MEASURING AND MANAGEMENT OF EMPLOYEE RETENTION
In today’s business, retention of valuable employees is one of the most critical issues facing employers, This study therefore focuses on Measuring and Managing of employee retention. The objectives of the study are to identify the role of management regarding employee retention, to determine whether there is a relationship between rewards and job satisfaction and to determine the relationship between job satisfaction and employee retention. The researcher used a descriptive research design. Data for the research work was sourced from both primary and secondary sources. The samples were made up of one hundred (100) subjects drawn from two (2) organizations. Pearson Product moment correlational coefficient analysis and analysis of variance (ANOVA) was used to analyse the data. The study discovered that improvements in employee retention can be made through reward, recognition and compensation as well as building conducive work environment and training and development as regards proper management.
5.1 SUMMARY OF THE STUDY
In summary the core subject matter of this study was to look at management and measuring employee retention. In the first chapter, the background of the study examined management of organizations as well as companies and it was made known that management take account of planning, organizing, staffing, driving or coordinating and controlling an association to accomplish the goal or target. It was revealed in chapter one that one of the best teething troubles of any association is to guarantee their manageability for a more drawn out duration of time in the dynamic business environment. Mayfield and friend, as was cited in the background of the study opined that, concerning today’s business world, retaining valuable employees is one of the most serious issues facing the leaders. It is also very necessary to note that, talented employees who have skills that are essential for survival of an organization are difficult to remember. In line with that, De Vos and others said, it is due to the fact that they often give more importance to their own career path of loyalty to the organization which, in turn, can result in voluntary turnover rate.
The chapter one then moved to talked about turnover, George & others in 2005 maintained that turnover take place when there is a final withdrawal of an employee of the organization that employs him. And that ushers in motivation as Fox said that, people who are motivated exert more effort to realize satisfaction than those who are not motivated. It was also brought to mind that management factors have a high correlation with employee retention. The statement of problem exposed that managers face two major organizational problems along, namely; raise employee engagement and retention (Chew & Chan 2008). In the statement of the problem, it has well stated that a crucial factor in the survival and success of any organization is the retention of the talented people who have the knowledge, expertise and skills.
The significance of the study showed that the result of this work will unveil to managers, proactive measures necessary to activates employee eagerness in performing their expected roles. Chapter two was able to explore theory that was used before, even in the recent times to motive employee as the theory was postulated by Maslow and according to this theory, the power of motivation is developed and directed to the satisfaction of a need when the need arises (Grobler 2006).
Maslow discovered that people repeatedly suffer from psychological complaints in later life if they have grown up in an environment where their basic needs are not met. Chapter three was able to presents the design or methodology for the collection and analysis of data and testing of hypothesis, sample size of 100 was used, owing to the fact that incorporating more than two million people relating the numbers of organizations around into the research would have jeopardise the certainty, reality and realistic of the study. Pearson Correlation Coefficient Analysis and analysis of variance (ANOVA) was used to test the hypotheses in chapter Four and chapter five decide to summarized the whole work and also look at some pertinent recommendations to help in further research on this area.
The spotlight of the study was management and measuring employee retention. The study examined the key attributes of Herzberg’s two-factor of motivation theory making certain that when employees feel dissatisfied with their jobs, is due to environmental factors – hygiene factors. However, it much more indispensable to consider the fact that the removal of unsatisfactory employment factors will necessarily turn to satisfactory job. The study through the hypotheses showed that there are some related variable while some are not. In other words, we now have the following hypotheses.