Retention of Valuable Talent: Developing an Effective Retention Strategy for Technology Professionals in India using Structural Equation Modelling
Priyada Sudhakaran1, G Senthilkumar2
1PriyadaSudhakaran, Research Scholar, Sathyabama Institute of Science and Technology, Jeppiaar Nagar, Old Mahabalipuram Road, Chennai, India.
2Dr Senthil Kumar, Research Supervisor, Satyabhama University, Chennai, Associate Professor, Dept. Of Commerce & Management, Yuvakshetra Institute of Management Studies.
Manuscript received on 5 August 2019. | Revised Manuscript received on 11 August 2019. | Manuscript published on 30 September 2019. | PP: 2833-2843 | Volume-8 Issue-3 September 2019 | Retrieval Number: C5219098319/2019©BEIESP | DOI: 10.35940/ijrte.C5219.098319
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: The competition to retain valuable talent is intense in nature. Employers frame retention strategies to control job hopping which is mostly common among technology professionals. Voluntary turnover among technology professionals is a rampant issue particularly in a country like India which is on the forefront of Information Technology. Utilizing the data collected from 942 technology professionals this article formulates an employee retention strategy making use of Structural Equation Modelling. This model was developed using Analysis of Moment Structure (AMOS v21.0). This study highlights the need to examine the reasons why technology employees voluntarily quit their present company of work so as to frame a suitable retention strategy. Apart from framing a comprehensive retention strategy this research also suggests some lesser discussed retention ideas such ensuring a good job fit for every employee, quick counter strike against a job offer that an employee gets by an offer of a competitive raise in pay as well as other employee favoring changes if the resource is considered valuable to the organization.
Key Words: Retention Strategy, Technology Professionals, Voluntary Turnover, India, Structural Equation Modelling
Scope of the Article: Bio-Science and Bio-Technology