The Impact of Retention Strategies on Employee Motivation: Training, Development Rewards and Recognition - Research Paper Example

The Impact of Retention Strategies on Employee Motivation: Training, Development Rewards and Recognition s ) (Tutor) (Date) Abstract Purpose–To evaluate the benefits and dis-benefits of training, development, rewards and recognition as retention strategies and how they impact on employee motivation and job satisfaction. Design/methodology/approach–An extensive review of academic was conducted seeking to connect existing ideas and theory to establish the relationship between training, development, rewards and recognition as retention strategies and their effect on employee motivation and job satisfaction. Findings– Non-financial rewards make employee to stay longer in a firm as compared to financial rewards. In this perspective, provision of training and career development opportunities, rewards, and recognition made employee to be easily retained in the firm thus boosting their morale and job satisfaction. Research limitations/implications– Since most studies have been focusing on the effect of motivation to employment retention strategies, as a consequence, there is little existing research on the effect of retention strategies on employee motivation. This identifies a need for further research to test the findings of this paper. Practical implications–This has significant implications to the human resource department in relation to employee retention. The results from this research would assist organizations offer their staff job security, rewards and recognition, career development opportunities, and training that will motivate employees and retain them in the organization. Consequently, they would reduce turnover costs and increase revenue. Originality value–Even though an improved incentive system raises the performance orientation and motivation of an employee, non-financial rewards have been found to make employees stay or quit an organization including recognition and rewards, training, provision of career development opportunities. This paper addresses the gap in the literature. Keywords- Training, career development, employee motivation, retention strategies, motivation, job satisfaction, employee development, training. Paper type– Literature review based research paper Aim of the research Many firms are striving to keep their older employees even after recruiting them recently. Even they are offering better compensation, the employees still leave the company creating questions if financial compensation is the best way to motivate employee in order to retain their services. Therefore, the research is aimed examining the impact of retention strategies; training, development, rewards and recognition on employee motivation. Research Hypotheses a. To establish ways of preventing employees of leaving their jobs by offering training and development opportunities. b. To critically examine why the provision of rewards and recognition can be used as a strategy to prevent the employees from leaving. c. To form arguments that support the strategies on employee retention such as training, career development opportunities, rewards, and recognitions on employee motivation and performance. Definitions Motivation is what makes people have that drive to do something (Cole, 1997). Rewards and recognition are strategies used to motivate employees (Asghar & Ahmed, 2009:217). Training is one of the main channels of maintaining and improving the intellectual capital (Huff, 2006). 1.0 Introduction The success and growth of an organization in any industry is extremely reliant on its human resources. Even though there are numerous factors that play a major role, a firm needs to have effective employees to stay competitive and financially solvent. Motivation is viewed as the intrinsic enthusiasm and drive of an employee to finish activities that are related to work (Daft & Noe, 2001:430).Employees are well thought as the human capital in any organizational setting. If this human capital is motivated and satisfied they would be retained and diligently perform their respective duties (Morell, 2011). Business entities ought to be aware of employee motivation, satisfaction and retention, in order to maintain them since they are valuable commodities. Some organizations make an assumption that most employees are only seeking financial benefits for their jobs, which is mistake. By making this assumption they overlook the importance why majority of individuals put priority on the intrinsic benefits on their careers. Consequently, the company will make a mistake for employee satisfaction and retention, as well as experiencing negative business consequences (Jawahar, 2006:213-219). Since most firms are striving to have employees who have the capability to adapt quickly the ever-changing business environment, they are investing in on-going employee development to be successful, keep and motivate the employees. In that respect, the research document will discuss the impact of retention strategies such as training, development, rewards and recognition on employee motivation. 1.1 Problem Statement Currently, numerous firms feel strapped for cash and simply can not afford to offer increases in salaries and bonuses that are often demanded by the staff.  