Posted at 10.04.2018
Employee retention, especially of a company's best, most appealing employees, is a key challenge in organizations today, which often leads those to the greatest heights of success, if supervised proficiently. Hence, this research highlights the major 'worker retention strategies' all of which contribute significantly to staff retention as in nurturing their morale at the job, as perceived by the employees themselves.
An employee departing a corporation creates imbalance that can be extremely costly as high staff turnover can cost a corporation in recruiting and administrative fees, insufficient attention to quality from employees on the way out, and reduced productivity resulting in low quality and development delays. Therefore, worker retention is becoming an essential target area in today's competitive world. Hence, after investing substantial money and time to recruit and train its employees, a corporation must also strive to make certain those valuable folks are retained by the company as losing an educated worker almost always causes considerable loss to any firm. Furthermore, keeping employees' morale high, and keeping valuable employees has other benefits as well such as retaining the vault of knowledge that is accumulated, skills discovered, client satisfaction through the trust and relationships they have constructed with customers and co-workers, effective succession planning and deeply imbedded organizational knowledge and learning. Therefore, high employee morale and key worker retention is crucial for the long-term health and success of most businesses, today.
The following study has been limited to the bank industry of Pakistan to be able to obtain a valid group of results, and is based on the foundation that to be able to get better staff morale, employees need to be retained and motivated externally by the organizations' managements as retaining employees is an art which can and must be learned by the management to be able to guarantee the survival and success of any business.
Moreover, this review hereby targets exploring employees' perceptions towards the partnership between 'employee morale' and the given 'staff retention strategies', as the sole objective of this research is to scrutinize the comparative impact of every of the retention strategies on employee morale in private commercial banking companies of Pakistan.
Two of the greatest troubles facing organizations in Pakistan today are the intensifying competitive atmosphere and the ongoing upsurge in employees' goals in conditions of better worker retention programs. Therefore, there's a need for organizations to realize and prioritize the value of retention strategies to not only draw in but also to keep quality employees by increasing their motivational level at office. Hence, the situation statement which includes been focused on throughout the analysis is "To review the effects of worker retention strategies on employee morale. "
This study supports 'staff retention strategies' as the unbiased parameters and 'employee morale' as the based mostly adjustable. Through this romance, the following hypotheses have been developed in order to maintain the dependability of the analysis after they have been tested:
H1: A significant positive relationship is present between 'Compensation & Benefits' and `Employee
H2: A substantial positive relationship is out there between 'Corporate Culture' and 'Staff Morale'
H3: A substantial positive relationship is out there between 'Style of Leadership & Management' and
H4: A substantial positive relationship prevails between 'Worker Development Opportunities' and
H5: A substantial positive relationship exists between 'Rewards & Identification' and 'Employee
This thesis is designed and structured into the pursuing five chapters:
CHAPTER ONE - Intro: It reveals the introduction of the thesis topic along with a brief analysis related to the area of review. It basically requires the explanation of this issue chosen, purpose of the study, problem affirmation, hypotheses as well as the definitions of the 3rd party and dependent factors of the analysis to be able to provide readers with a definite knowledge of each respectively.
CHAPTER TWO - Literature Review: With this chapter, the idea of 'employee retention' & 'worker retention strategies' are elaborated at length. The benefits of successful staff retention are also mentioned along with the major reasons influencing employees to leave their careers. The major part of the section contains the reason of five of the major retention strategies as adopted by most organizations around the globe, as per other researchers' studies so as to for a solid theoretical qualifications for the research.
CHAPTER 3 - Research Technique: This chapter presents the specific research plan which include the survey populace, sampling method and test size, data collection methods, sources of data, blood flow method and respondents' opinions, the trustworthiness and validity of the review device (questionnaires) as well as short discussion over the study model and the statistical approach utilized.
CHAPTER FOUR - Results: This section presents the data analysis and the research findings of this study, obtained through the sole primary data collection tool, i. e. Questionnaire. Hence, interpretation of the statistical results made through SPSS 17 is given in this section.
CHAPTER FIVE - Discourse, Implications, Future Research and Conclusions: This chapter of the study concludes the findings from the info examined and reported in chapter four, making an obvious knowledge of the connection between 'Employee Morale' and 'Staff Retention Strategies'. Furthermore, advice, research implications and advice for even more research are also here.
The following meanings are of the key variables mixed up in research study, and hence will aid in the better understanding of each variable independently.
