The Key Motivating Factors of Employee Retention : A Resource Based View
DOI:
https://doi.org/10.17010/pijom/2017/v10i4/112770Keywords:
Corporate Governance
, Employees' Retention, Resource-Based View (RBV) and Sustainable Organizational DevelopmentD23
, G30, J53, M21, M50Paper Submission Date
, February 8, 2016, Paper sent back for Revision, May 17, Paper Acceptance Date, December 7, 2016.Abstract
The study explored how employees' retention act as a valuable resource for corporate governance to increase and sustain firm's performance. Phenomenological approach is used to collect information from a sample of 50 employees in the education sector. After conducting semi-structured interviews, six themes were developed by using various statements. The themes developed are the key motivating factors of employees' retention that create awareness among the managers and the board members to help them in making different strategies of retaining employees and using them as a valuable resource to achieve sustainable organizational development.Downloads
Downloads
Published
How to Cite
Issue
Section
References
Anderson, C., & Anthony, R. (1986). The new corporate directors. New York : John Wiley and Sons.
Balán, J. (2012). Research universities in Latin America: The challenges of growth and institutional diversity. Social Research, 79 (3), 741-786.
Barlett, C. A., & Ghoshal, S. (2002). Building competitive advantage through people. MT Sloan Management Review, 43 (2), 34 - 41.
Bartol, K., Tein, M., Matthews, G., & Martin, D. (2005). A Pacific rim focus. Sydney : McGraw Hill lrwin.
Bergin, M. (2011). NVIVO 8 and consistency in data analysis: Reflecting on the use of a qualitative data analysis program. Nurse Researcher, 18 (3), 6-12.
Bhagat, S., & Jefferis, R. (2002). The econometrics of corporate governance studies. Cambridge : MIT Press.
Bhasa, M. P. (2004). Global corporage governance: Debates and challenges. Corporate Governance, 4 (2), 5-17.
Boxall, P. (1996). The strategic HRM debate and the resource-based view of the firm. Human Resource Management, 6 (3), 59-75.
Boxall, P., & Steeneveld, M. (1999). Human resource strategy and competitive advantage : A longitudinal study of engineering consultancies. Journal of Management Studies, 36 (3), 443 - 463.
Bridges, S., & Harrison, J. K. (2003). Employee perceptions of stakeholder focus and commitment to the organization. Journal of Managerial Issues, 15 (4), 498-509.
Buhner, R., Rasheed, A., & Rosenstein, J. (1997). Corporate restructuring patterns in the U.S. and Germany : A comparative empirical investigation. Management International Review, 37 (4), 319-338.
Cadbury. (1992). The Cadbury Committee Reports: Financial aspects of corporate governance. London : Burgess Science Press.
Cadbury. (2000). The corporate governance agenda. Journal of Corporate Governance, Practice Based Papers, 8 (2), 7-15.
Casey, T. F., & Warlin, K. (2001). Retention and customer satisfaction. Compensation and Benefits Review, 33 (1), 27-31.
Cavico, F. J., & Mujtaba, B. G. (2010). An assessment of business schools' student retention, accreditation, and faculty scholarship challenges. Contemporary Issues in Education Research, 3 (1), 107-118.
Clarke, A. (2006). Qualitative interviewing: Encountering ethical issues and challenges. Nurse Researcher, 13 (4), 19-29.
Clulow, V., Gertsman, J., & Barry, C. (2003). The resource-based view and sustainable competitive advantage: The case of a financial services firm. Journal of European Industrial Training, 27 (5), 220 - 232.
Creswell, J. W. (2007). Qualitative inquiry & research design: Choosing among five approaches (2nd ed.). Thousand Oaks, CA: Sage.
DeSaa-Perez, P., & Garcia-Falcon, J. (2002). A resource based view and organizational capabilities development. International Journal of HRM, 13 (1), 123-140.
Emerald. (2007). Be structured in managing talent. Don't leave sustainable competitive advantage to chance. Development and Learning in Organizations, 21 (3), 31-34.
