Beyond Compensation: A Holistic Approach to Employee Retention in the Era of Remote Work and Technological Change
DOI:
https://doi.org/10.31305/rrjss.2024.v04.n02.011Keywords:
Employee Retention, Modern Workforce, Employee Engagement, HR Strategies, Organizational Culture, Purpose-Driven WorkAbstract
Employee retention has emerged as a critical challenge in today’s rapidly evolving workforce landscape. Traditional retention models, largely centred on compensation and organizational culture, are proving insufficient to address the complex and diverse needs of modern employees. This research explores the imperative to reimagine foundational retention requirements by integrating emerging factors such as purpose-driven work, flexibility, continuous learning, inclusion, and holistic well-being. It examines the challenges organizations face in adopting these new paradigms, including resistance to change, balancing organizational goals with employee-centric approaches, and customizing strategies across industries and cultures. The study highlights the impact of technological advances, remote work, and gig economy trends on retention dynamics. Drawing on recent empirical data and industry examples, it emphasizes the critical role of leadership and HR in driving cultural and structural transformations, leveraging technology for personalized employee experiences, and measuring the effectiveness of retention initiatives. The findings suggest that organizations embracing these reimagined foundations will achieve enhanced employee engagement, reduced turnover, and sustained competitive advantage in an increasingly complex business environment.
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