Benefits Of Retaining A Workforce

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The global economy is constantly changing, due to globalisation and the innovation of technology. With the expansion of global trading and supplying, the need to gain a competitive advantage over other competitors is a constant requirement. It has been stated that ‘this century demands more efficiency and productivity than any other time in history’ (Kompaso, et al., 2010). A challenge for employers in today’s economy is the retention of a workforce, though; it can also be seen as a competitive advantage. Retaining a workforce is essential for short-term and long-term sustainability of an organisation. Though, the challenge of retaining a workforce is finding the strategies to keep them. Motivation theories, such as Maslow’s Hierarchy of Needs and Locke’s Goal Setting Theory, through a combination of extrinsic and intrinsic motives, have helped increase productivity levels in employees. Though, for the retention of employees, it encompasses a lot more than just promoting output levels, the engagement of a workforce is essential. Employee engagement is a relatively new concept, basically defined as ‘the individual’s involvement and satisfaction as well as enthusiasm for work’ (Harter, et al., 2003). There has been little academic research into the topic (Saks, 2006), which has limited the development of models or theories to relevantly explain and give direction in executing employee engagement (Saks, 2006). Though, greater levels of employee engagement are linked with the

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