ANALYSIS OF KEY FACTORS OF EMPLOYEE RETENTION: A STUDY OF SELECTED ORGANIZED RETAILER IN LUCKNOW CITY

Abstract

W
i t h t h e i n c r ea s i ng a tt r i t i o n i n o r g a n i za t i o n s e s p ec i a l l y i n Retail S ec to r O r g a n i z a t i o n , i t h a s b ec o m e a qu e s t i o n o f
s t u d y E m p l o y e e r e t e n t i o n i s b e n e f i c i a l f o r t h e o r g a n i za t i o n a s w e l l a s t o t h e e m p l o y e e T h i s p a p e r d e a l s w i t h
f ac to r s t h a t a r e a ff ec t i n g t h e r e t e n t i o n o f e m p l o y e e s i n Retail S ec to r O r g a n i za t i o n in Lucknow a n d i t s i m p ac t o n
t h e O r g a n i za t i o n . The introduction to retention provides the theoretical base to build the project upon, and also to better
understand the significance of the subject, highlighting the need for the organizations today to be more proactive in
retaining their employees.
Retail is India's largest industry. A number of factors are driving India's retail market. These includes increase in the you
ng
working population, hefty pay packets, nuclear families in urban areas, increasing working women population, increas e in
disposable income and customer aspiration, increase in expenditure for luxury items, and low share of organized retailing.
The survey has also brought out the attempts made by the organizations towards building up of work environment
focusing on emplo yees, their morale, motivation, satisfaction and ability and willingness to be highly productive. The
money factor has also been considered to understand the organization’s approach towards developing their employee
retention strategy around compensation, bonus and incentives etc.
The rapid growth of retail sector is the major concern of employee‘s retention problem because employees now have immense opportunity in their service period. Youngsters join the retail industry at lower salaries, get some much-needed experience and then move on to better jobs or back to school. The objective of this paper is to find out the various reasons why employees leave the job and suggest recommendation for employees‘ retention in retail sector. The present paper uses Factor Analysis methodology for identifying the major factors relating to employee retention.