The retention of employees, especially talented ones, is a topic that is mainly discussed between HR practitioners, but is also a cause for conversation around the boardroom table. Researchers have recommended numerous policies and best practices that should be implemented to reduce employee turnover and improve employee morale. This study was conducted to find if a relationship exists between numerous independent variables and retention rate.
A quantitative study was conducted via a self-administered survey questionnaire that was sent to 6 802 HR managers, owners, senior managers and executives. Constructs identified in the literature were used to design the questionnaire survey, and data were analysed from 247 completed survey questionnaires.
A positive relationship exists when HR reports to senior management and where HR has the autonomy to spend on training. The presence of an HR department, the existence of retention strategies, and the involvement of senior managers in the implementation and management of retention strategies, does not have an influence on a high retention rate.