Global Journal of Management and Business Research, A: Administration and Management, Volume 23 Issue 7

d) Compensation Compensation encompasses both financial and non-financial rewards extended by employers to employees in exchange for their valuable services (Osibanjo et al., 2014). It encompasses wages, salaries, bonuses, incentives, and supplementary benefits such as holidays, health insurance, and company vehicles (Patnaik and Padhi, 2012). Compensation serves a dual role: on one hand, it's recognized as a motivator and a crucial retention strategy (Gardner et al., 2004), showing a direct correlation with employee retention (Hytter, 2007). Conversely, Teseema and Soeters (2006) noted that employees placing higher value on financial rewards within their compensation package were more prone to voluntary turnover, implying that compensation significantly influences retention. For instance, professional nurses who emigrated from South Africa cited compensation as a leading cause for their departure (Spence et al., 2009). However, a contradictory perspective exists. Hayes et al. (2006) and Kossivi et al. (2016) argue that compensation does not hold a direct relationship with retention. A case in point is Google Inc., renowned for its generous compensation offerings, yet maintaining a median tenure of merely around one year due to the hyper-competitive nature of the tech job market, which consistently presents new job opportunities (Business Insider, 2015). e) Work-Life-Balance As outlined by Hudson (2005), work-life balance entails well-structured practices that include flextime, teleworking, job-sharing schemes, family leave programs, and onsite childcare/elderly care. Corporate leaders increasingly emphasize non-financial rewards in their pursuit of work-life balance. This perspective is reinforced by observations among industrial blue-collar workers, which highlighted those wages or salaries alone fail to completely satisfy workers (2001). This illustrates that while compensation remains a pivotal driver for retention, it alone may not ensure long-term employee loyalty. Today's employees, both in managerial and blue-collar roles, place significant importance on various aspects of their job, such as work-life balance and employer-employee relations, as opposed to solely concentrating on pay rates (PWC, 2011). This sentiment is succinctly captured by the saying often attributed to millennials, "money is not everything." Over time, work-life balance has gained prominence as a crucial consideration for professionals within organizations. In contemporary business environments, employees increasingly seek flexible work schedules that harmonize their personal and professional lives (Ellenbecker, 2004). PWC's survey (2011) revealed that 95% of respondents consider work- life balance important, with 70% considering it highly important. Even in Japan, where millennials appear less concerned about work-life balance, 85% still acknowledged its significance. Kossivi et al. (2016) and Arnolds (2005) emphasize that jobs offering work-life balance provide employees with opportunities to fulfill family and other responsibilities, encompassing childcare, educational pursuits, religious commitments, and the need for stress reduction through flexible work arrangements (ACAS, 2015). This emphasis on work-life balance is conducive to enhanced employee retention. Conversely, workplaces neglecting work-life balance tend to grapple with high turnover rates, indicative of low retention levels. For example, in Taiwan, family responsibilities, especially childcare and traditional family obligations, have consistently influenced the retention rates of working women, leading to higher turnover among this demographic compared to men (Sinha and Sinha, 2012). Hence, the existence of work- life balance measures could empower working mothers to strategically plan their work schedules around home and childcare commitments, effectively allocating dedicated time to both their professional and personal lives (George, 2015). f) Working-Environment A favorable working environment encompasses a pleasant work experience, ample resources, and a degree of flexibility, and it is widely acknowledged to play a significant role in retaining employees (Alexander et al., 1998). Research conducted by Miller et al. (2001) underscores the value of an environment that fosters a sense of belonging among employees, encouraging long-term commitment and loyalty to the workplace (Irshad, 2014). Lok et al. (2005) found that job autonomy, positive feedback, and an innovative and supportive organizational culture contribute positively to employee retention. Moreover, Andrews and Wan (2009) contend that distinct organizations should tailor their working environments to match employee needs. For instance, manufacturing firms may thrive in an empowering environment that allows employees to showcase their full capabilities, while service organi- zations engaging directly with clients might require a psychological dimension to interact effectively and comprehend clients' needs (Umamaheswari and Krishnan, 2016; Shalley et al., 2011). Conversely, Raziq (2015) highlights the adverse consequences of neglecting the working environment. A lack of attention to this aspect can lead to diminished employee satisfaction and performance, resulting in decreased retention rates. This underscores the importance of accurately assessing and addressing the genuine needs of workers to provide them with a satisfying working environment that bolsters retention levels. Even exemplary workplaces like Google, Inc., renowned for its excellent and flexible working environment with a focus on work-life balance, faced challenges in retaining employees. Despite offering an appealing culture and environment, talented individuals were drawn by enticing Role of Motivation in Employee Retention: A Study on Readymade Garments Manufacturing Company in Bangladesh 19 Global Journal of Management and Business Research Volume XXIII Issue VII Version I Year 2023 ( ) A © 2023 Global Journals