However, there are numerous alternative forms of reward that actually can act as motivational retention tool in order to enhance employee engagement and loyalty. This can be attained through provision of training, career development opportunities, rewards and recognition, and provision of a positive working environment. These non-monetary rewards have an intrinsic motivational impact on employees. Therefore, non-financial rewards can be used as tool for retaining the employees since they would be motivated to stay with the firm. A recent study by the Hay Group that involved around 20,000 employees found out that employees listed career development, positive work climate, respect and recognition and other non-financial issues as major reasons for leaving a job both for old and young employees (Gopal & Janakiraman, 2006). Even the older employees that are well-compensated may leave a company if dissatisfied with these aspects. Moreover, companies with an excellent non-financial incentive plans can attract, motivate, and retain very talented staff whether new or old (Werkman, 2009). 1.2 Purpose The purpose of this study is to review current literature and analyse previous studies to evaluate whether or not as training, development, rewards and recognition as retention strategies impact on employee motivation and job satisfaction. Even though it is not directed towards a particular organisation or industry, it is intended to provide a general overview of the concept. 2.0 Methodology The purpose of this research is exploratory (Trochim, 2010), and data was collected from secondary sources, especially academic documents focusing on the influence of training, development, rewards and recognition as retention strategies on employee motivation and job satisfaction. The secondary data was collected from official statistics, psychological and social journals, reference books, technical reports, scholarly journals, and literature review articles (Cresswel, 2009). As a result of the exploratory nature and limited previous literature on the effect of non-financial rewards on employee motivation and job satisfaction, this research study used the literature based format. Besides, primary research was not carried out because of limited resources and time (Trochim, 2010). Through extensive review of current academic literature and an examination of a quantitative and qualitative studies presented in the secondary source (Cresswel, 2009), the impacts of retention strategies like training, development, rewards and recognition on employee motivation were displayed. Qualitative and quantitative studies by various scholars (Brians et 2011), showed a clear link between training as a retention strategy and employee motivation. The studies also showed a connection between rewards and recognition retention strategies and employee motivation. A study by (Shelton, 2001) portrayed a clear connection between career development and employee retention since they are well motivated. 3.0 Literature Review Motivation is what makes people have that drive to do something. As a result, it initiates, guides and maintain the goal oriented behaviours (Cole, 1997). Motivated people include those who have consciously made a decision to devote considerable effort to achieve something that they greatly value (Kasmi, 2011). However, what they value differ greatly from one individual to another (Asghar & Akram, 2012:115). That is why employers adopt various retention strategies to take care of the varied needs of the employees (Cole 1997:188). Sandya and Kumar (2011:1778) defined employee retention as a process by which workers are encouraged to stay with their current employers for the maximum possible time. Although it is a difficult job, it is beneficial to both the employer and employee. On the other hand, to Sandya and Kumar (2011) assert that employee retention is the process by which employees are encouraged to remain with the organisation they are working with for a long time. Employee motivation is a crucial element that employers need to take into consideration if they are to retain staff (Armstrong, 2012). Employee motivation also can assist the employer to enhance organizational performance (Forgacs, 2009). Therefore, there is always a direct relationship between financial and non financial rewards and employee motivation and satisfaction (Bruce & Pepitone, 1999). There are a numerous ways of motivating people through non-financial incentives such as self fulfilment, recognition and respect, flexibility in the working hours, work-life balance, team building events, career development programs, training both on- and off-the-job (Armstrong, 2012). According to Prasetya and Kato (2011), they argued that there are significant influences observed for financial and non-financial compensations and employee motivation and performance. Young employees are directly motivated by both financial and non-financial rewards (Forgacs, 2009). On the other hand, compensation is among the physical needs that have an influence on the motivation of older employees (Caruth & Handlogten, 2002). Provision of appropriate incentives within the meaning of fair and adequate to fulfil the requirements of older staff is one function the personnel department has proved difficult to implement (Kasmi, 2011). Compensation incorporates the financial returns to the services rendered by the employees as part of the employment relationships (Shrivastava & Purang, 2009). Therefore, compensation is a form of reward that goes to the older employees arising from their employment (Forgacs, 2009). Compensation has a great influence in the recruitment criteria of the older employees, their productivity, motivation, and turnover (Bernardin & Russell, 1993). In relation to motivation, different theories have been developed by various researchers to try and examine the concept of motivation of employees (Laubly, 2005). The human relation view was developed by Elton Mayo (1880-1949). Mayo concluded that the strongest force of motivation was the nurturing and preservation of social relationships with their colleagues (Mayo, 2003: 11). Most employees want to feel valued and recognised recognized for the work they perform, as well as