"Running head: THE FACTORS AFFECTING STAFF RETENTIONInvestigating the factors affecting staff retentionCase Study of GuocoLand SingaporeName of the Student:Name of the University:Author’s Note:THE FACTORS AFFECTING STAFF RETENTION Table of Contents:Chapter 1: Introduction ................................................................................................................... 61.1 Theoretical Framework: ............................................................................................................ 61.2 Rationale: .................................................................................................................................. 61.3 Research Aims: ......................................................................................................................... 81.4 Research Questions: .................................................................................................................. 81.5 Hypotheses Formulation: .......................................................................................................... 91.6 Structure of the Research: ....................................................................................................... 11Chapter 2: Literature Review ........................................................................................................ 132.1 Introduction: ............................................................................................................................ 132.2 Previous Research of Studies: ................................................................................................. 132.3 Concept of employee retention policy: ................................................................................... 162.4 Challenges of employee retention policy:............................................................................... 162.5 Factors of employee retention policy: ..................................................................................... 182.6 Summary ................................................................................................................................. 24Chapter 3: Methodology ............................................................................................................... 253.1 Introduction: ............................................................................................................................ 253.2 Research Philosophy: .............................................................................................................. 253.3 Research Approach: ................................................................................................................ 263.4 Research Design: .................................................................................................................... 273.5 Sampling Size and Techniques: .............................................................................................. 273.6 Data Collection Technique: .................................................................................................... 283.6 Data Analysis Technique: ....................................................................................................... 293.7 Ethical Consideration: ............................................................................................................. 291 THE FACTORS AFFECTING STAFF RETENTION 3.8 Timeline: ................................................................................................................................. 303.9 Summary: ................................................................................................................................ 31Chapter 4: Data Collection and Discussion .................................................................................. 324.1 Introduction: ............................................................................................................................ 324.2 Quantitative Data Analysis: .................................................................................................... 324.3 Qualitative Data Analysis: ...................................................................................................... 484.4 Discussion: .............................................................................................................................. 514.5 Summary: ................................................................................................................................ 51Chapter 5: Conclusion and Recommendation ............................................................................... 535.1 Conclusion: ............................................................................................................................. 535.2 Objective Linking: .................................................................................................................. 53Reference List ............................................................................................................................... 55Appendices .................................................................................................................................... 64 2 THE FACTORS AFFECTING STAFF RETENTION List of Figures:Figure 1: Structure of the dissertation ........................................................................................... 11 3 THE FACTORS AFFECTING STAFF RETENTION List of TablesTable 1: Schedule of the Project ................................................................................................... 31 4 THE FACTORS AFFECTING STAFF RETENTION List of ChartsChart 1: Age of the employees...................................................................................................... 33Chart 2: Working tenure of employees ......................................................................................... 33Chart 3: Importance of Staff retention .......................................................................................... 34Chart 4: Importance of Motivational Factors................................................................................ 35Chart 5: Importance of Organizational culture ............................................................................. 37Chart 6: Importance of Leadership ............................................................................................... 