According to Get Les Mckeown, Staff retention is thought as a systematic try out by employers to produce and maintain a host that encourages current employees to stay utilized by providing them with guidelines and routines that talk about their diverse needs and keeps them encouraged. (http://www. articlesbase. com/human-resources-articles/employee-retention-995426. html)
Compensation & Benefits - Worker compensation refers to all the direct and indirect financial types of pay given to employees in return to the value they provide the business with. However today, aside from doing work for cash, employees expect an 'extra' recognition for their work. That is known as staff benefits, which includes non-financial reimbursement and emerges combined with the set cash salary. (http://www. entrepreneur. com/encyclopedia/term/82068. html)
Corporate Culture - That is basically the general organizational operating environment which includes ethical and value set ups. It encompasses the whole organization, impacting employees, management, and customer relations. It also includes methods of advertising, production techniques and quality of service. (http://www. answers. com/topic/corporate-culture)
Leadership / Management Style - This can be described as the procedure of social effect where one person supervises and directs others in the achievement of any common task in any particular corporation. (http://www. 12manage. com/i_l. html)
Employee Development Opportunities - Refers to the technique of stimulating employees to obtain new or advanced skills and knowledge, by providing them with various learning and training facilities, along with avenues where such new ideas can be employed to be able to supply them with new work encounters. (http://www. businessdictionary. com/definition/employee-development. html)
Rewards & Acknowledgement - This includes both monetary and non-monetary acceptance, provided to acknowledge those employees who deliver great results while demonstrating positive behaviours. When businesses recognize their employees effectively, they reinforce, with their preferred means of acknowledgement, the activities and behaviours they most want to see people duplicate. (http://humanresources. about. com/od/rewardrecognition/a/recognition_tip. htm)
Employee Morale - Affects how encouraged a firm's employees are to work and implies how much they'll do while working, as well as impact how long they'll stay with the organization. Furthermore, it demonstrates the express of the spirits of a worker as exhibited by self-assurance, cheerfulness, willpower, and willingness to execute assigned tasks. (http://www. answers. com/topic/morale)
"One machine can do the work of fifty ordinary men. No machine can do the work of one incredible man. " -- Elbert Hubbard
The above quotation highlights the fact that little or nothing can totally replace human resource in an organization. Hence, the higher a company sets effort to retain its employees, the better it is because of its overall success. The procedure of worker retention usually brings about benefits which an organization may otherwise not have.
How to keep your hands on valuable employees is one of the primary struggle that plague the many businesses prevailing the competitive market of today, as it is a hard challenge encountered by managers to encourage and maintain employees in an environment where uncertainties have increased (Mitchell, 2002). Therefore, To be able to craft an effective company, employers should think about as many alternatives as possible as it pertains to boosrting employees' morale. Also, as described by analysts such as Branham (2000) and Herman (2005), the retention of employees is straight linked to cost savings and is approximately the initiatives of the management to keep its effective employees and therefore achieve company aims (Frank, Finnegan & Taylor, 2004). Further, as Herman (2005) highlights, a retention plan also helps to avoid unwanted lack of intellectual capital, minimizing the costs of staff turnover and strengthens the workforce stability and engagement.
In a report conducted by Ramlall, S. (2003), the researcher looked for to understand why employees would choose to leave the business. According to his study; salary, lack of challenging functions and opportunities in one's position, and the inability to advance in one's career were the most significant factors. Other factors recognized by the respondents included insufficient recognition, ineffective leadership, and a work place that lacked teamwork. The respondents also suggested a high desirability because of their positions to be challenging and that there should be satisfactory opportunities to learn new duties and also to develop new skills. Work place and ineffective leadership were also determined as explanations why the respondents' peers and colleagues have left. Using a loss of the critical employees, it can be inferred that the business's output, efficiency, desire, and output will lower.
It has been mentioned that the morale of employees is higher when the supervisor uses the teamwork way and considers their ideas, even though the task situation neither requires this approach nor makes it easy to use Wofford, J. C. (1971). Furthermore, with respect to a study completed by Khatri, Budhwar, & Fern, (2006), based on the report of a task power on job-hopping in Singapore, high turnover was found to be the major way to obtain poor morale and low efficiency in many organizations.
