EMPLOYEE RETENTION THROUGH MOTIVATION

Talent management is one of the most prominent strategies to manage employee turnover and retention in modern organizations (Kumar,n.d). As per (Kumar, S, n.d), compensation, limited career opportunities, role stagnation, mismatch of job profile, job stress and work-life imbalance, odd working hours, lack of authority provided to accomplish one’s task, marriage, social pressure, the brand image of a new company, lack of good working conditions are some of the reasons for employee attrition. To retain talent, compensation and benefits are more important. Pay appropriate salaries, provide financial and non-financial benefits, indirectly motivate employees, and critically decide the organization's success (Harika and Bindu, 2020).

 

Among many different motivational theories and strategies ‘Maslow’s Hierarchy of Needs’, derived by Abraham Maslow (1908-1970), and has still functioned. Based on human needs, the hierarchy pyramid has been designed. Five key factors are identified in the hierarchy as in figure 1. Physiological needs as being the basic needs for humans the model evolves into more complex needs. The model suggested first to deal with basic needs and when basic needs are satisfied, gradually go up to the top level by fulfilling motivation needs in each level.  Maslow described so like this, human behavior drives to fulfill each level and move to the top (MacPearson, 2019). Video 1 explains Maslow’s hierarchy of needs and its five levels. 

Figure 1:  Maslow’s Hierarchy of Needs.

 

(Source: MacPearson, 2019)

Five levels of Maslow’s Hierarchy of Needs.

             - The Need for Self-Actualisation

             - The Esteem Needs

             - The Love Needs (Social Needs)

             - The Safety Needs

             - The Physiological Needs
                                        (Source: Maslow, 2018)

Video 1: Maslow’s Hierarchy of Needs.

Source: Khan Academy, n.d)

By looking at Maslow’s Hierarchy, compensation, good working environment, welfare, job security, safe working conditions, retirement funds/ pension, good working relations (causes to reduce job stress), recognition, job title and responsibilities, challenging work, opportunities for creativity and professional advancement are remedies for the employee retention.

Apart from just paying perks and wages in a conventional way, modern organizations motivate employees through rewards for performance excellence, personal motivation, maintaining loyalty, and job satisfaction. In fact, that will keep employees engaged with the process which improves organizational effectiveness via innovation. Finally, that makes employees are motivated and sustained with the organization.

List of references:

•  Harika, T and Bindu, NH (2020), ' Employee Retention', International Journal in Management and Social Science, vol. 08, issue 03.

• Khan academy, (n.d), Maslow’s Hierarchy of Needs, online video, viewed by 8^th September 2021, < https://www.khanacademy.org/test-prep/mcat/behavior/theories-personality/v/maslow-hierarchy-of-needs>.

•  Kumar,S (n.d), 'Impact of Employee Attrition on People Management in Organisations'.

• Kumar,S (n. d), 'Talent Management - A Strategic Tool For Employee Turnover & Retention', Emerging Concepts in Marketing and Human Resource Management, pp.99-101.

• MacPearson, A (2019), ‘Motivating Millennials: the journey to project success’, University of The West of Scotland.

• Maslow, AH (2018), 'A Theory of Human Motivation’ 1st edition, Wilder Publications Incorporation, USA.