39Chart 7: Importance of Rewarding framework ............................................................................. 41Chart 8: Importance of Induction and Training Program ............................................................. 43Chart 9: Importance of Open Communication system ................................................................. 45Chart 10: Importance of Enhanced Retention Policy ................................................................... 47 5 THE FACTORS AFFECTING STAFF RETENTION Chapter 1: Introduction1.1 Theoretical Framework:Staff retention is one of the major challenges facing the Human Resource function in abusiness world that is characterised by hyper-competition. Staff retention can be considered asall of the techniques that are applied by the management in order to assist the staffs forcontinuing their work tenure within the organization for prolonged time. Longer time duration ofeach employee ensures greater chance of contribution to the success of the organization. In thiscontext, dedication towards organizational success and motivation for staying with the companyplays a great role in successful employee retention. In order to develop an effective employeeretention policy the management has to undertake a sincere approach to ensure learning andgrowth for the employees. This particular study would be concentrated on unearthing the reasonsof staff turnover as well as its factors and managerial implications. The study will also emphasizeon finding out the most effective strategies to enhance the employee retention policy.1.2 Rationale:? What is the issue?Today’s staff can be segmented based on their age groups such as Baby Boomers,Generation X and Generation Y. The most challenging group among the three is the Gen Y.Their aspirations and demands are very different from the other two groups. In this paper, wewould be focused on identifying various factors of employee retention in GuocoLand Singapore.In this context it has been continuously observed that these generation are highly opportunistic as6 THE FACTORS AFFECTING STAFF RETENTION far as their careers are concerned. Therefore, the employee retention has been proved to be amajor issue for a long time.? Why is it an issue?The reason behind retaining employees is to improve organisational performance. Criticalstaff leaves organisations leading to delays in service and negatively affecting achievement oforganisational objectives. Some of the reasons for turnover can be work life imbalance, lack ofmotivation, unfavourable organisational climate, monotony at work, low levels of challenges,poaching by competitors, better remuneration and so on. The cost of losing critical staff has beenestimated at one year’s salary by researchers. In addition to these common challenges relating toturnover, there are other intrinsic attitudinal differences among groups of employees. In thecontemporary competitive and globalized society, the employees have abundant of opportunitiesto seek lucrative career outside GuocoLand Singapore. Therefore, in current days, it has beenproven to be most essential for focusing on effective employee retention policy.? Why is it an issue now?It has been observed from the current trends and practices that the contemporarygeneration possess low levels of loyalty towards their employers and go job-hopping. In theiropinion, organisations are more focused on enlarging profits and building wealth forstockholders than looking at employees’ development. As they are a formidable size inorganisations, retaining them is of paramount importance and challenge to HR Managers.Therefore, it poses a question how can executives and managers reduce turnover rates andimprove retention of employees. Organisations adopt retention strategies that are centred oncreating a challenging work environment, career path for employees, training and development,7 THE FACTORS AFFECTING STAFF RETENTION employee salary and non-salary benefits, communication and reporting structure within theorganisations, etc. Researchers have clearly identified factors such as Job Satisfaction, JobPerformance, Job Security, Employee Compensation and Work Life Balance to have a positiveimpact on Employee retention. Considering these factors it has been considered most essential tothe employee turnover poses a greater challenge for the current organizations.? What the research could shed light on?The current research would be one of the most significant pieces of literature in the contextof employee turnover sphere. The study will be quite capable to provide most essential insightregarding the overall importance of employee retention. The knowledge of current practices andtrends in various organizational practices would also able to provide most detailed knowledge onemployee retention. The study will be able to unearth reason of employee turnover along withthe factors of employee retention. The human resource professionals as well as diversemanagerial professionals would be most benefitted from this particular research project. Thefuture researcher would be also gain proper direction in the context of further researcher on thistopic.1.3 Research Aims: The current research article is focused on exploring various aspects, challenges andopportunities of staff retention in GuocoLand Singapore. It also investigates most effectivestrategies and techniques to improve the staff retention policy in GuocoLand Singapore.1.4 Research Questions:? What are the reasons for staff turnover within GuocoLand Singapore?8 THE FACTORS AFFECTING STAFF RETENTION ? How the factors affecting staff retention can be generated at GuocoLand Singapore?? What are the managerial implications based on the factors extracted?? What are the most effective strategies for improving staff retention policy?1.5 Hypotheses Formulation:In order to conduct the study and answer the research questions properly the researchneeds to develop several hypotheses. The hypotheses are formulated below: Hypotheses 1:H : Staff retentions immensely influence the success of the organization.0 H : Staff retention does not influence the success of the organization.1 Hypotheses 2:H : Motivation factor strongly influences the employee retention.0 H : Motivation factor does not influence the employee retention.1 Hypotheses 3:H : Organizational culture strongly influences the employee retention.0 H : Organizational culture does not influence the success of the organization.1 Hypotheses 