Factors Affecting Employees Retention: An Exploratory Study in Nepalese Private Sector Organizations
Employees (human resources) and their retention are the key issues in today's human resource management. The retention of the employees become an imperative to the development and the accomplishment of any organization’s goals and objectives. The major purpose of this paper is to explore the significant factors affecting employees retention for private sector organizations in Nepal. The study uses, the data collected through questionnaire from 120 respondents for analysis. The questionnaire was designed to determine three factors of retention, benefits factors, strategies factors and organizational culture factors. The study shows that benefits factors such as salary and compensation were rated as most important to the Nepalese private sector employees followed by leave facilities and differed compensation. The three strategies that rated most important to private sector employees are rewards and recognition, annual performance appraisal and training opportunities; whereas, work at home, voluntary reduction in work schedule and alternative work schedule were rated as least important. The working culture of Nepalese private sector organizations are based on openness and trusts, effective communication and good deal of time spent with supervisor, listening to employees' ideas and suggestions. Finally, employees' career plans show that high percentage of private sector employees don't have any plan to leave or retire from organizations within the foreseeable future in Nepal. Strategies and
implications that can help the private sector in retaining their employees have also been discussed. The significance of the present study derives from the fact that a few studies have been done on the impact of employee retention practices in the Nepalese private sector. The present study explores the significant factors affecting employees retention that are further important for Nepalese organizations.