Employee Retention: An issue of every Business Sector

Retaining the key employees (assets) has always been a matter of concern for organizations which deals into any of the sector such as retail, IT, education, Construction, Leather etc, as the success & failure depends on the employees of the organization. Today HR Managers are facing a pivotal challenge pertaining to their employee’s turnover rate which could be reduce by applying necessary strategies which restrict them to stay in the organization. The purpose of the study is to examine the various factors affecting employee retention in different sectors of business along with identifying competitive strategy and human resource management practice to retain competent employee. This review paper reveals that factors such as supervisory support & employee commitment, compensation packages, Job satisfaction, Attractive rewards and recognition, annual performance appraisal and training opportunities, career propagation chances, organizational culture, motivation, development and challenging work environment have direct/ indirect impact on employee retention. The paper also compiled with a theoretical framework of employee retention based on relevant literature.