Chap 1

CHAPTER ONE INTRODUCTION 1.1 Background of the study Worldwide, a number of factors have been attributed to the increase in the level of employee turnover. The way people are paid, recognised and extend to salary advancement are vituperative factors in attracting, retaining, and move employees. The challenge for most compositions today is the observeulation of an effective employee storage strategy that will help in retaining employees that are considered critical in attaining organizational goals. The volatile economic purlieu in Ghana has significantly impacted on the way business sector organizations are managed in the country. The new world of work puts the magnificence of human capital and indeed human capital teaching at the centre of organizational success or failure. iodin of the most important drivers of productivity and sustainable economic appendage in developed economies is the quality and stability of its workforce. Retention is a voluntary move by an organization to create an environment which engages employees for a long term (Chaminade, 2007). According to Samuel and Chipunza (2009), the main subroutine of retention is to prevent the loss of competent employees from leaving the organization as this could have adverse effect on productivity and profitability.

However, retention practices have become a daunting and exceedingly challenging task for managers and Human Resources (HR) practitioners in a unlike economic environment like the one being witnessed in Ghana. One of the traditional ways of managing employee retention and turnover is done organizational reward system. William and Werther (1996) explain reward as what employees hold in exchange for their contributions to the organization. This reward could come in form of salary, promotion, bonuses and other incentives. When the reward system is effectively managed, it helps in achieving organizations corporate objectives, and maintains and retains a productive workforce. If employees... If you want to get a full essay, order it on our website: Orderessay

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