Employee Retention in Private Life Insurance Companies: An Empirical Study in Manipur
Published: 2019
Author(s) Name: Thoiba Yumnam, Elangbam Nixon Singh |
Author(s) Affiliation: Research Scholar, Department of Management, Mizoram University, Mizoram, India.
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Abstract
Employee retention is the “effort by the employers to encourage current employees to remain employed with the organisation”. It is always better to retain the existing talent than to hire fresh hands. Different organisation has different retetion strategies to retain employee but the effectiveness of such strategy can only be known by constant feeback from the employees which will give a clear picture of what they are satisfied and not. This study tries to find out the major factors of retention in private life insurance companies in Manipur. A total of 71 employee of six private life insurance companies whose branch are located in Manipur were surveyed. Factor analysis of the variables of retention were done to find the major factors of retention in private life insurance companies. The results of factor analysis shows that Compensation package, Growth and development, Motivation and Autonomy at work are the major factors for retention in the private life insurance companies operating in Manipur.
Keywords: Employee Retention, Retention Strategies, Factors of Retention
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