Employee retsention
Kavita Gadhe
MMS A-13
EMPLOYEE RETENTION STRATEGY WITH REFERENCE TO CHENNAI BASED ITES INDUSTRY- AN EMPIRICAL STUDY
SOUNDARAPANDIYAN, K.; GANESH el at (2023) state that study he has made an attempt to identify the factors involved in employee turnover and to suggest prospective strategies to retain the employee in order to improve employee morale and to reduce turnover cost and knowledge loss by increasing the Organizational efficiency and effectiveness with reference to one of the leading ITeS Company at Chennai. opportunities, compensation policies and job security (Ike, 2012), (Hutchinson, 2003) in practice, a more focussed and specific study will aid in better employee retention. Thus, this study has made an attempt to identify the factors involved in employee turnover and to suggest prospective strategies to retain the employee with reference to Dun & Bradstreet Technologies (Data Services). Voluntary employee turnover in ITeS in particular In ITeS industry, the voluntary turnover is reaching alarming proportion
ns. It becomes very important to study this questionable nature of large-scale attrition, as India houses a large number of ITeS. Since this sector is predominantly service oriented, it becomes very important for the HR managers to take appropriate steps to understand the turnover drivers, to at least retain the good performers.
FACTORS INFLUENCING EMPLOYEE RETENTIONA STUDY IN SELECT SERVICE SECTOR ORGANIZATIONS
BINDU, H (2017), state that in her article that in the modern workplace, innovation, creativity, and flexibility are essential for success and longevity. Critical analysis of workforce trends indicates an impending shortage of highly skilled workers with the necessary knowledge and aptitude to perform at high levels. As a result, organisations that fail to retain high performers will be left with an understaffed, less qualified workforce, which will ultimately hurt their ability to remain competitive. In such a situation, it is vital to look into the factors that affect how an individual perceives the present work environment based on his or her daily experiences. As key antecedents of staff retention, it is important to consider elements like organisational climate and work satisfaction. This study aims to do an empirical analysis of the same.
Employer Branding: A Strategic Tool for Employee Retention in IT Industry.
TRIPATHI, V (2020). El at state that in an intensely competitive market. The study is conducted on Indian IT industry described by intense competition; on its growth trajectory, the industry faces a challenge of high attrition. The human resource. In IT firms is characterized by young employees who are willing to take risk and look for continual change. In their jobs for better opportunities or quality of work life. The paper is empirical in nature and addresses. the objective to find out the dimensions of employer branding and its influence on employees’ intention to stay in an organization. A standardized scale of Berthon et al. (2005) is adapted with necessary changes in the Indian context to measure the attractiveness of employers. Convenience sampling method is used and sample size is 100 existing employees working in IT companies from Delhi and Hyderabad. Factor analysis and regression are used for data analysis. After data reduction, seven factors are extracted, namely, growth opportunities, work culture, brand image, creativity and learning, belongingness, socio-ethical responsibility, and compensation and recognition. Further, multiple regression is used to explore the relationship between dimensions of employer branding and intention to stay in an IT firm. The findings suggest that brand image and belongingness positively affect the intention of employees to stay in an organization. Suggestions based on the findings may help the employers to improve their employer branding strategies so that they can retain more talents.
Leader-member Exchange & Employee Retention: Investigating the Mediating Role of Work-life Balance
MANELKAR, K. A.; IYER, R.; GUPTA, K (2022) el at says that this paper examines the relationship between leader-member exchange and employee retention through the mediating effect of work-life balance. It is based on the social exchange theory and tokenism theory and was tested statistically by analyzing the responses from women employees working in the IT BPM industry. The results motivate human resource managers to focus on improving healthy leader-member exchange relationships that ensures retention of women talent. Kanter’s theory of tokenism suggests that minority group or token (women) is treated unfairly by the dominant group (male) leading to stress on tokens resulting in reduced performance outcomes. Leader-member exchange (LMX) connections can reduce women employees’ perceived job stress and ensure their retention in the organization. SET theory suggests that workers feel the responsibility to respond to the leader’s supportive behavior. This study aims to understand the association between LMX, WLB and employee retention.
