Major Determinants of Faculty Retention-Remuneration, Research & Role Clarity: A Case Study on Private Universities in Bangladesh

Abstract

Faculty retention is an outcome of a large number of variables including demographic characteristics, policies and practices of universities, salary structure, working environment, university itself, interesting course, research facility, faculty job satisfaction, faculty commitment, campus facility, career growth opportunities and so on. This paper focuses on the assessment of three individual factors: salary and benefits, research facilities and role clarity of academics on faculty retention of private universities in Bangladesh.  We attempted to present an empirical analysis of the data collected throughclosed-ended structured questionnaires.The association among the variables has been assessed by reliability, descriptive statistics, correlation, regression and ANOVA. Findings of this paper represent very strong positive relationships between role clarity of academics and their intention to stay with current universities. Salary and benefits have moderate impact on faculty retention while research facility has the least contribution among the three stated variables of this paper. Hence, management of the private universities should be concerned with the expectations of the clarity of roles that they deserve from their universities if universities really want to retain them as one of the most important resources to provide services to the society. Highly competitive compensation packages must be offered to faculty members to have their long-term service for the betterment of the universities. Though the research facility carries least importance to faculty retention it cannot be overlooked as it helps to place the universities in world ranking.

Keywords: Faculty Retention, Remuneration Package, Research Facility, Role Clarity, Job Satisfaction, Private University

DOI: 10.7176/EJBM/15-7-04

Publication date: April 30^th 2023