4:H : Leadership plays a great role in positive employee retention.0 H : Leadership does not play any role in employee retention.1 9 THE FACTORS AFFECTING STAFF RETENTION Hypotheses 5:H : Proper rewarding framework can encourage the employee retention.0 H : Rewarding framework does not encourage the employee retention.1 Hypotheses 6:H : Effective induction and training program can increase the employee retention.0 H : Effective induction and training program does not increase the employee retention.1 Hypotheses 7:H : Open communication can reduce the employee turnover.0 H : Open communication cannot reduce the employee turnover.1 Hypotheses 8:H : GuocoLand Singapore needs to enhance the employee retention policy.0 H : GuocoLand Singapore does not need to enhance the employee retention policy.1 10 THE FACTORS AFFECTING STAFF RETENTION 1.6 Structure of the Research:Figure 1: Structure of the dissertation(Source: Created by the Author)The current research project consists of five chapters that have been proven to mostintegral part of the entire study in the context of findings a most effective outcome of researchissue. The first chapter ‘Introduction’ is focused on introducing the research topic with the helpof proper research aim, objectives as well as rationale. The second chapter ‘Literature Review’ ismostly focused on providing a detailed understanding of the employee turnover. It has alsofocused on discussing various trends and practices regarding the employee retention. The chapterhas been most effective to provide a necessary knowledge and skills that would be essential toconduct the research project in an effective manner. The third chapter ‘Methodology’ has been highly concentrated on identifying the propertechniques and methods to conduct the research project. These techniques and methods havebeen highly effective to pave the pathway of proper research conduction. The fourth chapter‘Data Analysis’ has been concentrated on interpreting the collected data with proper tools and11 THE FACTORS AFFECTING STAFF RETENTION techniques. The data analysis has been most important chapter in the context of formulating theresearch outcome on the basis of data evaluation. The fifth chapter ‘Conclusion andRecommendation’ has been dedicated to concluding the research findings in an articulatefashion. The objective linking has been quite helpful to justify that the research activities hasbeen properly linked with the entire project. 12 THE FACTORS AFFECTING STAFF RETENTION Chapter 2: Literature Review2.1 Introduction:The Literature Review chapter is one of the most useful and important part of the entireresearch project. The current study has put a greater emphasis on the providing detailed conceptof the employee retention policies and practices. The chapter has included proper discussion ofconcepts and diverse factors of the employee retention practices. The previous research ofstudies, gaps of the research as well as overall review of the literature has been quite successfulto provide an enlightening knowledge and skills, which have been useful for conducting theresearch work. These knowledge and skills would be most effective in the context of evaluatingthe data and guiding the research project towards proper direction. The literature review has beenquite successful to reveal the relation between employee retention and motivational factor.2.2 Previous Research of Studies: According to Kashyap and Rangnekar (2014), this is the age of globalization and harshantagonism, where preparation and implementation of human resource management practices isnot enough for organizations to speak to the issue of high worker earnings. Customary strategiesof employee preservation are inappropriate to the altering prospect of the global talent pool. Thestable growth of new and pioneering human resource practices is essential if an association is tostay forceful. According to Zopiatis et al. (2014), market-driven preservation strategies are morefocused than organizational strategies as the market eventually decides the faction oforganizational employees. The author argued that the focus of preservation strategies is changingfrom withholding programs for all to withhold labors towards a specific employee or group ofemployees. The subject is not to bind the workers to organizations everlastingly but to increase13 THE FACTORS AFFECTING STAFF RETENTION their faithfulness for whatever time they stay with a meticulous organization since employerscannot protector their employees from striking opportunities. The effects could be severe fororganizations that let their preservation strategies and worker endorsement take back seat. Theauthor also argued that strategies focusing on employee’s individual aspirations like careerdevelopment, plunder and gratitude are key factors in employee retention management. Anothersignificant characteristic that is barbed out is that a retention management strategy should not beunthinking. In order to reach an aggressive advantage, organizations should be practical forintroducing pioneering human resource practices since workers distinguish that groundbreakingHR practices are significant for achieving goals. Employee retention research more and more focuses on figuring out organizationalpractices as key factors that may supply to the preservation of staff. The research of Zhu etal.(2014) stated a set of precise factors that may control staff preservation. These comprisefactors such as recompense (intrinsic and extrinsic rewards); job individuality; guidance andexpansion opportunities; administrator hold up; career opportunities (interior and exterioroccupation options an worker may have); work–life balance (worker’s aptitude to convene bothwork and relations commitment); and organizational promise (employee's poignant accessory to,recognition with, and participation in the organization). Research has provided evidence thatthese preservation factor ?84 M. Coetzee, E. Stoltz / magazine of occupational performance 89(2015) 83–91 donate to abridged charitable turnover, inferior intentions to depart, improvedefficiency, more dedicated and content workers and the effectual management of preservationpractice. In a South African-based learning amongst efficiently skilled staff, Nemeckova (2012)recognized a variety of themes connecting to perception of vocation success. These compriselearning and development, skills knowledge and ability, career changeover/succession, job14 "