Employee Retention Has Always Been

Employee retention has always been important for companies because high turnover rate can cause financial as well as non-financial damages. The firm invests a great deal of money on the development of employees and if they leave without completing a certain term, the firm loses the invested money as well as skills and talent required for the job. Searching for new talent and incurring the same cost again can be very damaging for a firm's performance and financial health.

For this reason, every firm has certain employee retention strategies and one of the most common has to do with remuneration packages. Some firms maintain that if remuneration packages are attractive, people are likely to stay and turnover rate can be reduced. However this is a contentious issue since remuneration alone cannot account for employee retention. There are several other factors involved as well such as opportunities of career growth, meaningful work and indirect compensation.

But obviously amongst all this, direct compensation plays a crucial role and if a firm feels that it is not lacking in other areas, then attractive benefits might work the magic. To find out if remuneration packages can positively affect turnover rate, we shall collect data from journal articles as well personal interviews with people at various jobs. The research is important because it will help firms find which factors affect retention. They can they make their policies accordingly.

While many firms believe that it is only the remuneration package that can keep the employees with the firm, it is also common knowledge and proven by research that people do not only care about money when staying with a job is concerned. The central question of the research would be: Is it enough to offer attractive remuneration package to reduce turnover rate? Literature will include peer reviewed and scholarly journals that have dealt with the topic of retention and employee growth etc.

These journals will study the subjects from different angles including what is really important for an employee at work, what make them stay with a firm and what doesn't, what works for an employee and how remuneration can help. We shall be distributing questionnaires to people at various positions. We have also designed a survey that will help us study the question in greater depth. The methods we.