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Managing Employee Turnover and Retention

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Managing Employee Turnover and Retention.

ABSTRACT

We all subscribe to the adage that it is cheaper to keep a current customer than to acquire a new one. The same premise applies to employees.

Recruiting new employees is a time-consuming and expensive exercise that directly affects an organization’s bottom line. Excessive employee turnover in an organization is a prime indicator that something is not right in the employee environment.

This research is designed to analyze and determine the most effective ways of retaining the best and brightest employees(s).

With the help of the sum collation of results from Questionnaires, Observations, Interviews, and Surveys carried out solely for this work, the researcher analyzed major retention strategies and in doing that, analyzed various opinions of employees on why they leave a company, why they stay and what can be done to save them and the organization at large. The researcher noted that a small amount of turnover is healthy because long-tenured employees generally have higher salaries and new employees bring new ideas, as such recommends that organizations should create multifaceted models/strategies to keep critical employees in the organization.

TABLE OF CONTENTS

Title – – – – – – – – i
Certification – – – – – – – ii
Dedication – – – – – – iii
Acknowledgements – – – – – – iv
Abstract – – – – – – – v
Table of contents – – – – – vi

CHAPTER ONE

1.1 Background of the Study – – – – 1
1.2 Statement of the Problem – – – – 2
1.3 Objectives of the Study – – – – 3
1.4 Research Questions – – – – 3
1.5 Significance of the Study – – – – – 4
1.6 Scope of the Study – – – – 5
1.7 Limitations of the Study – – – – 5
1.8 Definition of key Terms – – – – 6

CHAPTER TWO

Review of Related Literature
2.1 Demographic trend – – – – – – 8
2.2 Why Employees should be Retained – – – 9
2.3 Why Employees leave – – – – 12
2.4 Employment Retention Strategies – – – 14
2.5 Impact of Motivation on Employee Retention – – 21
2.6 Summary – – – – – – – – 24
References – – – – – – 26

CHAPTER THREE

Research Methodology
Introduction – – – – – – – – 27
3.1 Research Design – – – – – – 27
3.2 Sources of Data – – – – – – 28
3.3 Population of the Study – – – – – 28
3.4 Determination of Sample Size – – – – 28
3.5 Data Collection Procedure – – – – 29
3.6 Data Analysis Techniques – – – – – 30
3.7 Test of Reliability – – – – 32
3.8 Test of Validity – – – – – 32

CHAPTER FOUR

Research Findings, Presentation & Analysis of Data
Introduction – – – – – – – 33
4.1 Discussion of Findings – – – – – – 33
4.2 Responses to Questionnaire – – – – – 34
4.3 Analysis of Data – – – – – – 55

CHAPTER FIVE

Summary, Conclusion & Recommendations
5.1 Summary of Findings – – – – – – 63
5.2 Conclusion – – – – – – – 64
5.3 Recommendations – – – – – – – 66
Bibliography – – – – – – – – 67
Appendices – – – – – – – – 70

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Employee retention has always been an important focus for human resource managers. Once a company has invested time and money to recruit and train a good employee, it is in their best interest to retain that employee, and further, develop and motivate him so that he continues to provide value to the organization.

In today’s competitive labor market, there is extensive evidence that organizations regardless of size, technological advances, market forces, and other factors are facing retention challenges.

Excessive turnover in an organization is a prime indicator that something is not right in the employee environment. Employers must also recognize and tend to what is in the best interest of their employees if they intend to keep them. When a company overlooks the needs of its employers and focuses only on the needs of the organization, staff turnover often results.

The term ‘employee turnover rate’ as used in this research effort excludes layoffs, reduction in workforce, and completion of temporary assignments. Furthermore, Fitz-enz (1997) states that the average company loses approximately $1million with every 10 managerial and professional employees who leave the organization.

Managerial and professional employees were categorized as ‘exempt employees’ (see definitions section).

BIBLIOGRAPHY

Abbasi, S., &Hollman, K. (2000). Turnover: The Real Bottomline. Public Personnel Management.
Adams, J.S. (1965). Inequity in social exchange. Advances in Experimental Social psychology, 2,267-299.
Alera, J. (1990) The Job Characteristics Model of Work Motivation Revisited. Hillsdale: Lawrence Erlbaum
Associates.
Carrell, M.R., & Dittrich, J.E. (1978). Equity Theory; the recent literature, methodological considerations and new
directions. Academy of Management Review (3), 202-210.
Champagne, P., & Mc Apee, B. (1989). Motivating strategies for Performance and Productivity: A guide to human
resource development. New York: Quorum Books.

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