supporting work self-regulation on routine jobs (Mayo, 2003:14). The work done by Mayo provides a benchmark why most workers prefer non-financial rewards, such as training, career development opportunities, and rewards and recognition rather than financial rewards (Mayo, 2003). The other theory useful in the study on employee motivation is the Taylor’s Theory developed by Fredrick Taylor. It postulates that money is the driving force for work. It also adds that tasks done repetitively yield the best results, same to close supervision and tight control of employees. Additionally, every extra effort needs to be rewarded financially (Rohleder, 2010). Taylor’s ideas increased production levels and lowered the unit cost of production (Asghar & Akram, 2012). Even though Taylors ideas resulted to increased productivity, they also resulted to workers’ unrest due to autocratic management making employees feel that they being converted to machines (Magloff & Media, 2014). Herzbergs Theory was developed by Frederick Herzberg (1923-2000). Herzbergs theory argues that there are numerous factors that motivate workers other than money, such as work hours, work-life balance, career development and good working conditions. Herzberg also found that some factors, like achievement, responsibility, personal growth, and a challenging work environment, can make workers to be happy at work (Magloff & Media, 2014). Herzberg was of the opinion that productivity can be improved via employee satisfaction and that this comes from several factors. For instance, jobs need to be challenging enough for the employee to make use of their abilities fully, and that those workers who are successful ought to be given more responsibility. Herzberg’s theory has been adopted by several modern companies who want to increase employee satisfaction and retention rates (Magloff & Media, 2014). Monetary compensation is not the highest motivator for employee that contrary to the modern belief that money is the greatest motivator (Bernardin & Russell, 1993). Most employees are usually interested in opportunities for learning and development, training, reward and recognition (Allen & Helms, 2010:117). Organisations ought to have an understanding of why employees join, stay and leave an organization (Breaugh & Starke, 2000:403). This join, stay and leave model is comparative to a three-legged stool, which implies that without data on all three, firms would be not be unsuccessful in implementing proper retention strategies. First, employees join an organization due to the attractiveness of the position. High performing staff will remain the firm if the offered realistic job previews (Shrivastava & Purang, 2009).Second, employees stay due to employee retention strategies (Magloff & Media, 2014). Lastly, establishing the reasons behind why employees leave can help an organisations include low satisfaction and low commitment, which involves thoughts of quitting to look for more attractive alternatives like better pay, better-work life balance, rewards and recognition, and career development opportunities (Breaugh & Starke, 2000:408-412). The satisfaction employees derive from work through appreciation and acknowledgement from their co-workers, managers or supervisors can have a significant influence on the decision to stay or leave the organization (Howard & Frink, 1996). Therefore, it usually up to the employer to come with non-financial rewards as retention strategies that would resonate well with all the employees (Shrivastava & Purang, 2009). Employee retention means keeping staff members that the firm does not want loose to other organizations, for whichever reason but specifically to competitors (Sue, 2001). To Sue, a company requires the right people with the right skills and abilities and at the right time. This depends on effective recruitment, training, development and retaining those employees you want to keep through rewards and recognition. A good employer needs to have knowledge of attracting and retaining employees (Shrivastava & Purang, 2009:66-68). 4.0 Findings There is direct relationship between non-financial rewards such as training, development, and recognition and rewards and employee motivation and satisfaction (Ali & Swiercz, 1985). From the data collected from secondary sources, retention strategies such as training, development and recognition and rewards enhance employee motivation which in turn increases job performance and satisfaction (Shrivastava & Purang, 2009). As it is typically believed, pay does not have a significant effect in inducing employee turnover as compared to non-financial benefits like training, development, and recognition and rewards (Magloff & Media, 2014). Ali and Swiercz (1985:34) argue that financial rewards lead to the generation of short-term boosts of energy by employees. Lack of motivation and satisfaction at the work place causes an employee to withdraw and commence searching for other opportunities (Garger, 2009). Rewards and recognition have a more profound effect on employee motivation and retention (Mayo, 2003). Satisfaction is key in determining if an employee decides to stay or leave an organization (Kreisman, 2002). Some of the costs that occur when an individual quits a company include recruitment costs, training costs, lost productivity costs, and lost sales costs (Herman, 1999). 