that reduce absenteeism and help retaining employees. Apart from these, there are some other factors that are important, and they are job security, training, and work environment. Several studies have proved that work-place environment, rewards, and compensation, training and development are important motivational factors that help in retaining employees in the organization. In this study factors such as job security, work-life balance, compensation and job satisfaction are independent variables and the retention of employees is the dependent variable. These are the factors that motiv ate the employees and with motivation the possibility of the workers to leave the job declines. And the independent variable job satisfaction is related to the independent variable retention of employees. Thus, it can be inferred that retention of employees will be dependent upon these factors (Heavey, et al., 2013). Job security will be helpful for the workers who are happy with their job, then the workers who are not satisfied with their jobs. The increasing dissatisfaction may result due to the increasing insecurity among the employees. Several studies have shown that retention of the employees and job satisfactions are positively related (Sears et al., 2013). Different studies have also highlighted that increase in satisfaction reduces the employees tendency to leave their present job, which in turn helps the organization in reducing the cost of recruiting new employees. The workers who are satisfied with their work will perform better than the unsatisfied employees. Satisfied workers are more efficient, creative and have a high chance to retain. Satisfaction in a job helps the organization to maintain a strong and stable workforce (Elnaga Imran, 2013). The flexibility in the workplace also plays a determining role in the retention of the employees. All the workers in an organization prefer working in a more flexible environment. If the workers are provided with flexible timings than it will enable them to spend more time with the family, thus helping the employees to manage work-life balance properly. If an organization has too much of restrictions than it would not be an encouraging environment for the employees to work in the organization ( Brunetto et al ., 2012). 2.2. Research hypothesis H1: Job security helps in the retention of employees in the manufacturing industry H0: Job security does not help in the retention of employees in the manufacturing industry H2: Positive correlation between retention of employees in the industry and job satisfaction H0: negative correlation between retention of employees in the industry and job satisfaction H3: Work-life balance and retention of employees have a positive relationship H0: No positive correlation between Work-life balance and retention of employees has a positive relationship. 2.3. Methodology The methodologies that are used in conducting the study and solving the question are highlighted below: 2.4. Data collection method In this study to select the sample, the method of sampling is used. There are two methods of sampling, and they are probabilistic and non-probabilistic sampling method (Donley, 2012). To reduce the biases, the random sampling method is used because its saves a lot of time. To conduct the study the researcher will select 50 employees of the manufacturing industry and three managers, which belong to the same industry for conducting the interview. The researcher will use a questionnaire for the purpose of research. While conducting the survey, closed-ended questions will be asked of the employees and the managers have to face open-ended question (Hughes, 2012). The employees and the managers have to rate in between 1 to 5, where 5 indicates strong agreement and 1 indicates strong disagreement., and during the survey the employees provide their responses that motivate them to continue with the organization. And all the questions are prepared to keep in mind the motivational factors of th e employees. 2.5. Focused groups This research has particularly focused on the group of 50 employees of the manufacturing industry. For the purpose of the study the researcher has performed quantitative data analysis, which will help them in collecting the perception of the employees and the interaction of human within the organization (Bryman, 2012). And the study has also included three managers of the organization, and the managers have to face qualitative questions. 2.6. Data analysis method To conduct this particular study the researcher has used both the qualitative and quantitative analysis to collect the data. The data from the primary source has been collected using the qualitative method of data collection. In the study, the quantitative analysis of data will include bar diagrams and pie charts, which are prepared using, Excel sheets (Chandra Sharma, 2013). And for the research the researcher uses descriptive analysis. The different statistics that are calculated in the research are the mean, median and standard deviation. Together with the statistics the researchers will also perform correlation for all the factors that impact the retention of the employees. 2.7. Organizing the study The study has been organized in different in chapters, which are as follows: Chapter1: Chapter 1 includes the proposal of the research, which is highlighted from the assignment. Chapter 2: this chapter highlights the factors that help in retaining the employees in the organization. Chapter 3: this chapter highlights the different methods used by the researcher for the purpose of research. The researcher has used literature reviews, data collection, primary key indicators, and analysis of data. Chapter 4: this chapter will include information that will help in the discussing the findings that are related to the research. Chapter 5: this chapter includes information that helps in discussing the factors that help in increasing the retention of employees in the organization, with the help of different factors, discussed in the previous discussion. 2.8. Ethical consideration It is paramount for the researcher to abide by all the ethical consideration for accomplishing the study successfully. The researcher also needs to make sure that he is utilizing all the collected data for the purpose of study only. The researcher cannot use these data for the commercial purpose. The researchers are also liable to protect the data under the data protection act. 2.9. Expected outcomes The expected outcomes of the research will highlight the factors that help in employees retention in the manufacturing industry, and the different factors are job satisfaction, work-life balance, flexibility, rewards and compensation and job security (Buciuniene Skudiene, 2015). These factors will not affect the relationship but will improve the career opportunity, leadership, distributive justice, and reorganization. Among all these factors job security is the most critical variable that helps in the retention of employees in the industry (Aguenza Som, 2012). Job satisfaction is considered as the second most important variable in identifying the factors that help retention of the employees in the firm. Then the third important factor is Autonomy ( Laschinger, et al., 2012). In the study the hypothesis that there is a positive relationship between security of job and retention of the employees is correct, so the researcher accepts the null hypothesis. The second hypothesis which in dicates that there is a positive relationship between rewarding employees and retention of the employee is also true, so the null hypothesis is accepted. 3.0. Grant chart Primary activities Week 1 Week 2 Week 3 Week 4 and 5 Week 6 Week 7 Selecting the topic Reviewing the literature and study the existing theory Methodology of the research Collecting primary data Analysis and interpretation of data Findings Conclusion Final task and submission 3.1. Proposed budget for the research The total budget for the research is 5000 dollars, for completing the study framework within the determined period, as it is highlighted in the Grant Chart. The resources for the literature review have been collected from various textbooks, journals and online resources. The researcher had to purchase the materials online or from other sources that are used for research purpose. And the total cost of purchasing the resources is approximately 1500 dollars. The data which are collected through the medium of the questionnaire also includes the cost of traveling, printing, and posting of the questionnaire to the workers. The medium of email is not used for this purpose because the email might go to the spam box. In the process, the researcher will question the respondent directly. And the area where the research was conducted is located far away, so all the cost will sum up to approximately 2500 dollars. The access to the government data and analysis should be completed with the given period and allotted budget. And the budget allocated for this purpose is 1000 dollars. 3.2. Detailed representation of the proposed budget Objective Estimated amount to be spent(in dollars) Reviewing the literature 1500 Data collection 2500 Data analysis 1000 Total Estimated Budget 5000 References 6, P. Bellamy, C. (2012).Principles of methodology. London: SAGE. Aguenza, B. B., Som, A. P. M. (2012). Motivational factors of employee retention and engagement in organizations.International journal of advances in management and economics,1(6), 88-95. ALDamoe, F. M. A., Yazam, M., Ahmid, K. B. (2012). 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