Blake (2004) states that the costs of high worker turnover can be incredible and some of the substantive costs that appear when a person leaves a business include the following:
1. Recruitment Costs: Includes cost from advertising to enough time spent interviewing and sourcing.
2. Training Costs: Includes the cost of orientation materials and trainers' time, for example;
Inbound call middle agents in banks require typically 4 to 6 6 weeks or more of classroom
3. Lost Productivity Costs: A fresh staff operates between 25%-50% of efficiency levels
for the first three months, not including the time spent by existing employees to aid.
4. Lost Sales Costs: Includes the loss of business when the role is vacant so when clients go in
search of the same worker to the fighting firm.
A recent study was made by SHRM and a free executive career site of this Wall Road Journal, CareerJournal. com. The study results include reactions from 300 managerial or executive employees from various finance institutions as well as 451 HR pros. Employees quoted the following three top reasons that would lead them to begin looking for a new job:
53% seek enhanced settlement and benefits.
35% cited displeasure with impending profession development plan.
32% said they wished a fresh experience.
To add to this, as per a review conducted by North american Multimedia Consultants, Sharon Evans and Beverly Kaye, the most visible factor in staying with employment was career development and development. The dozen top factors they found for loan provider employees in which to stay their jobs include:
Exciting, challenging work;
Work that basically is important;
Being part of a team, not really a assortment of isolated individuals;
Having one's efforts recognized;
Having fun at work;
Feeling autonomous and in control;
Flexible working time and other policies (e. g. , dress code);
Compensation bundle that is good and competitive; and
Failures from the management's area to provide effective retention strategies lead the employees to lose their focus soon and become de-motivated, anticipated to which they are inspired to leave their existing jobs and begin looking for the better ones. Some of the major employee retention strategies are discussed below.
Werst (2006) is convinced that worker retention begins with competitive reimbursement and benefits. Competitive compensation and benefits play a crucial part in enabling employers to entice and hire the level of employees that they want to sustain. Although salary and benefits are factors that entice people to organizations, sometimes they also become reasons to why employees leave (Herman, 1999). Mathis & Jackson (2008) also support pay and benefits by saying that it's well-established that pay and benefits effect employees' decisions about which particular employer to be employed by and whether to stay or leave an company.
The payment and benefits program an organization offers to its employees is definitely a significant factor in retaining good staff, especially those with 'hot skills' in the labor market. When professionals or supervisors are asked that they keep good people, many respond, "With money. " Research suggests that 89% of managers still consider it's generally about money (Kaye and Jordan-Evans, l999; Kreisman, 2002; Herman, 1999).
Effective compensation methods provide organizations with a competitive advantages by increasing their capacity to entice and keep employees. That is reinforced by many previous studies which show that employees' perceptions about their benefits are meticulously linked with job satisfaction and organizational dedication (Barber, Dunham, & Formisano, 1992; Sinclair, Hannigan, & Tetrick, 1995; Ward & Davis, 1995). Besides this, Woodbury (1983) discovered that employees also research to benefits and salaries as substitutes, hence, prepared to give up salaries in substitution for added benefits. Hence, Artz, B. (2010) concluded that those fringe benefits that are less taxed may be substituted for earnings, thus increasing the amount of job satisfaction by saving the worker from high duty burden, so long as the employee's marginal income tax fee comes after quitting earnings for benefits. High wages will entice people but will not keep them for long if other factors in the task environment are not favourable. The key is to pay reasonably and equitably both from an interior and external perspective (Phillips & Connell 2003), while keeping other factors resulting in employee retention constant. Also, Hansen (2010) states that generous advantage packages, especially those with an focus on medical health insurance and retirement personal savings tend to catch the attention of and hold on to employees, permitting them to work with peaceful mind and their performance level skyrocket, increasing the entire productivity of the business.
Corporate culture is a fundamental component in virtually any business's eventual success or failure. As per the words of John O'Malley, quoted in Birmingham Business Journal, it is an unwritten group of beliefs that management communicates directly or indirectly and all employees are familiar with and work under. Additionally, regarding to Zachary (2005), an endearing corporate and business culture is the environmental grounding for conserving the highest degrees of company profitability anticipated to high worker satisfaction as well as customer loyalty. Furthermore, in an article for the journal Entrepreneur, Robert McGarvey specified that the problem with a company's corporate and business culture is shown through indicators that include overdue arrivals of employees at work and heading home as soon as working hours end; higher worker turnover; complexity in hiring talented individuals; low occurrence at events sorted out by company; lacking of truthful communication; an "us-v/s-them" mentality between personnel and management; and a decrease in service or product quality as well as client satisfaction (Zachary, 2005).
