Total Rewards and Retention: Case Study of Higher Education Institutions in Pakistan

Available online at www.sciencedirect.com

ScienceDirect Procedia - Social and Behavioral Sciences 210 (2015) 251 – 259

4th International Conference on Leadership, Technology, Innovation and Business Management

Total Rewards and Retention: Case Study of Higher Education Institutions in Pakistan Ch. Shoaib Akhtara, Alamzeb Aamirb, Muhammad Adnan Khurshidc, Muhammad Moinuddin Qazi Abrod, Jawad Hussaine, a ae

Universiti Teknologi Malaysia, Johor Bahru, Johor, 81310, Malaysia bcd King Saud University, Riyadh, Saudi Arabia

Abstract Societies expect that higher education systems contribute to the overall development, but this development depends upon qualified and competent staff of the higher education institutions. Retaining this resource is of utmost importance for higher educational institutions. However, higher educational institutions are finding it hard to retain competent and qualified faculty in the face of competition from the industry. Retention is becoming a big dilemma for developing countries. The present study investigates the relationship between total reward and retention of faculty members in higher education institutions in Pakistan. The data was collected from the faculty members of 10 universities located in the twin cities of Islamabad and Rawalpindi, Pakistan. Analysis was done on SPSS version 21. The results indicate a strong and positive relationship and influence of total reward on retention. The study is significant for the top management of the universities who are facing retention problems. The results could provide them with guidelines regarding total reward strategies and how they can be used for retaining of talented faculty members. Future recommendations have also been provided for the researchers interested in the area. Keywords: Total rewards, Retention, Higher education institution, Pakistan

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© 2015 2014The Published Elsevier Selection and/or peer-review under responsibility of 4 International Conference © Authors. by Published byLtd. Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). on Leadership, Technology and Innovation Management Peer-review under responsibility of the International Conference on Leadership, Technology, Innovation and Business Management 1. Introduction With massive technological changes happening at the work place, the focus of attention has been on knowledge workers to meet the changing needs of the society (Holbeche, 2009; Kuruvilla and Ranganathan, 2010). To attain competitive advantage, organizations are more concerned with the skills and the quality of their employees to ensure sustained performance (Harvey, 2009; Reiche, 2007) and retaining capable and quality employees are becoming the top strategic policy issue for many organizations (Heinan and O’Neill, 2004; Bersin, 2008; Holbeche, 2009). Literature is full of empirical researches indicating that organizations adopt various policies and strategies to retain employees (Sheridan, 1992; Pamela, 2003; Samuel and Chipunza, 2009; Price, 2003; Holland, et al., 2007; Hom, et al., 2008). One strategy that has been adopted in recent times is that of total rewards, which aims to maximize the

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1877-0428 © 2015 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer-review under responsibility of the International Conference on Leadership, Technology, Innovation and Business Management doi:10.1016/j.sbspro.2015.11.365

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combined effect of wide range of reward elements on motivation and commitment, and embraces all that employees value in their employmentship (Sweeney and Mcfarlin, 2005; Anku-Tsede and Kutin, 2013; Cao, et al., 2013; Kaplan, 2007; Armstrong, 2009). Total rewards includes the traditional pay and benefits employees receive as part of their employment, as well as other programs that help make the work experience more fulfilling that is work-life balance, career mobility, acknowledgement etc. (Cao, et al. 2013; Durrani & Singh, 2011; Medcof & Rumpel, 2007). There are contradictory views as to the effectiveness of monetary rewards. Researches point out that employees in general and more experienced employees specifically are motivated through non-financial rewards like work life balance, personnel appreciation, challenging tasks, special projects etc. (Jeffords et al., 1997; Hytter, 2007; Zahra, et al. 2013). Thus, organizations are engaged in developing innovative compensation packages that not only includes financial benefits but also non-financial benefits to attract and retain employees (Gibson & Tesone, 2001; Muralidharan & Sundararaman, 2011; Zingheim & Schuster, 2007; Milkovich & Newman, 2008, Chen & Hsieh, 2006; Armstrong & Murlis, 2004). However, compensation packages in form of total rewards are tied skills and capabilities of individuals rather than experience in modern knowledge based economy (Chen & Hsieh, 2006; Bates, 2004). Retention is not only problem for profit oriented organizations but not for profit organizations such as universities are also facing the dilemma of retaining capable and qualified academic staff. The internationalization of education has made higher education institutions competitive in their respective fields. Universities are in run for skilled staff with attractive reward packages. High quality academic staffs are the corner stone of any successful educational institution, as these are the highest source of knowledge and awareness production institutions in the country (Khalid, Irshad, and Mahmood, 2012). Previous researches highlight that academic staff focus more on their intrinsic satisfaction than extrinsic (Wu and Short, 1996; Place, 1997). However, research also emphasizes that both intrinsic and extrinsic satisfaction predict satisfaction of academic staff (Dvorak and Philips, 2001). The present study investigates the relationship between total rewards and employee retention in the higher education institutions of Pakistan. Pakistan is a developing country and relies heavily on human capital prepared by higher education institutions. In Pakistan higher education system is highly competitive with more than 135 institutions in public and private sector are competing for the students and funding. In this scenario, having a capable, qualified and skilled academic staff on their payroll not only enhances their prestige and ranking in the country but also helps them enrol more students and be competitive. However, these educational institutions are competing among themselves as well as with the industry to attract and retain qualified employees. According to an estimate there is approximately 9 percent turnover of teaching staff in higher education institutions especially public sector universities. Thus, retention presents a huge problem for many higher education institutions in Pakistan, and is true for many developing countries as well. Previous researchers have highlighted that to increase the retention of employees, it is imperative to understand the behaviour and attitude of employees (Muller, et al. 2009). However, the studies that have been conducted in relation to higher education institutions faculty retention are scant in developing countries (Ghaffar, et al., 2013). Thus, present study is an attempt to bridge the gap by discussing total rewards and retention in a developing country context. 2. Literature Review And Hypotheses 2.1. Total Rewards The main purpose of introducing reward system in an organization is to attract and retain qualified and competent employees and to control costs associated with repeated recruitments (Bergman and Scarpello, 2002; Asinoff, 2006; Milkovich and Newman, 2008). In this scenario, total rewards not only helps in retention but also motivates employees through a continuous process of psychological, sociological, economic and political exchanges (Gross and Friedman, 2004; Bergmann and Scarpello, 2002). Milkovich and Newman (2008) have suggested that pay plans associated with employee behavior would result in better individual and organizational performances. The employee behavior is linked to the reciprocal relationship that exists between employee and organization and the compensation system provides the basis for this exchange relationship. Chen and Hsieh (2006) have highlighted that in traditional reward system motivation remained a critical issue mainly due to seniority or length of service focus, which formed the criteria of rewards. Total reward concept was first provided by the classical economist Adam Smith, who included pay, responsibility of results, learning difficulties, job protection and willingness to work (Armstrong, 2012) in total reward. Replicating Adma Smith’s wisdom, Jiang et al (2009) have recently mentioned that the concept of compensation or total

