Impact of Retention Strategies on Employee Turnover: A Case in Point

Abstract

This study is to examine the significant relationship between Retention Strategies (Compensation, Career Development-Succession Progression, Work-Life Balance (WLB), and Terminal & Other Benefits) and Employee Turnover (ETO), focusing in the case of Banking Sector in Karachi. The latest studies in Human Recourse Management have focused on development of human capital. The organization who wants to survive in current era with success needs to raise effective and competitive workforce, as the economies in the world have immense pressure and constraint. Therefore in order to tackle with this; organization needs to train and retain their employees with effective strategies.This study is largely comprises the primary data & least on secondary data. This research study will greatly help in those organizations where employee turnover (ETO) is in increasing trend or high. This study emphasis on employee retention problem in Banking Sector of Pakistan from the perspectives of effective Retention Strategies, hence this will help other organization also to implement these strategies in order to reduce the Employee Turnover (ETO).

Keywords: Employee Turnover (ETO), Retention, Compensation, Career Development-Succession Progression, Work-Life Balance (WLB), Terminal / Other Benefits.