Determinants of Employee Retention in today’s workplaces

Abstract

Employees are valuable assets in an organization. Without them, the company’s objectives cannot be reached. One of the key problems that organizations encounter is to keep employees satisfied for a long period of time. During the COVID-19 pandemic, employee retention has become even more difficult for organizations, as there are so many uncertainties at the workplace. In this context, this paper aims to identify the key determinants of employee retention in today’s workplaces. The study was carried out among the employees of the IT sector in the southern part of India. A survey questionnaire was created and distributed among employees for primary data collection. A sample of 110 responses was collected. The study found a correlation between the dependent variable (Employee Retention) and the independent variables (Job security, Health, and safety, Leadership, Compensation benefits, Social Recognition, Work-Life balance, and Career development). For organizations in the IT sector to be successful, they should mainly focus on creating a dynamic work culture for employees. Leadership policies in organizations should be robust. Organizations should support employees by ensuring job security and recognizing them by providing rewards consistently. They should provide optimal compensation packages for employees, frequent training programs for career development, arrange a flexible working environment, and effective wellness programs. Employee retention would be at ease if organizations deployed the above suggestions promptly