Another 3rd party U. S. research study completed by LRN, a service provider of governance, ethics, and compliance management, displayed additional verification that a company's capability to support an ethical commercial culture is essential for the interest, retention, and output of workers (Verschoor, 2006). That is mainly because of the changing technology needs and volatility. Nowadays, most the labor force are dominated by the last mentioned generation people, and then the best way to keep them is through building a culture that suits them well. Regarding to HR professionals, these employees demand more overall flexibility, meaningful tasks, flexibility in their job, significant rewards, as well as a much better work-life balance than more aged employees (Guthridge, M, Komm, B. A, and Lawson, E. , 2008 ).
Managers must realize if there is a fit mismatch, as it was quoted in the Wall membrane Neighborhood Journal that "the primary reason that causes employees to give up their job in an organization is due to their uneasiness using its culture. This usually happens when their inclination towards a authority style, workplace discord resolving, specific performance criteria and accountability, apparel and job hours do unfit with the regulations and guidelines of the firm. (Weddle, 2001). Kerr and Slocum (1987) further reported that some organizations have civilizations that emphasize prices of teamwork, security, and esteem for individual users. These beliefs foster commitment and long-term determination to the organizations among all employees, regardless of their job performance. Hence, as per the opinion of Stanley, T. L (2007), it is clear that possessing a renowned or at least trusted corporate culture is incredibly beneficial to any organization, and also to make corporate civilizations work exceedingly well in an organization, positive beliefs must drive positive behaviour, which will drive positive worker behaviours.
Purohit (2009) defines 'authority style' as the manner and procedure of providing direction, implementing strategies, and motivating people to get an activity done, by having the ability to inspire others to perform things, while Friedman & Langbert (2000) define 'management style' as the authority method a director uses in administering an organization. Hence, design of management and management in a business organization can usually be considered as same.
A much skilled staff may join an organization because of its enigmatic leaders, large system of benefits, and its top notch training programs, but how long that person remains and how productive he turns out to be is evaluated by his reference to his immediate supervisor (Buckingham and Coffman, 1999). This is also supported by Benjamin (2003) and Frank and Taylor (2004) that recognized poor management as the main reason for why employees leave. People will leave if they do nothing like their manager even though they are really well paid, get recognition and also have an opportunity to learn and grow. In fact, disliking or not respecting the "boss" is the primary reason for skill loss.
Moreover, various factors that improve employee commitment and satisfaction add a fair compensation with regards to the employee's value contributions to the business, providing of responses, an opportunity to learn and increase, a positive work environment, and most importantly, reputation for the uniqueness of each individual's competencies. They are believed to rest within the direct supervisor's control and recent studies reveal that unwanted turnover can be reduced more by a manager, than anyone else (Buckingham and Coffman, 1999; Kaye and Jordan-Evans, 1999).
Putman (2002) thought that the partnership existing between employees and their immediate supervisors is a crucial factor that decides employee satisfaction. It is vital for a director to deal with employees one at a time, by asking them questions, tuning in actively to what they have to say, and working collectively on one-to-one basis to be able to motivate and sustain them effectively. The "good manager" is therefore one who helps his gifted subordinates find satisfaction in their work, as an employee's selection of staying or departing a particular group depends after how satisfied he's working there (Buckingham and Coffman, 1999; Kreisman, 2002; Kaye and Jordan-Evans, 1999). Therefore, today it is highly expected that the grade of the supervision, by means of authority and management, an employee receives is critical to worker retention as employees have a tendency to abandon professionals and supervisors rather than going out of companies or careers.
'Development' is recognized as increasing new skills and taking benefit of many different ways of learning that advantage employees and business alike. Employees profit by experiencing higher satisfaction about their capability to accomplish results face to face and by taking responsibility for his or her career; the business benefits with employees with an increase of skills who are usually more profitable. Employees say that the option of skill development opportunities and career movements are "key attractors" to organizations. If a business does not understand the individual's need and want to grow, then "development" becomes a most important reason behind resignation (Kreisman, 2002 and Dibble, 1999).
