Principal factor analysis, which have been tabulated separately with the respective loaded values of organizational and HR factors respectively. Nunnally (1978) suggested that the reliability range from 0.50 to 0.60 is acceptable. In this study, most of the variables except one exhibit the reliability value less than .70. This study show only independent factors whose eigenvalues are greater than one. These 8 factors account for 66.71% of the variance in the data on attitudes toward employee retention.
College culture and policies exhibit as the most important factor that contains more information than any of other factors loaded with the eigenvalue of 13.800. This factor alone explains.
28.75% variance, which indicates that it provides the maximum insights of faculty retention practices of the college. Hence, the policy makers of this organization ought to enhance friendly culture and policies in order to retain their key faculties. Video shot boundary detection
The second most important factor here is working environment. Working environment itself explains 7.081% variance of the dependent variable talented faculty retention. So, the organization must promote homely working environment for their core faculty to take their valued service for the long time which is ultimate target for a dynamic organization. The two others organizational factors for the study were leadership behavior and teamwork relationship, which constitute eigenvalues of 2.859 and 2.255 respectively. The two factors altogether account for 10.65% of the variance in continuously search for duties and responsibilities, which are more appealing for their employees and assign it as per their respective positions (i.e. right people for the right job). The second most important HR factor is training & development and this factor accounts for 4.46% of variability in the data. Through training & development a core employee can develop his or her skills and knowledge; and hence can give more efficient output to the organization. So this HR factor also demands notable attention to make the organization more dynamic and efficient. The other two HR factors were person-organization fit and compensation package. These two factors together clarify 7.299% of variance in the data attitudes toward for faculty retention. These two factors also need to be addressed by the organization for retaining talented faculties in the organization. In Table 4, the HR factors are included. The most important factor here in this category is challenging opportunity that explains 8.45% of variance with the eigenvalue of 4.057.
In the analysis, step-wise regression technique was used. Talented faculty retention and 8 orthogonal component factors were taken as dependent and independent variables respectively. Only the significant variables are shown with their respective regression coefficients, standard errors, and computed student’s statistics along with their respective significance level. Results of the regression analyses revealed that out of eight control variables, four variables such as university culture and policy, working environment, challenging opportunity and teamwork relationship had statistically significant effects on the rating of attitude towards job retention of the faculties of the concerned college of this study. These results are also consistent with the results found in the factor analyses.
It can he noticed that most of the employees of management institutes are working with an experience of more than 4 years. In spite of this nearly 68% faculty members are not satisfied with their salaries as they are not according to their expectations. 64% faculty members are satisfied with their institute’s infrastructure. They are generally pressed for time. 45% faculty members, of private institutes, reported that they are overworked. Complaints of excessive workload mainly came from female faculty members. Evaluation and administrative responsibilities are the mainly disliked job responsibilities. 43% respondents detest any kind of administrative responsibility. On insistent probing it was even revealed that administrative responsibilities take away a major portion of the valuable time, which could otherwise be devoted to research and consultancy work. Through our research we found that most of the employees leave their college because of organizational politics rather than salary package, inappropriate management, infrastructure, timings and so on. 35.27% respondents consider organizational politics as an important reason for leaving organization. While no respondent considers salary to be the cause of attrition, but when asked about the most important factor for his or her retention, the answer was salary.
Most of the management institutes are undergoing severe attrition and it has led to a major problem and has forced them to take immediate corrective measures. Some other major findings are:
1. 85% of institutes are experiencing recruitment difficulties
2. 77% of institutes are experiencing retention problems
3. 53% of employees leaving their employer reported greater promotion or development opportunities outside the institute
4. 60% of directors said they would not re- employ their ex-workforce
5. 80% of people leave their managers not their job
6. Based on the empirical analysis of data, following emerged as the important strategies for retaining employees in the management institutes:
8. Training and development opportunities
9. Work environment
10. Growth prospects
Despite all the talk about growth, challenge, self- fulfilment, meaningfulness and all other motivation factors (Herzberg’s two-factor theory), salary, that is monetary motivation, still remains the most important factor in retaining employees. Probably it can be attributed to a more or less similar kind of work environment prevailing in almost all management institutes. In the given scenario salary becomes the only differentiating factor.
This study focuses on the talent management and the retention of the talented faculty of a private university in Bangladesh. The finding of this study suggests that the scholarly or talented faculty retention of a private university significantly depends upon four of the eight factors such as university culture and policies, working environment, challenging opportunity as well as teamwork relationship. The remaining four factors, which are compensation package, training and development, person-organization fit and leadership behavior do not have significant impact on the retention of the core or talented faculty members of the private university. Clearly, there is a need for greater analysis of the factors identified. Hence, a better understanding of the interrelationships among these variables would serve to illuminate and provide further insight for academic and practitioners. Further testing of the model in other industries, and over long period of time would be beneficial. This study only examined the private education sector. Future research will need to confirm to what degree the association between talent retention and the identified factors does exist for other industries. In conclusion, this study has gone a substantial way towards meeting its own objectives. Still it has a lot of scope for the improvement. The study was conducted with only 54 observations, but in order to get the best result out of this model the study must apply on larger observations.