An overview of employee retention strategies & its impact on turnover of the employees

Authors

  • Dr. Neena PC
  • Dr. Dinesh N
  • Dr. Vinayak Anil Bhat

Keywords:

Employee retention, Factors determining/affecting employee retention, HRD Strategy, Employee turnover, Work-life balance

Abstract

Employees are the most valuable asset for an organisation’s success. Employee retention is a process where the organisation retains their existing employees for a maximum period of time or until a project is completed. This research paper focuses on what are the strategies used by the organisation to retain their employee, how effective is these strategies to retain their employees. The management has to consider the retention of their employees as a top priority, and hence, studying various factors such as work-life balance policies, work environment, proper recognition and reward, career growth, training & development, social interaction & support, compensation and other benefits are very crucial to examine the relationship between employee retention strategies and the employee turnover.

The research paper analysed about how these factors of various retention strategies will have a positive or negative impact on the employee’s turnover. The key findings of the study demonstrated on the most relevant strategies opted by the organizations, which will have a positive and negative impact on their employees which will lead to employee turnover.

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References

• Singh, D. (2019). A literature review on employee retention with focus on recent trends. International Journal of Scientific Research in Science and Technology, 6(1), 425-431.

• Nasir, S. Z., & Mahmood, N. (2016). HRM Practices for Employee Retention: An Analysis of Pakistani Companies. European Journal of Business and Management, 8(30), 96-104

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• Das, B. L., & Baruah, M. (2013). Employee retention: A review of literature. Journal of business and management, 14(2), 8-16.

• Nasir, S. Z., & Mahmood, N. (2016). HRM Practices for Employee Retention: An Analysis of Pakistani Companies. European Journal of Business and Management, 8(30), 96-104.

• Singh, D. (2019). A literature review on employee retention with focus on recent trends. International Journal of Scientific Research in Science and Technology, 6(1), 425-431

• James, L., & Mathew, L. (2012). Employee retention strategies: IT industry. SCMS Journal of Indian Management, 9(3), 79.

• Michael, O. S., & Crispen, C. (2009). Employee retention and turnover: Using motivational variables as a panacea. African journal of business management, 3(9), 410-415.

• Gupta-Sunderji, M. (2004). Employee retention and turnover: The real reasons employees stay or go. Financial management institute journal, 15(2), 37-40.

• https://www.researchgate.net/publication/256038199_Effectiveness_of_Employee_Re tention_Strategies_in_Industry

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Published

2023-03-30

How to Cite

PC, D. N. ., N, D. D. ., & Bhat, D. V. A. . . (2023). An overview of employee retention strategies & its impact on turnover of the employees. The Journal of Contemporary Issues in Business and Government, 29(1), 520–530. Retrieved from https://cibgp.com/au/index.php/1323-6903/article/view/2524

Issue

Vol. 29 No. 1 (2023): The journal of contemporary issues in business and government

Section

Articles

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