WEIGHING THE ISSUES OF SAFETY AND EMPLOYEE RETENTION (WISER) FOR LEADERSHIP IN HEALTHCARE.
CREEL, J. (2021). el at discusses the importance of safety and employee retention for healthcare administrators. A review of the literature on Transactional and Transformational Leadership revealed components of employee retention such as psychological distress, psychological empowerment, burnout, job satisfaction, work engagement, absenteeism, and employee intention to stay or leave. The findings are relevant to all facets of healthcare administrators seeking to improve safety and employee retention in their organizations through leadership styles. Organizational leaders play a central role in both influencing safety and improving employee retention in healthcare organizations. Leadership styles can be evaluated on a spectrum between Transactional Leadership (TRAL) and Transformational Leadership (TRFL). Employee retention in healthcare is a growing concern due to the natural stressors of the workplace environment, long work hours, and pressures of performance. Healthcare leaders are seeing high levels of employee turnover and burnout due to reduced financial reimbursement and the COVID-19 pandemic. Poor leadership practices can influence outcomes for providers and patients, and can have a negative impact on organizational culture and bsehavior.
Employee Retention: An Important Factor for Strategies Development
KRISHNA, C.; GARG, A. (2022) el at state that Employee retention is essential for an organization’s long-term stability. It can be achieved through four tactics. High staff turnover raises the cost of resources, recruiting, and time, making it harder to maintain a favourable work culture and morale. High personnel turnover often results in missed chances for departments to fulfil production goals and budgets, resulting in increased costs to the firm. Sujansky’s (2004) study explains how each generation has an impact on the workplace, and Haserot’s (2013) study on intergenerational recruiting and retention in legal firms. Articles by Riemenschneider et al. (2006) and Sorohan (1993) provide information on the need of expanding women’s hiring quotas. Pace (2011), Gilmore and Turner (2010), Gabriel et al. (2014), Starks (2007), Dawley, Houghton and Bucklew (2010), and Dawley, Houghton and Bucklew (2011) all discussed the importance of culture diversity in employee retention. Pace (2011) and Gilmore and Turner (2010) found that new employee selection should be driven by person-organization fit, which involves matching an individual’s traits to a position and its culture.
A Study on Analysis of Factors Related to Employee’s Retention among Organized Retail Sector in Two Tier City
SINGH, G.; PRAKASH, A. (2013) el at state that This is an age of knowledgeable employees and people are the biggest assets that any organization can have. This paper mention view from AMITY business school. Literature Review The impact of Human Resource Management policies and practices on firms performance is an important topic in the field of human resource management, industrial relations, & industrial and organizational psychology (Boudreau 1991, Jones & Wright 1991) In the existing literature, it focuses on the issues that human resources management practices is developing rapidly.
Flexible Working as an Employee Retention Strategy in Developing Countries
IDRIS, A. (2014) el at Using a qualitative approach, the potential effects of five types of flexible working practices – namely flex time, job sharing, flex leave, flex career and flex place – on employee retention were explored. Data gathered from personal interviews with local bank managers help in explaining how contextual factors such as the macro-environment, organisational culture, and human resource management systems can influence the effectiveness of each type of flexible working practice in employee retention. This research adopted a fresh approach to the subject by exploring qualitatively the effects of five different types of flexible practice, i.e flex time, job sharing, flex leave, flex career, and flex place, on employee retention in Malaysia. The current paper discusses the preliminary findings of a larger case study of flexible working and employee retention in Malaysian banks. At this stage, interviews were conducted with human resource managers and executives from eight anchor banks in the country to produce an initial understanding of perceptions, issues and strategies regarding flexible working and employee retention within the industry.
Employee Retention — A Key to Organizational Growth.
DEY, S. (2009) el at This paper attempts to look at the two most important things in employee retention – hiring and working environment.