Employee development should be a manager's top priority to be able to enhance their employees' morale and retention because people would like to learn and grow if employees aren't mentally challenged, employers will eventually lose them. People will check out emotionally a long time before they check out physically. (Legge, 2003) Job experience and inner job rotation was generally viewed as the best development methods although training and command courses were considered complementary, good "internal system of HRM" suggested by Ord±ez de Pablos (2004). Most companies recognize the fact that for retention, it's important that the ability for people to move up the career ladder is established via an opportunity inside your own group (Thibodeau, 2001).
Research further reveals that roughly 45% of all "executive derailments" appear because the administrator has failed to create and support a system of professional relationships both on the internal and external part of the organization (Dalton and Thompson, 1993). As per these studies, the retention of employees in the organizations is closely linked to development. Training, notably, has been demonstrated to increase employee commitment and is often treated as an important aspect in an offer of employment.
In order to keep employees well encouraged and productive, professionals must offer employees some tangible intrinsic rewards so as to tell them they are appreciated and also to give meaning with their work experience. Constant employee popularity has been discovered as an integral factor in the retention of top-performers in an ASTD research report on retention (Jimenez, 1999).
Furthermore, from past researches, it's been discovered that rewards as provided by organizations have relationship with job satisfaction and therefore lead to worker retention (Taplin et al. , 2003). This is further acknowledged by Okoh, 1998; Bamigboye and Aderibigbe, 2004; Jerez-Gomez et al. , 2005, as they mentioned in their individual studies that rewards help motivate and retain competent personnel for performance. Also, Heneman and Judge (2003) claim that for a business to sustain its employees, it must match its rewards to employees' inclination as this brings about job satisfaction which in turn guarantees staff retention.
Other when compared to a competitive salary, reputation for a well performed job and rewards for accomplishing such work is also an integral to effective retention. Human resources become a firm's permanent competitive edge, and are one of the main assets as it is the employees' knowledge which sets the company in a competitive location. Therefore, something for pay back and identification is worked out in order to ensure employees apply their knowledge in unique and intensifying ways for the company (Keay, 2010). In addition, to accomplish desired goals, firms should closely align to organizational strategies their pay back and identification systems (Allen and Helms 2002). Effective Rewards and Popularity programs honour both individuals and teams who go the excess mile to service their workplace. Hence, this may work out to be effective for employee determination and consequently lead to performance improvement as well as increased staff morale as positive identification from managers as well as peers, inspire most individuals to higher levels of work performance (Keller, 1999). Also, through his analysis of examining the relationship between pay, a person's performance and turnover, Griffeth et al. (2000) discovered that whenever high performers are insufficiently rewarded, they are most likely to leave the business to seek work elsewhere.
The problem of staff morale and retention is highly important as good employees are difficult to come across these days. Organizations have to move through a chaotic process of analysing hundreds of job resumes, executing large scale career experience screening, and interviewing an assortment of applicants. However, the management also needs to be familiar with the fact that keeping the employees they have found, can sometimes be even more complicated due to the difference in degrees of employee morale. This is the reason why once an organization discovers that perfect employee; it should do everything to ensure that it will be able to preserve that individual in the company.
It is to be noted that the value of this issue is highlighted by the discovering that 86% of employers experience difficulty getting new employees and 58% experience difficulty retaining their workers (Hale, 1998). Also, for many organizations, quick or "surprise" employee resignations can cast a much dominant effect on the execution of proper plans and could in turn cause a corresponding decline in the entire productivity. This trend is particularly true in the framework of current financial uncertainties and the resulting corporate downsizings, where in fact the impact of shedding essential employees increases significantly (Caplan and Teese, 1997; Ambrose, 1996; Noer, 1993). Therefore, most managers understand the value of worker retention and its own impact on the entire health insurance and vitality of an organization. Furthermore, Fitz-enz (1997) stated you can find significant financial impact when a business loses some of its critical employees, especially given the knowledge that is lost with the employee's departure.
Thus, the actual fact can't be disagreed to, that whenever a business loses its employees, it manages to lose skills. Aside from this, the particular workplace-acquired experience and knowledge individuals walk away with usually tend to take years to reinstate. Hence this is mainly why staff retention supports such great importance in the highly competitive world of today and this can only be performed if employees' morale is maintained high at office.
