Citation:

Wing Cheung Tang "The Relationship between Non-Financial Rewards and Employee Retention in the Retail Industry: A Case Study of a Supermarket Chain Group in Hong Kong" International Research Journal of Economics and Management Studies, Vol. 2, No. 1, pp. 229-237, 2023.

Abstract:

Stable and high-quality employment relationships and increased employee retention are the increasingly fierce competition among companies. Employers need to use strategic human resource management in the organization to attract and retain talent. A good employer can enhance the competitive advantage of an enterprise and is an important strategy for motivating and attracting talent. This study looked at the connection between non-financial benefits and staff retention in the retail business using one of the biggest grocery chains in Hong Kong as the research object. A quantitative research method was adopted to get detailed information through the questionnaire with 361 employees of supermarkets. The research results show that more than half of the employees are satisfied with the non-financial rewards given by employers. Learning opportunities achieved the highest mean score, whereas recognition obtained the lowest mean score. Non-financial benefits and staff retention have a strong beneficial association. Employers should use non-monetary strategies to retain talents such as satisfying employees' sense of achievement, stimulating the potential of employees through education and training, establishing a fair and reasonable appraisal system, and facing employees’ problems with sincerity.

References:

[1] Alders, P., & Schut, F. T. (2019). The 2015 long-term care reform in the Netherlands: Getting the financial incentives right? Health Policy, 123, 312-316.
[2] Boyd, K. A., Briggs, A. H., Bauld, L., Sinclair, L., & Tappin, D. (2016). Are financial incentives cost-effective to support smoking cessation during pregnancy? Addiction, 111, 360–370.
[3] Census and Statistics Department (2021). Hong Kong Annual Digest of Statistics, Hong Kong: Government Printer.
[4] Chukwuemeka, S. O. (2020). Non-financial incentives and the staff performance of selected public organizations in south east Nigeria. International Journal of Innovative Social Sciences & Humanities Research, 8(3), 91-102.
[5] Ekhsan, M., Aeni, N., Parashakti, R., & Fahlevi, M. (2019). The impact of motivation, work satisfaction and compensation on employee's productivity in coal companies. Advances in Intelligent Systems Research, 173, 406-415.
[6] Faltas, M. (2021). Devising Communication strategies for Retaining Employees. International Journal of Scientific Research & Engineering Trends, 7(3), 1964-1970.
[7] Haydam, N. E., & Steenkamp, P. (2020). A methodological blueprint for social sciences research – The social sciences research methodology framework. EIRP Proceedings, 15(1), 304-325.
[8] Lim, T. L., & Chong, W. Y. (2014). Employee performance and non-financial incentives: A qualitative study on SEGi University employees. Abstract of Emerging Trends in Scientific Research, 2, 1-14.
[9] Lyimo, B. J., & Mwaisunga, J. A. (2014). The effect of non-financial incentives on motivation of volunteers in non-government organisations in Tanzania. The IPSI BgD Transactions on Advanced Research, 10(2), 8-17.
[10] Masum, A. K. M. et al. (2016). Job satisfaction and intention to quit: an empirical analysis of nurses in Turkey. PeerJ, DOI 10.7717/peerj.1896.
[11] Mohammed, B., & Sebyala, N. M. (2020). Non-financial rewards, motivation and employee performance in Ministry of Internal Affairs (MoIA)–Uganda. Islamic University Multidisciplinary Journal, 7(4), 246-265.
[12] Muturn, E. M., & Mose, T. (2019). Effect of workplace environment on employee retention in selected supermarkets in Kenya. Human Resource and Leadership Journal, 4(1), 13-34.
[13] Ramlawatia, Trisnawati, E., Yasin, N. A., & Kurniawaty (2021). External alternatives, job stress on job satisfaction and employee turnover intention. Management Science Letters, 11, 511-518.
[14] Sedliacikova, M., Strokova, Z., Drabek, J., & Mala, D. (2019). Controlling implementation: what are the benefits and barries for employees of wood processing enterprises? Acta Facultatis Xylologiae Zvolenres Publica Slovaca, 61(2), 163-173.
[15] Siddiqi, T., & Tangem, S. (2018). Impact of work environment, compensation, and motivation on the performance of employees in the insurance companies of Bangladesh. South East Asia Journal of Contemporary Business, Economics and Law, 15(5), 153-162.
[16] Stamolampros, P., Korfiatis, N., Chalvatzis, N., & Buhalis, D. (2019). Job satisfaction and employee turnover determinants in high contact services: Insights from employees’ online reviews. Tourism Management, 75, 130-147.
[17] Susanto, S., Lim, B., Linda, T., Tarigan, S. A., & Wijaya, E. (2021). Antecedents Employee Performance: A Perspective Reinforcement Theory. Journal of Industrial Engineering & Management Research, 2(4), 1-14.
[18] Taherdoost, H. (2018). Determining sample size: How to calculate survey sample size. International Journal of Economics and Management Systems, 2, 237-239.
[19] Thiriku, M., & Were, S. (2016). Effect of talent management strategies on employee retention among private firms in Kenya: A case of Data Centre Ltd– Kenya. International Academic Journal of Human Resource and Business Administration, 2(2), 145-157.
[20] Tome-Fernandez, M., Fernandez-Leyva, C., & Olmedo-Moreno, E. M. (2020). Exploratory and confirmatory factor analysis of the social skills Scale for young immigrants. Sustainability, 12, DOI:10.3390/su12176897.
[21] Uddin, M., Ali, K. B., & Khan, M. A. (2020). Perceived social support (PSS) and work-life balance (WLB) in a developing country: The moderating impact of work-life policy. Iranian Journal of Management Studies, 13(4), 733-761.
[22] Whysall, Z., Owtram, M., & Brittain, S. (2019). The new talent management challenges of industry 4.0. Journal of Management Development, DOI:10.1108/JMD-06-2018-0181.

Keywords:

Non-financial rewards, Employee Retention, Job Satisfaction, Retain Talents.