A study conducted in India by Blessing-White, a US based Global Consulting firm in partnership with HR Anexi, a Mumbai based leading HR Consulting firm between January and March 2008 showed that 30% of the respondents rated ‘career development opportunities and training’ as the most important expectation from the employer. the two things that come out clearly as being extremely important for employee retention are – effective hiring process and favorable working environment.
Train Them to Retain Them: Work Readiness and the Retention of First-time Women Workers in India
RANGANATHAN, A. (2018) el at state that training is effective at preventing first- time women workers from dropping out soon after they are hired when it is conducted by trainers with many years of experience. Rather than focusing only on job-specific skills, training conducted by experienced trainers includes the basic work-readiness skills of self-presentation, interpersonal communication, work–life separation, and self-reliance needed to survive at work. She found that first- time women workers quasi-randomly assigned to experienced trainers had about a 20-percent greater probability of being retained after three months, and these workers reported that they felt more ready for work than those assigned to less-experienced trainers. Her result imply that for the majority of workers from historically underrepresented groups who are entering the workplace for the first time, training is important to foster their retention, and organizations that focus on both the attributes of the people delivering that training and its content have a greater chance of keeping these workers for the long term. This study investigates the conditions under which socialization agents facilitate the retention of first-time workers and explores the learning that underlies this process, using data from a garment factory in India that hires and trains impoverished women workers, many of whom are entering the workforce for the first tim
Conclusion
Based on the empirical studies conducted on employee retention, it can be concluded that various factors such as work-life balance, motivational factors, talent management practices, and security needs play a crucial role in retaining employees. The studies suggest that organizations need to focus on implementing effective strategies to address these factors to improve employee retention. The strategies identified include providing flexible work arrangements, offering career growth opportunities, recognizing and rewarding employee performance, providing a safe and secure work environment, and implementing effective talent management practices. It is also important for organizations to conduct regular employee engagement surveys to understand the needs and expectations of their employees and take necessary actions to address them. the study “Factors Influencing Employee Retention: A Study in Select Service Sector Organizations” by Hima Bindu identifies various factors that influence employee retention in service sector organizations. The study highlights the importance of job satisfaction, compensation, and career growth opportunities in retaining employees in these organizations. The study recommends that organizations must implement effective retention strategies, such as employee recognition programs, work-life balance initiatives, and career development opportunities to retain their employees. By doing so, organizations can build a more engaged and committed workforce, reduce turnover costs, and achieve sustainable growth in the competitive service sector.
In conclusion, the WISER model developed in this article provides a useful framework for healthcare leaders to balance the issues of safety and employee retention. The model highlights the importance of understanding the interdependence of safety and retention, as well as the need to consider multiple factors, such as organizational culture, leadership style, and employee engagement. By using the WISER model, healthcare leaders can make more informed decisions that prioritize both safety and retention, leading to a more sustainable and effective healthcare workforce.
To sum up, the article “Employee Retention: An Important Factor for Strategies Development” by Chhavi Krishna and Ashima Garg emphasize the critical role of employee retention in the success of organizations. The study highlights various factors that influence employee retention, such as job satisfaction, compensation, career growth opportunities, and work-life balance. The article also emphasizes the need for organizations to develop effective retention strategies, such as employee engagement programs, training and development opportunities, and supportive work environments. By implementing these strategies, organizations can improve employee retention, reduce turnover costs, and build a more committed and productive workforce.
influencing employee retention in the organized retail sector. The study identifies several factors, such as job satisfaction, compensation, job security, and career growth opportunities that impact employee retention in this sector. The study recommends that organizations must provide a supportive work environment, competitive compensation, and opportunities for career growth to retain their employees. By doing so, organizations can reduce turnover costs, improve employee engagement and productivity, and achieve sustainable growth in the competitive retail sector. In conclusion, the study found that flexible working arrangements, such as telecommuting and job sharing, are effective employee retention strategies in the banking sector in Malaysia. The adoption of such strategies can improve employee work-life balance, job satisfaction, and organizational commitment, leading to a more diverse and skilled workforce.
