Proceedings of the 9th International Conference on Modern Research in Management, Economics and Accounting
Year: 2018| Page No:139-151
DOI: https://www.doi.org/10.33422/8mea.2018.11.61
TRENDS OF TURNOVER & ADOPTING SOFT HRM STRATEGIES FOR THE RETENTION OF MILLENIALS: REQUIREMENT OF 21ST CENTURY
Mahamudul Hassan , Manimekalai Jambulingam
ABSTRACT:
This study focuses on employee friendly soft human resource management strategies in managing turnover tendencies of Generation Y(Millennials). Globally Generation Y employees became focused for their job-hopping attitude. Although large number of investigations carried out on job satisfaction still problem of turnover remains unresolved. Excessive turnover counts great loss to any organization of the world. This investigation reviews and identify viable research works in the area of Generation Y. Also, by this approach authors find the necessities of formulating soft HRM strategies on retention, mentioned problems and gaps why the issue is not resolved despite of enormous scholarly efforts. This comprehensive qualitative analysis adopted focus group discussions, personal communication and email communication for collecting relevant information from target groups. It is observed that in general the young employees from Generation Y are not contented with their profession and having tendency of leaving the job without valid reasons from employer perspectives. Most of them directly or indirectly opted for voluntary resignation for better opportunities or self-employment. It is also found that there are essences of frustration among the Gen Y employees from the employees’ perspective. As per theoretical contribution is concern these facts and detected gaps will direct the researcher towards further investigation in light of the forthcoming global issue in cross-national and Multinational context. Exploring soft HRM factors of Generational Y employee likely to enrich the body of knowledge. It is going to contribute practically in formulating policies for different industries from huge overt and covert losses. These focusing on employees are specially contribute to retain the Millennials, who are the major stake holder of job hopping in 21st century.
Keywords: SOFT HRM (HUMAN RESOURCE MANAGEMENT), STRATEGIES, JOB SATISFACTION, RETENTION, YOUNG, GENERATION Y, MILLENIAL.