5.0 Discussion In today’s labour market, having a stable workforce in a company is a significant competitive advantage. When the organization is made up of an unstable workforce, it is usually obliged to invest in training, recruiting, rewards and recognitions, orientation, provision of work-life balance, and supervision (Reichheld, 2001; Herman, 1999). Sandhya and Kumar argue that employee retention strategies are said to be effective if a systematic effort is made in order to formulate a workplace environment that supports and encourages workers to remain by addressing the employees’ diverse needs (2011:1778). Currently, if a firm does not have high employee turnover, the company needs to have a look at its retention strategies. Most employees view retention efforts as more sincere since the employer is not being forced to act due to high turn over (Magloff & Media, 2014). Benefits and compensation are certainly the most powerful employee motivators. However, it is crucial that the employer also motivates the employee emotionally (Shields, et al., 2009).This can be attained through employee retention strategies. The research study found out the following retention strategies; rewards and recognition, career development and training have a significant effect on employee motivation and job satisfaction thus making the employees to stay longer. Feldman claims that these retention strategies offer employees with job security, provide opportunities for career development, promotion and training (2000). With scarcity of talent and cut-throat global competition, very few firms can afford the cost of recruiting and training replacements for departed employees (Thomas, 2000). 5.1 Development of employees One of the major reasons of developing your skills and knowledge is the rapid rise of technology (Gerbman, 2000). With the advent of the internet, information is moving extremely fast in the business environment. In order to remain competitively relevant, the staffs need to be trained and developed continuously (Feldman, 2009). Besides technology, Garger notes that the reasons a firm needs to develop its employees are company reorganization and the ever changing relationship between employees and employers (1999). Even though higher education is crucial in preparing individuals for work, they still require new skills by the time they begin working (Garger, 2009). Consequently, it is the responsibility of the employer to ensure people have the right skills. Ratter that just enhancing their job skills, learning helps employees enhance their overall job performance and be motivated to stay longer with their current employers (Gerbman, 2000). Career development programs are very helpful when a person is worried about his/her career. This is because an employee is always keen to know his/her career path in the firm. Career development programs enable employee’s better understand their career path within an organization and as a result be motivated to remain in the organization to attain their personal career goals (Bruce & Pepitone, 1999). Most employees are more likely to be motivated and stay engaged in their jobs and, as a result increasing the firm’s performance (Kottke (1999). Motivational factors have been found to strengthen the employees’ loyalty and enthusiasm (Mayo, 2003). Therefore, it is crucial for employees to be provided with adequate job challenges which will ensure that they develop their knowledge in their respective field (Bruce & Pepitone, 1999).. The major objective of numerous employee development programs is to relay the company’s vision, assist the workers comprehend the corporate culture and values, and show employees at each level in the manner in which they assist the organization be successful (German, 2000). As cited by Kottke (1999), these developmental programs are in existence because they support the strategic goals of the business y offering opportunities for learning and engraining the organizational culture. 5.2 Rewards and recognition Reward management is a strategic tool utilized by management to create and implement policies and strategies aimed recognizing and rewarding staff members in manner that is consistent with the firm’s objectives (Armstrong & Murlis, 2012:3). Recognition and rewards can be utilized as a retention strategy due to the fact they enhance the morale and productivity of the employee (Shrivastava & Purang, 2009:66-68). Recognition and rewards are provided when a company has needs to motivate employees its employees in attaining a goal or when employees have finished a particular organizational objective (Jimenez, 1999:54). Employee reward program ought to be initiated as a positive recognition for work increases the level of motivation of employees (Kottke, 1999). Recognition can be done through offering awards such as best employee of the month, the most disciplined employee or punctuality award. Project based recognition have also been found have great significance. The award can be in terms of money and gifts (Thompson & Phua, 2012). As cited by Anne and Barry (2005), one of the core reasons why firms avoid turnover is to make rewards count. These rewards can be immediate, appropriate, or personal. For instance, performance based bonus can be provided to ensure that performance linked to the bonus whereby a worker has the capability to relate his/her performance with the firm’s profits and hence will get motivated to work hard. Besides, a good working environment promotes employee motivation assisting the employer to enhance organizational performance. This is done through provision of benefits and proper recognition of employees’ work. Figure: What can be done to create a good working environment (Asamiah, 2011:60) 5.3 Training Training is one of the main channels of maintaining and improving the intellectual capital, thereby the quality of the training affects the value of the organization (Huff, 2006). As a result, training affects the retention of an employee who is a valuable commodity (Bouyssou, Dubois and Prade, 2010). Creative use of non-monetary rewards usually reinforces positive behaviors and, as a result it improves employee retention and