A Study on Employee Retention with Special Reference to Software Companies
Employee turnover occurs for many reasons but when employees leave their jobs and must be replaced due to the fact that the business is perennial. Replacing exiting employees is costly to organizations and destructive to service delivery. It is therefore imperative for management to reduce, to the minimum, the frequency at which employees, particularly those that are crucial to its operations leave. Retention is a voluntary move by an organization to create an environment which engages employees for long term. In this study it was studied whether the employee tenure depends on certain socio-economic characteristics like gender, age and marital status. The purpose of the study is to know the various reasons that lead to consistent and sustained employment in business organizations. A survey with 197 respondents working in software companies was done to collect data. Common factor analysis through reliability analysis and chi-square analysis was performed on collected data. The results are surprisingly insightful as the results are significant.
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