What are the variables that influence an employee’s decision to leave or stay at an organization?
Employee retention is essential to organizational growth. Organizations that have reckoned this fact are spending significant amounts of time and money investigating the variables that influence employees’ decision to leave or stay at an organization. Notably, many factors influence this decision, and they are intrinsically and extrinsically motivated.
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Besides compensation, employees also seek a job that is meaningful to them. Therefore, the meaningfulness of a job to an employee is considerably important. Secondly, ability to provide employees with career development opportunities. These include opportunities such as employee training, challenging tasks, education opportunities, promotions based on merit, et cetera. Thirdly, an employee’s decision to leave or stay can be influenced by the organization’s reward and recognition framework. People want to be in an organization where they feel their time and effort are well appreciated (Al Mamun & Hasan, 2017).
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Fourthly, work-life balance also plays a significant role in informing an employee’s decision to stay or leave. Employees want organizations that provide them with schedules that allow them to achieve work-life balance. Last but equally important, culture fit. Employees want an organization undergirded by a culture that motivates and inspires them to be the best they can be. This entails a culture that supports, among other things, creativity, risk-taking, employee autonomy, robust relationships based on trust, involving employees in the decision-making process, et cetera (Al Mamun & Hasan, 2017).
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To sum up, when it comes to the decision to stay or leave a workplace, it is not all about the money. Other factors, including job meaningfulness, career development opportunities, reward and recognition, work-life balance, and culture fit, significantly influence the decision. Thus, when devising their employee retention frameworks, organizations should consider the named factors.