Impact of Best HRM Practices on Retaining the Best Employees: A Study on Selected Bangladeshi Firms
Asian Journal of Social Sciences and Management Studies, Vol. 3, No. 2, 108-114, 2016
Humanistic Management Network, Research Paper Series No. 44/15
4 Pages Posted: 14 Dec 2015 Last revised: 6 Jan 2016
Date Written: December 12, 2015
Abstract
This study has been developed to endeavor the relationship between ten Human Resource Practices (job analysis, recruitment & selection, adequate training facilities, performance appraisal, adequacy of information, supervisory treatment, opportunities for career development, compensation & benefit, managerial relationship with employees and degree of employee participation in decision making) and their possible impact on employee retention. The research was carried out with a sample size of 252 non-managers and 62 top level managers of 23 public and private corporate firms in Bangladesh. Data have been collected through a detailed structured questionnaire from the respondents. Judgment sampling method has been used to recruit the respondents. Result after careful statistical analysis has drawn a very interesting and unusual conclusion. It has indicated that there is a positive but insignificant relationship between job analysis, adequacy of information, management-employee relationship and participation in decision making with employee retention. The other six independent variables, recruitment & selection, job training facilities, performance appraisal, supervisory treatment, career development and compensation & benefit have negative relationship with employee retention. Among them, job training, compensation & benefit and supervisory treatment have strong negative relationship with employee retention.
Keywords: Bangladesh, Human resource management, Human resource management practices, employee retention
JEL Classification: M12
Suggested Citation: Suggested Citation