How to write good executive summary for the following proposal.Proposal is below:Purpose Statement:This business proposal has been constructed to address an ever growing and costly issue within the organization of employee turnover. As the organization has continued to grow in scale, the rate of employee turnover has also continued to grow. This issue has created a multitude of issues that are currently affecting all internal aspects of the organization, with those issues continuing to pass down directly to the organizations customers. Until this issue is rectified and the employees once again are made the top priority of the business, it will continue to lose viable employees and business. This proposal will provide detailed information regarding the problem, data and research, proposed solutions, stakeholder analysis, along with how the solution shall be implemented.Problem Statement: FlexPrint currently has one of the highest turnover rates of employment in the managed print services industry. While this can be attributed to multiple different factors, the biggest driving factor is the lack of servant leadership training among all leaders in the organization. With the leadership team not possessing the necessary leadership skills, they are not able to lead their respective teams properly. This results in a lack of employee training, failure to provide adequate and appropriate communication with employees and does not provide employees with a clear future growth path within the organization. When really looking at why employees are leaving there’s a good chance it has something to do with how leaders value and communicate with employees (Mackey, 2018). By fostering the servant leadership mentality throughout the organization FlexPrint can permanently reduce their high turnover rates.?ear # of Employees # of Employees who left Turnover Rate Annual Turnover Cost 2010 100 5 5% ????5,000.002013 350 25 7% ???75,000.002016 1500 200 13% ? 3,000,000.002019 3100 500 16% ? 7,500,000.00 ?The information contained in Chart 1 above, shows the correlation between the number of employees employed at FlexPrint and the correlating turnover rate for each period reflected. The chart clearly shows that as the number of employees employed by FlexPrint increases, the number of employees leaving the company and corresponding turnover rate increase as well. It is also important to note the annual turnover cost to FlexPrint, which has significantly increased as the number of employees has grown as well. The average turnover cost to a business is $15,000 per lost employee (Bolden-Barrett, 2017).?ata and Research Findings:? The graph above reflects the solutions that have been implemented by FlexPrint. This information was gathered during an in-person interview ?hat I had with FlexPrint’s Chief Human Resource Officer (CHRO). The CHRO was very open and honest regarding the issue of employee turnover and was willing to share with me the 4 different strategies that FlexPrint had previously attempted to implement. They were providing a companywide 1% merit increase to all employees salaries, the addition of quarterly team building activities, promoting employees from within the organization and hiring more qualified leadership. The CHRO happily shared information that her team had collected as results of the most recent employee satisfaction survey by FlexPrint. The CHRO told me that they put together this survey in an effort to determine what was really the most important to the employees. With regards to the companywide 1% merit increase, the feedback received was that the increase was too minor and that it did very little to actually affect each employees actual take home pay. With the quarterly team building events, most employees did enjoy getting to do new and fun things outside of work hours, but it really did not have an overall positive effect on the employees. When it came to promoting employees from within the organization, it was a great idea that was not well planned or executed. Employees were promoted to management; however, they were promoted without the proper management experience and without any management training provided. This immediately put these employees at a huge disadvantage and one that most would not be able to overcome. FlexPrint decided to take a bit of a different approach to correct the issue by hiring more qualified leadership from outside the organization. While this was a good idea in theory, it had major repercussions as the new leadership came into the organization and tried to effectively run it similarly to their previous employers, without taking into account the differences in the organizations business model. Each of these solutions were implemented independently of another and none of them ran concurrently. In one of my questions, I asked the CHRO if she felt like any of these attempted solutions had any real impact in reducing the overall turnover rate and she confirmed that none of them had any real impact independently, but that if these were implemented concurrently, there might be a real difference. Proposed Solution: The information contained in the graph above represents potential solutions to reduce employee turnover rates, based on the results of other service related providers. These five potential solutions have been shown to be effective in severely reducing employee turnover within other organizations (Heathfield, 2020). The most effective methods of reducing employee turnover and the top three options for implementation at FlexPrint are flexible work schedules/locations, competitive pay & benefits and training and development programs. ?he most successful method and most important potential solution to the FlexPrint employees is the implementation of flexible work schedules. Employees have long commented that they feel like they do not have any flexibility to work from anywhere other than the office itself. As a result, tend to not take breaks, as they feel like they will be reprimanded and/or will fall further behind in their work. Another direct result of this is the amount of vacation time that goes unclaimed by FlexPrint employees each year as they do not feel like they can take any time for themselves, whether for family time or for personal health reasons. Flexibility of work schedules will provide the employees the freedom that they need to ensure that they are taking care of themselves, while still ensuring that their work is complete and accurate. This will directly increase the employees morale and satisfaction levels. The downside to this potential solution is that it may be harder to track the workload of employees who may be working remotely. Competitive pay & benefits are another potential solution that would help FlexPrint correct their turnover rates. FlexPrint’s base pay for all non-leadership positions are currently below those of similar organizations in the same industry space. Besides this, the benefits that FlexPrint does provide, while they meet the legal obligations of the organization, leave much to be desired with poor coverage and high deductibles. Putting the necessary focus to make each job within the organization at