References
BINDU, H (2017). Factors Influencing Employee Retention-A Study in Select Service Sector Organizations. Vidwat: The Indian Journal of Management, [s. l.], v. 10, p. 25–30, 2017. Disponível em: https://discovery.ebsco.com/linkprocessor/plink?id=39a2dfbc-9101-375b-ab91-2699beddd6c3. Acesso em: 12 maio. 2023.
CREEL, J. (2021). Weighing the Issues of Safety and Employee Retention (Wiser) for Leadership in Healthcare. Journal of Business & Educational Leadership, [s. l.], v. 11, n. 1, p. 17–30, 2021. Disponível em: https://discovery.ebsco.com/linkprocessor/plink?id=7dc912da-e688-35e4-8ee7-c66843abdb46. Acesso em: 12 maio. 2023.
DEY, S. Employee Retention (2009)- A Key to Organizational Growth. Globsyn Management Journal, [s. l.], v. 3, n. 1, p. 45–49, 2009. Disponível em: https://discovery.ebsco.com/linkprocessor/plink?id=9ad37c34-8f86-30bb-8df7-51e50bb193e7. Acesso em: 12 maio. 2023.
IDRIS, A. (2014) Flexible Working as an Employee Retention Strategy in Developing Countries. Journal of Management Research (09725814), [s. l.], v. 14, n. 2, p. 71–86, 2014. Disponível em: https://discovery.ebsco.com/linkprocessor/plink?id=f5771fd1-b65c-3700-a7cd-a74907db44bc. Acesso em: 12 maio. 2023.
KRISHNA, C.; GARG, A. (2022) Employee Retention: An Important Factor for Strategies Development. ANWESH: International Journal of Management & Information Technology, [s. l.], v. 7, n. 1, p. 5–11, 2022. Disponível em: https://discovery.ebsco.com/linkprocessor/plink?id=954e2d8f-bc20-3d75-8064-912af8aedf18. Acesso em: 12 maio. 2023.
MANELKAR, K. A.; IYER, R.; GUPTA, K (2022). Leader-member Exchange & Employee Retention: Investigating the Mediating Role of Work-life Balance. Indian Journal of Industrial Relations, [s. l.], v. 57, n. 3, p. 498–510, 2022. Disponível em: https://discovery.ebsco.com/linkprocessor/plink?id=b1870ccd-98c8-3fcf-bcc7-8c34f52e6cc9. Acesso em: 12 maio. 2023.
RANGANATHAN, A. (2018) Train Them to Retain Them: Work Readiness and the Retention of First-time Women Workers in India. Administrative Science Quarterly, [s. l.], v. 63, n. 4, p. 879–909, 2018. DOI 10.1177/0001839217750868. Disponível em: https://discovery.ebsco.com/linkprocessor/plink?id=5776c25a-2d41-34ad-8565-f4dec39fa333. Acesso em: 12 maio. 2023.
SINGH, G.; PRAKASH, A. (2013) A Study on Analysis of Factors Related to Employee’s Retention among Organized Retail Sector in Two Tier City. Amity Global Business Review, [s. l.], v. 8, p. 131–140, 2013. Disponível em: https://discovery.ebsco.com/linkprocessor/plink?id=a5908e60-b9a7-38d9-93d2-dfccd64c84ae. Acesso em: 12 maio. 2023.
SOUNDARAPANDIYAN, K.; GANESH (2015), M. Employee Retention Strategy with Reference to Chennai Based Ites Industry- an Empirical Study. Global Management Review, [s. l.], v. 9, n. 2, p. 1–13, 2015. Disponível em: https://discovery.ebsco.com/linkprocessor/plink?id=a0a9016d-77ee-313d-a9c2-b4c0f9cec656. Acesso em: 12 maio. 2023.
TRIPATHI, V (2020). et al. Employer Branding: A Strategic Tool for Employee Retention in IT Industry. IUP Journal of Brand Management, [s. l.], v. 17, n. 1, p. 21–35, 2020. Disponível em: https://discovery.ebsco.com/linkprocessor/plink?id=e3c6c5b1-96c4-3bc6-88ec-bf657eef0557. Acesso em: 12 maio. 2023.