Relationship of Retention Strategies and Employee Career Stage in Corporate Sector
Relationship of Retention Strategies and Employee Career Stage in Corp
內容簡介
With market liberalisation, the major challenge which organisations in the contemporary environment are facing is movement of talented employees to other organisations. With higher demand for skilled professionals, and paradigm shift from linear careers to dynamic and fluid careers over the years, employees do not hesitate in changing organisations and even careers, if their needs are not satisfied. Organisations need to curb the turnover of their employees by formulating strategies which are able to meet these needs in order to retain them. However, as the needs of employees change as they move through the different stages of their careers, it is imperative for the organisations to devise the retention strategies which are able to meet these needs and concerns of the employees at different career stages and make them feel that the organisations care for them. This further will help the employees to stay with the organisations longer and reduce their intent to turnover. The review of the literature has also given a significant insight that career satisfaction and organisational commitment play a considerable role towards building or reducing the intent to turnover apart from helping to augment the productivity and morale of the employees, thus further helping the organisations to achieve their goal. It was against this background that the present study was conceptualized considering the importance of the relationship between retention strategies and the employee career stage.This book is based on a study that focuses on understanding the relationship between retention strategies and employee career stage in corporate sector. The study attempts to understand the gap between the retention strategies adopted by the selected organisations and the retention strategies perceived as most relevant by the employees belonging to each career stage. If the organisations are able to retain their employees for a longer duration, they will have employees with lower turnover and lower intent to turnoverThe main objective of the book was to understand the extent of gap between the retention strategies adopted by the organisations and those perceived as most relevant by the employees at each career stage along with identifying the retention factors which employees feel as reasons for staying with the firm for each career stage i.e. Establishment, Advancement and Maintenance. The objective further included understanding the difference in the level of Career Satisfaction, Organizational Commitment (affective, continuance and normative) and Intention to Turnover between the employees belonging to the three career stages. These studies also attempted to understand the differences between the IT and Insurance sectors with respect to the study variables. The most significant conclusion that emerged was that employees at different stages of their career perceive different retention strategies as most relevant to continue to stay with the same organization. The results have been discussed with respect to conceptual framework such as organizational equilibrium theory, reinforcement theory, social comparison theory and dominant characteristics of different stages of employee career stage model. As there are different dominant needs and concerns of individuals at different stages of their career, the retention strategies that would be effective across stages are likely to be different for each stage. This aspect may need to be incorporated by the organizations while devising the retention strategies for their better perception.
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