Enderwick, P. (2011). Acquiring overseas market knowledge: A comparison of strategies of expatriate and immigrant employees. Journal of Asia Business Studies, 5 (1), 77-97.
Fama, E., & Jensen, M. (1983). Separation of ownership and control. Journal of Law and Economics, 26 (2), 301-325.
Fenwick, T., & Bierema, L. (2008). Corporate social responsibility: Issues for human resource development professionals. International Journal of Training and Development, 12 (1), 24-25.
Frank, D. F., Finnegan, P. R., & Taylor, R. C. (2004). The race for talent: Retaining and engaging workers in the 21st century. Human Resource Planning, 27 (3), 12-25.
Goel, P., & Banerjee, S. (2010). An analysis of human resource accounting in some IT companies. Prabandhan : Indian Journal of Management, 3 (9), 27-35. DOI: 10.17010/pijom/2010/v3i9/61222
Gompers, P., Ishii, J., & Metric, A. (2003). Corporate governance and equity prices. Quarterly Journal of Economics, 118 (1), 107-155.
Govaerts, N., Kyndt, E., Dochy, F., & Baert, H. (2011). Influence of learning and working climate on the retention of talented employees. Journal of Workplace Learning, 23(1), 35-55.
Gupta, N., & Shaw, J. D. (2014). Employee compensation: The neglected area of HRM research. Human Resource Management Review, 24 (1), 1-4.
Hatch, N. W., & Dyer, J. H. (2004). Human capital and learning as a source of sustainable competitive advantage. Strategic Management Journal, 25(2), 1155-1178.
Holtom, B. C., Mitchell, T. R., & Lee, T. (2006). Increasing human and social capital by applying job embeddedness theory. Organizational Dynamics, 35 (4), 316 - 331.
Jamali, D., Safieddine, A. M., & Rabbath, M. (2008). Corporate governance and corporate social responsibility synergies and interrelationships. Corporate Governance: An International Review Journal, 16 (50), 443-459.
Karthi, R., & Devi, P. J. (2012). A study on employee retention in leading multinational automobile sector in India. International Journal of Management Research and Reviews, 2 (9), 1474-1482.
Kennedy, E., & Daim, T. U. (2010). A strategy to assist management in workforce engagement and employee retention in the high tech engineering environment. Evaluation and Program Planning, 33 (4), 468 - 476.
Khandekar, A., & Sharma, A. (2005). Managing human resource capabilities for competitive advantage. Education and Training, 47(8/9), 628 - 638.
Latukha, M. (2011). To stay or leave: Motives behind the decisions of graduate programs' trainee in European and Russian companies. Journal for East European Management Studies, 16 (2), 140-161.
Ledwidge, J. (2007). Corporate social responsibility: The risks and opportunities for HR; integrating human and social values into the strategic and operational fabric. Human Resource Management International Digest, 15 (6), 27- 30.
Letza, S., Kirkbride, J., & Sun, X. (2004). Shareholding versus stakeholding: A critical review of corporate governance. Corporate Governance, 12 (3), 242-262.
Lewis, T. J., Machold, S., Oxtoby, D., & Ahmed, P. K. (2004). Employee roles in governance : Contrasting the UK & German experience. Corporate Governance, 4 (4), 16-28.
Lopez, S. V. (2005). Competitive advantage and strategy formulation. The key role of dynamic capabilities. Management Decision, 43 (5), 661-669.
Lowery, C. M., Beadles, N. A., & Krilowicz, T. J. (2002). Note son the relationship among job satisfaction, organizational commitment and organizational citizenship behavior. Psychological Reports, 91 (2), 607-617.
MacMillan, K., Money, K., Downing, S., & Hillenbrad, C. (2004). Giving your organization SPIRIT: An overview and call to action for directors on issues of corporate governance, corporate reputation and corporate responsibility. Journal of General Management, 30 (2), 15-42.
