Employee retention. A literal review
Attainment of the best talent by the organization is equally important as the retention of the talent since the best talents are required for the productivity of the organization. The journal shows that proper compensation and reward systems led to employee retention. Promotions and employees opportunities for growth, good leadership, and participation in decision making influence employee retention as well as a proper balance of the work-life. The proper working environment and job security of the employees contribute to their retention. According to the journal, proper job satisfaction led to a low employee turnover rate.
The role of gender in employee retention.
The importance of gender in determining voluntary turnover has shown that female employees are likely to have high turnover rates than male employees. This is because most of the female employees look up to their spouses for financial support. The male employees remain aware of the compensation and benefits policies while female employees see gender biases in most organizations. Hence most of them are not loyal to the organization. There’s also the problem of the gender pay gap. Female employees are paid less than male colleagues even though they have equal roles.
Determinants of employee retention.
Supervisor support is highly needed by the employees for them to feel appreciated and valued in the organization. The more the support of supervisors the higher the retention of the employees whereas the less the support of the supervisors the lower the retention. Providing opportunities for career growth and development will increase the rates of retention. Therefore an organization should offer such opportunities. Rewards and recognition of employee’s efforts and performance will always make them stay. Good working conditions and the environment will give employees a reason to stay. Job satisfaction and work-life balance too.
Challenges and retention strategies.
According to the International Journal of Recent Technology and Engineering, some of the challenges are the rapid technological changes across the globe. The world has gone digital. Pay-gap between spouses is leading to an increase in the shift of jobs from one place to another. Compensation and benefits play an important role in the retention of employees. Most employees tend to shift to jobs with better salaries and non-financial benefits. Job satisfaction, work-life balance, and family pressure are some of the challenges too. Some of the retention strategies include training and development, career growth, and performance management of employees.
Underpinning theories.
Employees leave one organization to another due to intrinsic rewards or extrinsic rewards. Organizations craving to retain employees should focus on integrating both intrinsic and extrinsic rewards for maximum employee satisfaction. Herzberg’s theory states that certain factors are directly related to the job while some are non-job related yet they both provide satisfying experiences for employees. Social exchange theory states that social exchange is a process that takes place when individuals have mutual interaction with one another, and through this exchange, they can depend on each other and be responsible for the other