Retention Strategy for Talented Faculty: A Study on Management Institutions in Bangalore

By Mr.Ligo Koshy, Assistant Professor, Department of Management Studies, MACFAST, Tiruvalla Mr.Anesh Babu Ganesh Babu Assistant Professor, Department of Management Studies, MACFAST, Tiruvalla

Introduction
Education institutions are the pillars on which teachers build the nations. Getting and retaining talented knowledge faculty has become the key issue in management institutes.

Statement of the problem

A large number of talented faculties are leaving the educational institutions before 5 years of service due to absence of proper retention policy of the private educational institutions. The study investigate the significance of empowerment, training, performance appraisal and compensation on retention of talented faculties in management institutes.

Retention Model

Objectives of the study

The Study Has Been Undertaken from the Faculty Point of View
To determine various factors that influence in Retention of Faculties To understand the various facilities a management institution should have in order to retain talented faculty To identify the significance of the various factors such as employee empowerment, Training & development, Compensation, Appraisal System on retention of faculties

Research Methodology
Sample size Sample size of 50 was taken. The respondents include both Male and Female faculties from designations of Lecturer to Professor. Sampling Technique Convenience sampling Data Collection The study made use of primary and secondary data. A wellstructured questionnaire was prepared to collect primary data. The questionnaire consists of two parts; the first part consists of demographics of faculties and second part consists of factors which affect the retention. Rating scale is used. Statistical Techniques Used for the Study The techniques used for the analysis are Descriptive statistics, correlation, Hypothesis Testing

Limitations
The survey was limited to Bangalore south & only private institutions The study is restricted only to Management institutions. The study has been undertaken from the faculty point of view.

Demographic Profile of the Respondents

Gender Male Female Age 25-35 36-45 46-60 >60 Marital Status Unmarried Married Educational Qualification PG Ph.D Salary 10000-20000 20001-30000 30001-40000 >40000 19 31 42 8 22 16 4 8 38% 62% 84% 16% 44% 32% 8% 16% 39 5 5 1 78% 10% 10% 2% No. of Respondents 23 27 Percentage 46% 54%

Analysis & Interpretation

H1: There is significant relationship between employee empowerment and employee retention. From the hypotheses testing, it shows that there is significantly positive relationship between independent variable empowerment and dependent variable retention. The value of 0.417 indicates empowerment is positively correlated to retention. However, p=0.454 (p>0.05). Hence, H1 is not supported.

Analysis & Interpretation

H2: There is Significant Relationship Between Employee Compensation and Employee Retention. From the hypotheses testing, it shows that there is significantly positive relationship between independent variable compensation and dependent variable retention. The value of 0.608 indicate compensation is positively correlated to retention and its p-value is 0.00 ( p< 0.01). Hence, H2 is supported.

Analysis & Interpretation

H3: There is Significant Relationship between Employee Training and Employee Retention. From the hypotheses testing, it shows that there is significantly positive relationship between independent variable training and dependent variable retention. The value of 0.485 indicate training is positively correlated to retention and its p-value is 0.013 ( p<0.05). Hence, H3 is supported.

Analysis & Interpretation

H4: There is Significant Relationship between Appraisal System and Employee Retention. From the hypotheses testing, it shows that there is significantly positive relationship between independent variable appraisal and dependent variable retention. The value of 0.579 indicate appraisal is positively correlated to retention and its p-value is 0.00 (p< 0.01). Hence, H4 is supported.

Findings
There is a significant relationship between empowerment, compensation , training and development, performance appraisal system on the retention of faculty. A group contains 54% Female and 46% Male. It is a good sign that younger generation are interested in the Academics in age group of 25 to 35 years. 80% of the respondents agree that Training and Developmental activities contributes to retention of Faculties 76% people agree that Health insurance contributes to retention 84% agree that Real time research Projects should be encouraged in the Education Institutions. 82% say BEST TEACHER AWARD should be given per semester

Suggestions
Fair and unbiased performance appraisal to be implemented. Provide good working academic environment. Give more responsibility to faculty members . Making provisions for the faculties to attend FDP(faculty development programs) and conferences. Stress on Academic Audit and Accountability from Faculties. Faculty exchange programs to be initiated. Encouragement and reward for Research activities.