Employee retention strategies: special reference to private sector employees in Akkaraipattu

Abstract

Retention of employees is a vital factor to ensure the prosperity of any organization. The costs associated with recruiting and growing new employees are very expensive compared with retaining the existing employees. So, it is crucial for organizations to pay much attention to employee retention. The study focuses on the employee retention strategies used for private-sector employees in Akkaraipattu. Data were collected using self-administered questionnaires to a sample of 96 private-sector employees in Akkaraipattu. Their responses on six retention strategies were rated and analyzed. Descriptive statistics, frequency analysis, correlation and regression analysis are applied to determine the impact of selected variables on employee retention. The main results concluded that Compensation is the most important determinant that has influenced employee retention. Other factors impact employee retention include Career development opportunities, Work flexibility, Effective communication, Leadership, and Employee voice respectively.