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You searched Library Catalogue - Publisher: Addison-Wesley Publishing Company,
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Call Number (WOU)
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SP CEMBA 2017 57
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Author
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Sin, Sze Wan
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Title
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Factors that influence employee retention in Small and Medium Size Enterprise (SMEs) in Klang Valley / Sin Sze Wan
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Abstract
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Most of SMEs in Malaysia are faced with employee turnover problem. Companies spent a lot of efforts and recruitment costs to retain an employee, but resources and costs that were spent to develop and train the employee during his or her employment tenure were being wasted. Productivity will be affected in short-term. In the long term, some business strategy plan is unable to execute smoothly and faced with difficulty to further expand their business due to lack of skilled or experienced employee or new talents to take over the task. Company shall treat their employees as their internal customer; analyze and study the needs and expectation of employee on the current trend of good human resource practice to retain the well performed employees and build Employer Brand to attract new talent. With changes of the culture in society, the study found that salary is not the only factor to retain employee and attract new talent. The other factors that contribute towards employee retention are job satisfaction, employee benefits, work environment, opportunity for career development, company’s goal and objective, job expectation and Key Performance Index’s (KPI) target, rewards and performance recognition, motivation and relationship with immediate superior. In this study, it will examine the factors such as Work, Pay, Promotion, Supervisor, Colleagues, Top Leadership and Benefits Policies. This is determined by a discrepancy between what one wants in a job and what one has in a job (Academic Library 2016). In addition, the study examine employee retention influenced by factors which to be categorized as financial related factors such as pay and promotion, and non-financial related factors which affected by work-related and non-work related factors. In this study, the independent variables are the factors that can affect the employee satisfaction or willingness of employment engagement such as job satisfaction, salary package and employee benefit, work environment, opportunity for career development, company’s goal and objective, job expectation and Key Performance Index’s (KPI) target, rewards and performance recognition, motivation and relationship with immediate superiors. With the analysis result, most of the questionnaire survey respondents are satisfied with their current employment. Overall, most of respondents’ feedback that showed that salary package is one of main factors and key motivator which influence them retain in current employment or accept another new employment offer. The second major selection factor is the opportunity of career development. Job satisfaction and work recognition are essential key motivators for most of the respondents. Almost all of respondents provided feedback that a comfortable and healthy working environment is very important or important for them. Enhancement of good relationship with superior is another significant factor which influence employee satisfaction and have a great impact on employee retention.
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Notes
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Final project report submitted in partial fulfilment of the requirements for the Degree of Master of Business Administration (CeMBA)
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Publisher/Year
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Penang : School of Business and Administration, Wawasan Open University, 2017
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Subject
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Retention of employees.
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