Malensek, L. (2008). Win the battle to retain good employees. Pennsylvania CPA Journal, 79 (2), 12-14.
Maslow, A. H. (1943). A theory of human motivation. Psychological Review, 50 (4), 394 -395.
Mathiesen. (2002). Encyclopedia of corporate governance. Retrieved from www.encycogov.com
Milliman, J., Ferguson, J., Trickett, & Condemi, B. (1999). Spirit and community at Southwest Airlines: An investigation of a spiritual values-based model. Journal of Organizational Change Management, 12 (3), 221-233.
Molian, D. (2012). Entrepreneurial value creation: Are business schools playing their full part? Journal of Strategic Management Education, 8 (4), 233-252.
Morin, R. A., & Jarrell, S. L. (2001). Driving shareholder value, value-building techniques for creating shareholder wealth. New York : McGraw-Hill.
Nagesh, P., & Sherif, A. M. (2010). Retention of employees in the manufacturing company - A case study. Prabandhan : Indian Journal of Management, 3 (9), 18-16. DOI: 10.17010/pijom/2010/v3i9/61221
Naudé, M. (2009). Corporate governance, sustainable organizational development and employees as a valuable resource. Corporate Ownership & Control, 7 (2), 160 -172.
Neuman, L. W. (2007). Basics of social research: Qualitative and quantitative approaches (2nd ed.). Boston, MA : Pearson.
Newbert, S. L. (2007). Empirical research on the resource-based view of the firm: An assessment and suggestions for future research. Strategic Management Journal, 28 (7), 121-146.
Nikomborirak, D. (2001). An assessment of the role of board of directors in building good corporate governance : The case of Thailand. The Third Asian Round Table on Corporate Governance. Thailand Development Research Institute, Bangkok. April 7, 2001.
Ogbonna, E., & Lloyd, C. H. (2002). Managing organizational culture: Insights from the hospitality industry. Human Resource Management Journal, 12 (1), 33-53.
Olson, E. G. (2010). Supply chain opportunity in an uncertain economic recovery. Supply Chain Management, 15 (6), 488-492.
Peric, J., Mujacevic, E., & Simunic, M. (2011). International financial institution investments in tourism and hospitality. Journal of International Business and Cultural Studies, 3 (1), 1-17.
Poulston, J. (2008). Hospitality workplace problems and poor training: A close relationship. International Journal of Contemporary Hospitality Management, 20 (4), 412-427.
Shleifer, A., & Vishny, R. (1997). A survey of corporate governance. Journal of Finance, 52 (2), 737-783.
Simmons, J. (2008). Employee significance within stakeholder-accountable performance management systems. The TQM Journal, 20 (5), 463 - 475.
Singh, S. (2012). Developing e-skills for competitiveness, growth and employment in the 21st century. International Journal of Development Issues, 11 (1), 37-59.
Smith, H. J. (2003). The shareholders vs. stakeholders debate. MIT Sloan Management Review, 44 (4), 85-90.
Sun, M., & Tse, E. (2009). The resource-based view of competitive advantage in two-sided markets. Journal of Management Studies, 46 (1), 45-64.
Vance, S. (1983). Corporate leadership: Boards, directors and strategy. New York : Mcgraw - Hill.
Vasquez, D. (2004). Employee retention for economic stabilization: A qualitative phenomenological study in the hospitality sector. International Journal of Management, Economics and Social Sciences, 3 (1), 1-17.
World Travel and Tourism Council. (2015). Travel & tourism : Economic impact 2015. Dominican Republic. Retrieved from https://www.wttc.org/-/media/files/reports/economic%20impact%20research/countries%202015/dominicanrepublic2015.pdf
Yan, Y. (2005). Foreign investment and corporate governance in China. Great Britain : Palgrave Macmillian.
Young, S., & Thyil, V. (2008). A holistic model of corporate governance: A new research framework. Corporate Governance: An International Review Journal, 8 (1), 94 -108.
Zahra, S., & Pearce, J. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of Management Studies, 15 (2), 291-324.