Impact of Non-Monetary Benefits on Employee RetentionEssay Preview: Impact of Non-Monetary Benefits on Employee RetentionReport this essayThe research argues that in recent years, the job sector has become extremely competitive for both the employers and the employees. Amid such a competitive market conditions, firms spend large amounts of money to recruit and train the most skilled workers in order to remain competitive and achieve organizational objectives. However, although employees contribute immensely to a firms success, their retention is constantly challenged by firms that offer better rewards. A way out would be for firms to offer a mix of both monetary and non monetary rewards but the challenge is what non monetary benefits of offer without compromising the firms bottom line. The study of Pola Call centre found that employees preferred a mix of both monetary and non monetary rewards, but the mix of benefits desired by employees was varied which explains why the employers found it difficult to offer non monetary rewards citing financial feasibility as the main challenge
The research adopted a study of relevant literature from published works, while primary data was collected using qualitative and quantitative methods from a total of 63 respondents. The findings indicate that non monetary rewards are important in the retention of employees. The main conclusions drawn from this study were that firms should endeavour to have compensation policies that satisfy their employees, however the main problem with non monetary benefits was that the range of benefits vis a vis the interests of employees are so diverse that it may be difficult to offer benefits that are valued across the board. Nevertheless the study found that there were a set of benefits that were preferred by most employees, which could form the basis for the development of non monetary benefits for the call centre. This research argues for the development of a balanced mix of monetary and non monetary benefits in call centres to manage the problem of staff turnover.
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Malhotra, X.J. and C. L. Suresh (2010). Economic models of decision-making. Applied economics, p. 726.doi:10.1016/j.axi.2010.12.020. Abstract Full text is available at: http://dx.doi.org/10.1007/s10020-010-12072-z Download a spreadsheet to download individual pages for the main data sets of all the figures of the figure. The most recent spreadsheet also describes the methodology (see text link in the table), it has