The impact of Employee’s Satisfaction on firm’s rewarding schemes and Employee Retention. Special reference to Insurance Companies in Batticaloa District

Shamini Newton, Shelomeya Ragel

Abstract


Today’s business world is very competitive; this competitive environment requires employers to retain key employees for their long-term health and survival. Most organisations have realized the importance of acceptance total employee satisfaction on rewards as a strategy to retain best talents. The purpose of this study was to establish the effect of employee satisfaction through reward management on employee retention. This study aims to investigate the effectiveness of employee satisfaction on reward on employee retention in insurance companies in Batticaloa. This study was based on the employee’s perspectives and their experiences with insurance companies human resource practices in Batticaloa. Data were obtained from the sample 200 employees, and stratified random sampling was used. The descriptive statistics, correlation and regression analysis were used to analyze the data. Hypotheses were formulated to test the relationships between the independent variable and the dependent variable .Regression analysis shows that 57.1% variation in the employee retention is explained by the Employee satisfaction on reward. Further, the results were as follows: First, financial and non-financial rewards were significantly positively impacted on employee retention and on which financial reward has high impact on employee retention than compare with non-financial rewards. Thus, the study concluded that rewards play a significant role in employee satisfaction, resulting in increased customer retention of employees in insurance companies Batticaloa.  Regarding this study, the organization should put more concern on the financial rewards when designing the employee satisfaction to help organization retaining their employees.

 



Keywords


Employee satisfaction, financial reward, non- financial reward , employee retention

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