performance (Thompson & Phua, 2012). In that perspective, providing good training as a retention strategy motivates the employee to be responsive to the definite objectives he/she needs to achieve (Manzoor, 2011). Training and development is currently viewed as a mechanism for employees to move up the corporate ladder. This is because staff development has shifted from a model which focused on promotion to one which focuses on skill development (Breaugh & Starke, 2000:306-7). Noe (2009:23) states that, “the fundamentals of a good employee training program are: soft skills training, orientation, and technical skills training.” Noe adds that the main reasons of having training programs in the organizations include the following: it allows the firm to remain relevant in business; leads to the creation of a pool of readily available and adequate replacements for the personnel who may move up in the organization or leave; it enhances the ability of the company to adopt and utilize advanced technologies because of the highly skilled staff; and lastly, it builds an efficient and highly motivated team which enhances the competitive position of the company. Cascio (2006) established that provision of training and development opportunities discourages turnover by means of keeping the staff satisfied and well-positioned for future opportunities for career development and growth. Dissatisfaction with potential career development is has been found as one of the reasons employees search for opportunities way from their current workplace (Shrivastava & Purang, 2009). When employees are not provided with opportunities to update their knowledge and skills, they usually show a higher likelihood of leaving an organization (Garger, 2009). For those employees who receive more training, they are less likely to leave than those who receive modest or no training at all (Mayo, 2003). Some employers are of the belief that by offering training they make the employees more marketable, thereby increasing turnover. As a result, they usually provide job specific training that is less transferable to other contexts (Cascio (2006). Besides, employers can also increase retention via development opportunities like giving permission to go and further their education. They would reimburse the tuition costs for those employees who remain with the organization for an agreed specified amount of time (Mitchell, Holtom & Lee, 2001). 6.0 Conclusion, research limitations, practical implications, and ethical recommendations. 6.1 Conclusion Organizations ought to have an understanding of why employees join, stay and leave an organization (Anne & Barry, 2005). Using the join, stay and leave model, it implies that with data on all the three, firms would be successful in implementing proper retention strategies to motivate employs to stay (Thompson & Phua, 2012). Motivated employees are those who have consciously made a decision to devote considerable effort to achieve something that they greatly value (Garger, 2009). Summarily, as it is typically believed, pay does not have a considerable effect in inducing employee turnover. The factors that affect employee turn over include the following: absence of a well defined career path, low morale from the workers, lack of motivation, lack of recognition, and poor manager-employee relationship. By having a reduced turnover, this offers an organisation more stability, which pleases both the employee and the employer. The current labour market is exceptionally competitive and organisations regardless of size, technological advancement, and market share are experiencing problems with employee retention. In order to overcome this challenge, they should create a positive relationship between the workforce and the organisation. A satisfied workforce usually passes on its positive attitude to others, even clients. Consequently, Smith (2004) noted that this will in turn generate higher satisfaction scores growing the revenue and profit margins of the organization. 6.2 Recommendations The recommendations proposed by the research study are: managers and supervisors also need to be rewarded for developing and motivating employees, promoting job satisfaction and engagement among their subordinates and peers; firms need to define employee motivation and incorporate it as a goal in the strategic plan; in addition to providing non-financial rewards to motivate employees, firms also need to include financial benefits. 6.2 Research limitations and suggestions Since most studies have been focusing on the effect of motivation to employment retention strategies, as a consequence, there is limited literature on the effect of retention strategies on employee motivation. This research was conducted using only three retention strategies as the study area. Therefore, it is being suggested that further research be conducted other employee retention strategies on employee motivation. . 6.3 Practical implications Career planning and development efforts that are geared towards young employee usually have high potential as compared to those directed towards older employees. It is used as an avenue to for the company to plan for the future, as well nurturing young employee for senior managerial positions (Moses, 1999). The results from this research would assist organizations offer their staff job security, rewards and recognition, career development opportunities, and training that will motivate employees and retain them in the organization. Consequently, they would reduce turnover costs and increase revenue (Anne & Barry, 2005). 6.4 Ethical considerations The research focuses on the following ethical categories illustrated by Leedy and Ormrod (2010: 101-104). First, informed consent. 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