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Store 24 (A): Managing Employee Retention Case Solution & Answer

Store 24 (A): Managing Employee Retention Case Solution 

Introduction

Store 24 is one of the valuable and largest UK based convenience store chains that prides itself on providing the exceptional customer experience, and intends to create the customer loyalty by providing entertaining in-store experience. In the midst of year 2011; the CEO & president held a meeting with CFO and COO, to discuss the strategies that could best help in retaining the valuable employees. For this reason, they are considering multiple options, which range from implementing the bonus system and to develop career development and instituting the new training programs. Thus, the executives are concerned about the relationship between the employee tenure and profit of the store, and to assess the impact of the crew tenure and manager tenure on store’s operating performance.

The case sets out to investigate and evaluate the employee retention-strategies through analyzing the comprehensive and detailed store-level data.(Campbell, 2001).

Problem statement

The executives of the company are concerned about whether the increase in crew and manager tenure would lead towards an improved business performance or not. Another issue is related to the decision of executives that whether the performance of the store is entirely or solely based on factors associated with the tenure of employee or are they based on several other factors, which include: population, number of competitors in the market, the indicator for open 24 hours or not, location of store, indicator for located in industrial area vs. residential area &visible and 5 point rating on pedestrian foot traffic volume with 5 being the highest. The company’s executives are concerned regarding whether the aforementioned variables have linear relationship with the performance of store or not.

Impact of management tenure on financial performance of Store 24

Research question:

How does the management tenure impact the financial performance of Store 24?

Hypothesis:

Null hypothesis:There is no significant relationship between the management tenure &the financial performance of the Store 24.

Alternate hypothesis:There is a significant relationship between the management tenure & financial performance of the Store 24.

Interpretation

The regression analysis shows that the R-square is 19.2 percent, which means that the relationship between these two variable-sis weak positive. Additionally, the regression analysis shows that the p value is lower than the significance level of 5%, which provides statistically and significantly strong evidences to reject the null hypothesis which states that there is no significant relationship between the management tenure &the financial performance of the Store 24.(Gallo, 2015).

Impact of crew tenure on financial performance of Store 24

Research question:

How does the crew tenure impact the financial performance of Store 24?

Hypothesis:

Null hypothesis:There is no significant relationship between the crew tenure &the financial performance of Store 24.

Alternate hypothesis:There is a significant relationship between the crew tenure &the financial performance of Store 24.

Interpretation

The regression analysis shows that the R-square is 6.64 percent, which means that the relationship between these two variables is weak positive. Additionally, the regression analysis shows that the p value is lower than significance level of 5%, which provides statistically and significantly strong evidences to reject the null hypothesis which states that there is no significant relationship between the crew tenure &the financial performance of Store 24.

Impact of all drivers on financial performance of Store 24

Research question

Does the number of competitors, population, the indicator for open 24 hours or not, indicator for located in residential vs. industrial area, visible, 5 point rating on pedestrian foot traffic volume with 5 being the highest,manager skills, crew skillsand service quality predict the financial performance of the sample stores?

Hypothesis

Null hypothesis:There is not any significant relationship between the number of competitors, population, the indicator for open 24 hours or not, indicator for located in residential vs. industrial area, visible, 5 point rating on pedestrian foot traffic volume with 5 being the highest,manager skills, crew skills and service quality &the financial performance of Store 24…………………..

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