or above current market rate would also have a direct benefit on the employee retention rate. The downfall to this potential solution is that it will be extremely expensive as an upfront cost to the organization. The last potential solution that would be beneficial in decreasing employee turnover rates would be the addition of training and development programs throughout the entire organizations. Employees today feel that there is a lack of visible career path and often find themselves being promoted due to another employee voluntarily leaving the organization, often leaving them without the necessary skills and knowledge to perform their new role to the best of its ability. Implementing this solution would provide that visible career path, along with helping to prepare employees for potential promotions and not be left to sink or swim like they currently are today. The downfall to this potential solution would be that it would be time consuming to put together a career path for each role within the organization and also to create the necessary training programs accordingly. While the overall effect that these solutions will have on an individual company like FlexPrint, it is hard to dispute the significant employee turnover reduction rate from each of these solutions.Stakeholder Analysis and Benefits:Employee retention is an extremely important topic within an organization. Failure to provide the proper focus to it and it could cause severe detriment to the organization. When looking to address the issue of turnover within an organization, it is best to start with a stakeholder analysis. A stakeholder analysis is a process of identifying the stakeholders, prior to the start of the project and determining how to best involve and communicate with each one respectively (Stakeholder Analysis, 2020).?takeholder Attitudes About the Identified Problem??????The stakeholders that have been identified within FlexPrint are the Chief Human Resource Officer (CHRO), VP of Human Resources, Board of Directors, Project Manager, Department Managers/Supervisors, Team Members, and Customers. Given the nature of the problem being addressed, there is strong to moderate support from most all of the stakeholders involved. Failing to retain employees will have a negative effect on each stakeholder and should further increase the level of interest that each internal stakeholder takes in the project. FlexPrint’s Customers are the only external stakeholder involved however, they can be one of the top driving factors to reduce turnover within the business. If the Customers are unhappy about the service that they are receiving, they are going to make it well known. If FlexPrint is unable to fix the issue, it could lead to the loss of Customers and their corresponding revenue.?takeholder Attitudes to Previous Implemented Problem Solutions:?????FlexPrint has implemented multiple different individual solutions over the past few years in an effort to combat the growing employee retention and turnover issues that it has been facing. Each solution that was implemented by was done so independently, with no potential solutions overlapping. At the time, the stakeholders believed that implementing more than one potential solution at a time would cause additional issues within the organization due to the significant amount of changes that would need to take place to implement such solutions.?takeholder Ideas for Potential Solutions:?????All of the stakeholders agree that changes must be made within FlexPrint in order to increase employee retention rates, thus reducing turnover. In order for this to happen, the stakeholders believe that they must implement more than one solution concurrently, in an effort to ensure they are meeting the needs of the employees. The stakeholders are proposing the implementation of flexible work schedules/spaces and competitive pay & benefits, and addition of training and development programs. ?takeholders to Act as Sponsors:?The CHRO and VP of Human Resources of FlexPrint will be the two main stakeholders that will support the implementation of these solutions. The CHRO is responsible for the entire Human Resources Department of FlexPrint and needs to ensure that they are setting up the organization for success. With the support of the CHRO as the face of the employees and for the employees, their support will directly show all employees that major efforts are being made to reduce this issue within the organization. The VP of Human Resources is responsible for the day to day operations and success of the Human Resources Department. Together, these two individuals show major support at the executive level of the organization and thus vowing to help rectify the issue and restore employee happiness and longevity. ?takeholders that are Directly Affected:?????The implementation of these solutions to solve the problem of employee retention and turnover rate, will have a direct effect on all of the stakeholders. Once the problem has been rectified, The CHRO and VP of Human Resources will once again be able to focus on other areas of the business that may need addressing. With successful completion and results from this project, the Project Manager will have gained internal and external confidence. Department Managers/Supervisors will be directly affected by these solutions as they will have to figure out the best way to manage remote/flexible workers. Team members (employees) will be directly affected by these solutions with a sense of happiness that their needs were made a priority to the business. This will further support a increase in productivity, as the team members feel appreciated and valued. Customers will be directly affected as there will not be a constant change in employees handle their account, which will result in less billing and service errors. The Board of Directors will be directly affected by the increase in upfront cost to fund these solutions. ?takeholders who Could Pose Potential Roadblocks:?????When it comes to potential roadblocks from stakeholders the Board of Directors poses the biggest threat to the success of these initiatives. The Board of Directors are the sole final decision authority on whether or not a solution gets implemented across the organization. They must be provided clear and concise information that proves the necessity and ending financial benefit to the solution. In the end, it could always come down to the upfront financial cost to the organization, which the Board of Directors could decide are too high to be feasible. Also, the Board of Directors may be more concerned with the short-term performance of the company if there are aspirations of selling the company or potentially going public.?hange Management Plan:Change management can be a very difficult thing for an organization to master. For the organizations that can, they will usually succeed and prosper during challenging times. For the organizations who cannot properly handle change management, they will usually fail. Employee retention within an organization is a key to their success and therefore the change model that I have selected to utilize for my action research project is Kurt Lewin’s