The research methods quite simply reveal what methods were undergone in order to build up relevant information required for the study. The sampling and data gathering strategies, statistical tests applied and research model can be categorized according to below:
As this issue selected was predicated on a Descriptive & Causal research, emphasis was laid after both major and secondary sources of data to be able to gather detailed information. Hence, for secondary data collection, the researcher availed the opportunity of going through many articles, essays, write-ups and reports by different writers, using the internet placed this research up to date with the newest of articles and editorials released online related to the research subject. Whereas, for most important data, employees of different banking companies were considered in order to obtain first side information from them regarding worker morale.
As the study revolves around learning the effects of retention strategies on employees' morale, convenience sampling, one common non-probability sampling method was applied to reach the intended source of major data. This is because as the set of respondents is not specified, information could be collected from the participants of the sample population who are effortlessly available to provide it.
The sample size was decided on on the basis of limitations and range of the research. As accessing the whole target population made an appearance hard scheduled to certain limits, a sample size of 100 individuals was surveyed as they were destined to provide satisfactory results. Moreover, the survey people consisted of individuals who fulfilled the next two standards: Individuals working in one of the private commercial banking institutions of Pakistan, Karachi to become more precise anticipated to certain research constraints; either at top-level or middle-level. This is to ensure that all respondents belonged to the interpersonal class where all their basic needs are often met and they needed something in addition to the fulfilment of basic needs as a reason to be maintained with the finance institutions they worked for.
To facilitate the principal data collection, a organised questionnaire was developed to be able to endow substantiality for the study. This was segregated into 2 parts, 5 subsections and 36 questions, according to following details:
Section 'A' directed to establish a general profile of the respondents, by acquiring home elevators basic demographic parameters, i. e. gender, age group, educational level, designation and marital status.
Section 'B' targeted to first find out about the respondents' 'employee morale' in the business they are currently employed in. Secondly, five-point Likert Scales were used to find about respondents' notion about the impact of most five independent variables on the centered adjustable, using 5 assertions each to assess their significance.
In order to ensure that the questionnaire developed for this research was exact in acquiring all the related data necessary for analysis also to test the hypothesis, a questionnaire testing was conducted to identify and eliminate any deficiencies in the design of the research tool. Here, the researcher distributed the questionnaires arbitrarily to a little quantity of respondents so as to evaluate the questionnaire for clarity, bias, ambiguous questions, and ensure its relevance to the study. Furthermore, SPSS 17. 0 also emerged in convenient here for officially checking the reliability of the study tool, and the following tables were made:
As per the aforementioned table, the situation processing summary displays the overall number of responses integrated in the analysis; as none of the questionnaires were went back unanswered, the response rate was 100%. Moreover, the reliability reports of the questionnaire, it was seen that the Cronbach's Alpha value resulted as 0. 853, which denoted that the replies from the study were 85. 3% reliable.
The Research Model includes a theoretical platform which is actually a conceptual style of how one theorizes or makes rational sense of the human relationships among the number of factors that have been recognized as important to the trouble. Therefore, predicated on the books review in Chapter 2 of the study, the following conceptual platform has been developed:
The above model for the analysis contains 'Staff Morale' as the dependent changing as it can easily get affected by all the brought up independent variables anytime, and the five most reliable 'Employee Retention Strategies' as unbiased variables which can simply influence the dependent variable according to the situation prevailing.
As the study is based upon assessing the partnership between the dependant and indie factors, Categorical Regression Research was used to test the hypotheses, using the SPSS software. Although there are other statistical checks that could have been used to test the hypotheses of this study, the key reason for applying categorical regression was because the variables of the analysis were of ordinal character, hence this specific test provided the most effective results.
The statistical results from the survey questionnaire are talked about as per below, with relevance to the hypotheses tested:
As the Anova desk proved a sig value of more than 0. 05 while tests H1, the model was seen to be unfit in order to proceed to check the importance of the parameters from the Coefficients desk. However, from the Coefficients table the least significant parameters were removed one by one in descending order in order to check if the model becomes fit after the removals. At the end, even though Various Benefits were seen to have a sig. value of 0. 003, the overall model was still unfit hence, H1 had not been accepted.
While screening H2, the Anova desk initially proved a sig. value greater than 0. 05 but after eliminating minimal significant variables one at a time, the model eventually became fit and it was learned that 'clear classification of goals' has significant effect on employee morale. However, as all of those other variables were not found to be significant, H2 was not accepted.
While examining H3, the Anova stand initially revealed a sig. value greater than 0. 05 and even after eliminating minimal significant variables one by one, the model still continued to be unfit to proceed to the coefficients desk. Hence, H3 had not been accepted.
