Turnover Management Plan
Available literature demonstrates that high turnover reflects management’s inefficiency and is associated with many adverse outcomes, including extremely high costs and loss of talent (Darmon 211). This section outlines a turnover management plan for the bank, which is grounded in improving employee recruitment, training, and orientation.
- Standardizing recruitment procedures for tellers and ensuring that the corporate-level human resource department is facilitated to undertake the hiring activity, rather than leaving this function to individual bank managers. Developing standardized hiring processes and employing competent recruitment teams are of critical importance in achieving the objective of hiring the best staff, hence reducing turnover (Adidam 138).
- Conducting comprehensive employee training and orientation not only to motivate employees in their new roles but also to match their capability with corporate goals and objectives (Adidam 138). Newly recruited tellers need to be trained on how to solve client problems and handle complicated customer requests as it appears that this is the major reason for the high turnover.
- Expanding recruitment strategies and reducing the number of days taken to fill a vacancy. Apart from newspaper and website advertising, the bank should also consider creative advertising, school campus recruiting and professional associations recruiting, to come up with the best talent for the job (Darmon 215).
In retrospect, it is important to note that the turnover rate in this bank is excessive. Available literature demonstrates that “turnover higher than 20% is unnecessary and wasteful” (Adidam 137). During the past year, the bank has lost 125 of its 250 tellers (50%), implying that the turnover is excessive. The cause of the turnover has been determined by assessing the disengagement between employee expectations upon recruitment and their actual roles in respective workstations.
“Exit Through the Gift Shop”
From the movie, it is clear that Thierry Guetta’s greatest strengths include a deep commitment to a life of videotaping graffiti artists and obsession with street art, which is exhibited by the way he carries a camera everywhere he goes. These strengths provide Thiery with a particular insight into the art world.
As Guetta nurtures these strengths, he decides that all he wants is to film street artists in the process of creating their work, and goes ahead to convince the artists that he wants to make a documentary while in actual sense he has no intention of editing the footage into one consistent movie. A golden opportunity for Guetta presents itself when many street artists from all over the world, including the renowned Banksy, agree to take part in the alleged documentary.
Thiery certainly has the traits of an entrepreneur, as demonstrated by his obsession and commitment to achieve his dreams, doing what he enjoys most, and taking his desire to film street artists with utmost seriousness. Thiery has financial and material resources (money, camera, and contacts) to achieve his dreams, but he is eccentric. Although Thierry’s eccentricity may be viewed as a weakness, the unconventional and often strange behavior he demonstrates assists him to achieve his dreams.
Available literature demonstrates that there is a huge consumer need for pop and street art, particularly in the context of guerilla marketing, resistance and social movements, political consumerism, consumption communities, ludic behavior, and liberatory presumption (Visconti et al 511).
From the movie, it is clear that Thierry uses advertising, referrals, and public relations, along with word of mouth (WOM) strategies such as engaging friends, using influential figures in the street art industry, and generating a buzz, to promote his show. In my view, these strategies are effective as they can grab the attention of people and create a community by giving customers a sense of being part of street art.
In my own opinion, the mass production of art as conceived by Thierry is an intelligent idea aimed at reducing the labor costs involved, ensuring a faster rate of production of the art forms, and also enhancing the capacity to transform the community through mass-produced art. As already mentioned elsewhere, the market for mass-produced art is huge owing to the expanding consumption of public goods as people attempt to address matters facing the commonweal (Visconti et al 511-512).
The concept of “Amusement Art” is an innovative strategy to develop a novel way through which people can engage with the mass-produced art in an environment that would immerse them wholly in the art, hence generating a promotional effect aimed at creating an urge to buy or possess the art products on offer. The concept of “Amusement Art” is different from a traditional classic gallery space due to its capacity to immerse viewers in the experience of the moment. Through this concept, people will readily identify with the various art products on offer, hence generating sales revenues and reinforcing return behavior.
Lastly, there exist commonalities between branding and Thierry’s process of branding Mr. Brainwash, particularly in terms of coming up with a name that evokes in customers perception of a unique experience, reinforcing the level of consumers attachment to a brand (“Mr. Brainwash”) through recognition, preference, and insistence, and developing emotions and trust with the view to establishing aspirational lifestyles based on consumer relationships and brand loyalty. The philosophy behind Sheppard’s brand (“Andre the Giant Sticker”) is conceptualized around these tenets.
Works Cited
Adidam, Phani Tej. “Causes and Consequences of High Turnover by Sales Professionals.” Journal of American Academy of Business, Cambridge. 10.1(2006): 137-141. Academic Search Premier. Web.
Darmon, Rene Y. “The concept of Salesperson Replacement Value: A Sales Force Turnover Management Tool.” Journal of Personal Selling & Sales Management. 28.3 (2008): 211-232. Business Source Premier. Web.
Visconti, Luca M., John F. Sherry, Stefania Borghini, and Laurel Anderson. “Street Art, Sweet Art? Reclaiming the Public in Public Place.” Journal of Consumer Research. 37.3 (2010): 511-529. Academic Search Premier. Web.