Model. The Lewin Model was originally presented by Kurt Lewin in 1947 and is based on a three-step approach to organizational change that include Unfreeze, Change, and Freeze (Connelly, 2020). The basis behind the Unfreeze stage is to improve the overall readiness and willingness of those who will be directly affected by the change by making them aware of the need for the change. With the Change stage, this is where the actual change itself will take place and is implemented. It is important during this stage to provide clear and concise communication, while encouraging the involvement of individuals within the organization to endorse the change. The final stage of Lewin’s Model is the Freeze stage, which can also be known as the Refreezing stage. With this stage, employees have already accepted and embraced the change within the organization. This change has now become part of their normal everyday work experience and the organization will focus on ensuring that the change remains in place until there is the necessary need for any such future change.??????he problem that I am addressing within FlexPrint is an increased level of employee turnover due to several internal organizational issues. I believe that the Lewin Model will be the most effective change management model and its use will help FlexPrint make the necessary changes needed to reduce employee turnover. As part of the Unfreeze stage of Lewin’s Method, FlexPrint will distribute another employee satisfaction survey to all employees. The results of this survey will be coupled with the results of the same survey, which was delivered to employees 6 months prior. The goal of the survey is to ensure that FlexPrint is addressing the main contributors that are causing the employee turnover within the organization. The use of the survey will also help show the employees that FlexPrint is interested in receiving their feedback and is serious about addressing their concerns. Once the survey is complete, the results of the survey will be distributed to all employees.?long with the survey results, employees will be given a list of potential solutions to rectify the issues that FlexPrint will begin to implement in the future. The intent here is to give the employees some time to look at the collaborative survey results and understand that they are not alone in their feelings, but to also make them know that FlexPrint is dedicated to making the necessary changes to improve the employees job satisfaction. We will clearly notate that the solutions provided are just for informative purposes and that the final solutions will be rolled out soon. This will provide clear communication with the employees that the potential solutions provided may not actually be what is done by FlexPrint but allows for them to know and understand some of the things that are being contemplated as a solution. This will create buy-in from the employees and further allow for them to see that FlexPrint wants to change their culture and make the employees like their job so much that they want to stay. As for any resources that I would need to implement this change management method, it would be two employees time for an approximate of two weeks for research purposes. They would be tasked with ensuring that job titles, pay and schedule flexibility for each employee are up to industry standards. All data will be recorded and reported back to the HR department for further review and advisement to leadership of all changes that will need to be made to ensure that employee satisfaction increases. The changes that will be made as a result of the solution will all be in the favor of the employees themselves and therefore we do not foresee any employee resistance to these changes. The only resistance that we could face would be from the CEO and Board of Directors, but they are already?ware of the need to fix these issues. If they raise any issues, we will kindly remind them of the actual cost to replace an employee, which is more significant an impact on the business than these changes would be.?Implementation Methods:??????pon final approval from the CEO and Board of Directors, the Human Resources team will begin surveying all employees to find out their ideal work hours and location. This survey is expected to take about 1 month to get complete and final results. Once they receive all of the results, the Human Resources team will then begin working with other internal teams such as the IT Department, Facilities Department, among other management staff. The goal would be to fully implement the flexible work schedules/locations within a period of 6 months. With some employees looking to transition to remote only work, there will be additional costs to the business for computers, phones and other items necessary for workers to complete their jobs successfully. This will result in a significant upfront investment for the organization, but will ultimately improve employee satisfaction and will help to reduce employee turnover.?valuating Success: When implementing a change management method, it is important to think about how you will measure the success of your intended method. A good way to go about this is to first create a cost-benefit analysis. A cost-benefit analysis is a process that is used to estimate the costs and benefits of decisions in order to find the most cost-effective alternative (Landau, 2021). The cost-benefit analysis will give you the visual information surrounding both your costs to implement the solution, along with the benefits of implementing the solution. Once my solution has been implemented, we will be able to use the information gathered from our HR department in the form of the number of voluntary exit interviews conducted, to compare this against the number of voluntary exit interviews conducted prior to the solution being implemented. This will show the direct decrease in the number of employees leaving the organization voluntarily. After six months’ worth of data has been collected from our HR department, we will once again look to distribute a new employee satisfaction survey to all employees. We expect to see significantly more positive results from employees as a direct result of implementing the solution, which was further driven by the employees responses from previous surveys. After 12 months of the solution being in place, the organization will want to circle back to the cost-benefit analysis that was created prior to implementation of the solution and compare actual organizational costs versus the savings the organization saw as a direct result of employees not leaving the organization voluntarily. We expect to see a large cost savings to the organization, which will further prove to the stakeholders that investing in our employees is one of the most important things that we can do to ensure our continued growth and financial success.BusinessBUSINESS BUS 470Get a plagiarism-free order today we guarantee confidentiality and a professional paper and we will meet the deadline.
Do you have a similar question? Our professional writers have done a similar paper in past. Give Us your instructions and wait for a professional assignment!