This
study aimed to investigate how Total Rewards Strategy (TRS) helps to reduce
employee turnover in industries with a high turnover rate, namely healthcare,
business process outsourcing (BPO), and information technology (IT). The
general aim of this study was to identify which rewards, monetary and
otherwise, are most significant to employees' turnover intentions, which
rewards are most significant to their level of commitment to their company, and
which rewards characteristics are most significant to their actual turnover
rates. Two hundred workers from low-retention companies were surveyed. The
findings revealed that workers are less likely to voluntarily leave a company
if they are offered a well-designed total incentives system that offers them a
competitive salary, opportunities to advance their careers, respect, a good
work-life balance and other rewards. Job security and opportunities for
professional development are more significant to workers aged between 20 and 35
years old in the service and technology industries when evaluating their
overall rewards packages. Employee preferences, demographic profiles, and
company objectives should all be taken into consideration when designing a
customised and multi-dimensional rewards system.
Please enter the email address corresponding to this article submission to download your certificate.