While screening H4, the Anova stand initially revealed a sig. value greater than 0. 05 and even after removing the least significant variables one by one, the model still remained unfit to proceed to the coefficients desk. Hence, H4 had not been accepted.
While examining H5, the Anova table initially revealed a sig. value of more than 0. 05 and even after getting rid of minimal significant variables one at a time, the model still remained unfit. Hence, H5 had not been accepted.
Based on the results obtained through the categorical regression research, it can be figured all the five unbiased variables do not have a significant positive romance with 'Employee Morale'. The next table presents the overview of hypotheses examining:
A significant positive romantic relationship is out there between 'Reimbursement & Benefits' and 'Staff Morale'
A significant positive relationship is out there between 'Corporate Culture' and 'Staff Morale'
A significant positive romantic relationship exists between 'Style of Leadership & Management' and 'Worker Morale'
A significant positive marriage is accessible between 'Worker Development Opportunities' and 'Employee Morale'
A significant positive relationship is present between 'Rewards & Popularity' and 'Staff Morale'
This section of the analysis requires the implications and recommendations, discussions based on the studies in framework with the past research findings as well as a note on scope for future research.
The main aim of this research was to scrutinize the perceptions of employees towards the consequences of 'staff retention strategies' on 'staff morale'. The five staff retention strategies mentioned in this research were; settlement & benefits, commercial culture, style of authority & management, worker development opportunities, and rewards & recognition. Furthermore, to be able to narrow the scope of study credited to research restrictions, the employees surveyed were those who belonged to the banking industry.
In order to accumulate information upon this area, lots of options such as journal articles as well as other publications were referred to collect extra data. To be able to collect primary data, a questionnaire was made to obtain all the mandatory information from the employees. Then, using convenience sampling, a complete of 100 questionnaires were distributed and the reactions were used for data examination purpose through SPSS 17. 0 software. Statistical analyses concerning categorical regression research was performed to test the hypotheses and to discover if a significant positive relationship is available between 'staff morale' and each one of the five 'worker retention strategies. ' However, the result of the analysis mentioned that none of the five retention strategies possessed a significant effect on employee morale, according to employees' perceptions.
In compare to the prior conclusions by various experts, the results of the study viewed that employee retention strategies don't have a significant impact on employee morale. However, when analyzed more tightly, it was discovered that the primary reason for this phenomenon to occur as the actual fact that all of the employees who were surveyed possessed possessed a work place morale that was either high or average, hence it didn't matter to them typically if they were given more retention packages. Had this been the case of employees having slightly low work place morale, responses would have been different and good past researches which may have been carried out.
Not only will this research will add to the literature regarding the impact of the five given 'employee retention strategies' on 'staff morale', it can even be employed by the HR professionals of banking companies and even other organizations as the information given in this review will help them to boost their 'staff retention' and make it a priority in their organizations to be able to boost their personnel' morale.
It is recommended that the lenders surveyed should keep a good focus on putting into action retention strategies in order to sustain the amount of employee morale that currently exists. Moreover, those banks that possess employees with low morale should prioritize the execution of all five staff retention strategies in an effective and relevant manner, by allocating sufficient resources to boost these strategies so that staff morale could be increased.
In order to exceed the research restrictions and carry out the study on a broader scale, a number of ways can be adopted. Firstly, although the info necessary for this review was from a few of the major private commercial bankers in Pakistan, which certainly stand for the characteristics of all such banking institutions, the samples were limited to only Karachi. Therefore, it is firmly recommended that for future research in the same area and field, the info should be gathered from other towns of Pakistan also. Subsequently, this study highlights only five major staff retention strategies whereby there are present a number of other strategies as well which are quite successful in keeping employees. Hence, further studies can be conducted including and speaking about about those strategies as well. Besides, further studies on the same issue can be performed, with a more substantial sample size so that the data obtained could be more correct and generalized to the chosen industry, giving even more appropriate conclusion and findings. Also, because of this review only questionnaire review was applied, whereas interviews with employees would allow the other analysts to have a deeper knowledge of employees perceptions towards the consequences of 'employee retention strategies' and 'employee morale'. Lastly, this study was made specific to the banking industry only; however, in future researchers may decide to explore the perceptions of employees of different market sectors too, especially where in fact the worker morale appears to be low.