Impact of Work Flexibility, Salary, Reward and Incentive as Retention Strategies Depending on Faculty Gender and Position in the Private Universities of Bangladesh

Abstract

In higher education institutions, which are considered as the hub of knowledge, the retention of highly skilled, experienced faculty members has become a crucial issue. Based on the previous evidences this paper aims to investigate the varying impact of work flexibility, salary, reward and incentive as retention strategies depending on faculty gender and position in the private universities of Bangladesh. In total 350 questionnaires were distributed to the faculty members of 15 private universities of Bangladesh out of which 270 were returned. Out of the returned questionnaires, 250 were considered for analysis with response rate 71.4%. Descriptive statistics was used to present the retention strategies practiced by the organizations. Factor analysis was employed to group the retention strategies practiced by the universities that are perceived by the faculty members. The t-test was employed in order to find the difference in the level of perception with respect to gender (male and female) and position of the respondents (Professor, Associate Professor, Assistant Professor, Senior Lecturer & Lecturer. The level of significance chosen was 0.05. The data was analyzed in SPSS version 22. Study proposed these retention factors are indispensable and can play a vital role in retaining the faculty members.

Keywords: Retention Strategies, Work Flexibility, Compensation, Reward and Incentive.

DOI: 10.7176/EJBM/11-32-08

Publication date: November 30^th 2019