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compensation is replaced with total reward. Risher (2013) have also observed that organizational total reward activities indicate that modern organizations are moving towards broader definition. Chen and Hsieh (2008), who noted shift in the total reward concept, based on recent evidence suggested that a total reward is based on competency and performance rather than seniority. On the other hand Kantor and Kao (2004) found that despite the use of broader definition there exists confusion about the definition of total reward, which can be the result of the traditional narrow definition of total rewards. For example, the survey of more than 1000 multinational companies conducted by Mercer (2008) revealed that only 50% of the participants viewed total rewards as more than compensation and benefits. Reilly and Brown (2008) also suggested that compensation professionals failed to implement an integrated total rewards approach. One of the possible reasons was their central focus on the alignment of reward strategy with business strategy, whereas limited attention was on the alignment of total rewards with the needs of employees. This failure to focus on employees and what they value could be the reason for the implementation issues and failure rates of numerous total rewards strategies (Reilly and Brown, 2008). Researchers have pointed out that organizations should adopt total rewards as compensation mechanism for retaining talented employees (Cao, et al. 2013; Medcof & Rumpel, 2007). 2.2. Employee Retention Retaining talented employees is becoming challenging than ever. Availability of jobs with higher rewards and environment, suitable for career development, are pushing companies to review their employee retaining strategies The challenge of retaining employees for longer period of time require organizations to create an environment, where employees are not only engaged but have the sense of job and career security (Chaminde, 2007). Similarly, previous researchers agree on the notion that successful organizations share a fundamental philosophy of appreciating and investing in their employees (Samuel, 2008; Nwokocha and Iherirohanma, 2012). Attempts in past had been made to define and describe retention. Few notable efforts in this regards are that of Frank et al., (2004, p. 13) who defined retention as “An effort by an employer to keep desirable employees in order to meet organizational objectives”. Similarly Chiboiwa et al., (2010) provided a more comprehensive definition of retention and mentioned that it is a mean ‘to prevent the loss of proficient employees from leaving”. The Human capital because of its knowledge, skills and experience has the higher economic value to organizations and is regarded as high worth productive asset (Ejiofor and Mbachu, 2001; Snell and dean, 1992). Similarly, most of the researchers have agreed that employee retention strategies cannot be overemphasized because a well-trained and experienced work-force is crucial for achieving the organizational objectives. The facts provided by Fitz-enz (1997) are worth mentioning. He is of the view that on average organizations loses about $ 1 million with every 10 managerial and professional employees who leave the organization. Combined with direct and indirect cost the total turnover cost associated with one employee ranges from a minimum of one year’s pay and benefits of two years. These facts highlight the significant financial impact on organization when employee’s quits witches job. One of the reasons for such impact could be the knowledge and skills of the employees’ leaving the organization and which is vital to the organization’s ability to be competitive (Kyndt, et al., 2009). Gentry et al., (2007) added to the debate by mentioning that the switching of job by these talented employees could be a reason that organizations experience a decline in employees’ performance, productivity, and morale (Gentry et al., 2007). Armstrong (2009) highlighted factors that help retain employees. He suggested several measures that ensure retention. These includes availability of skill development and career progression opportunities for individual employees; ensuring that the work is as interesting as possible; making line managers responsible for turnover within their teams; ensuring that new workers have realistic expectations of their job and sufficient training during their induction programs; wherever possible, putting consultative bodies in place to ensure that employees have a voice; maximizing job security; and evaluating commitment based on results achieved rather than hours worked. Researchers considers it vital to get an estimate about the expenses of employee turnover prior to the preparation of effective staff retention practices, similarly the attainment of these programs should be checked repeatedly to ensure that they are contributing to the organizational success (Scott et al., 2007; Zingheim and Schuster, 2008). Generally employee retention is the result of the implementation of policies and processes that influences employees to remain with the organization because of the provision of work environment that satisfy their needs (Baer et al., 1996). However, according to Allen (2008) there is no any easy solution to the problem of establishing employee commitment, and successfully managing retention.

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2.3. Development of Hypotheses Review of previous studies showed that divergent views exist about the relationship between rewards and employee retention. For example Stone et al. (2010) found that financial incentives are not always welcomed by all employees and material incentives generally do not tend to satisfy the basic psychological needs and discern the individual variance. Similarly, Hill and Tande (2006) have highlighted that 88% of highly skilled employees leave the organizations for reasons that are not based on money, but the main reasons were limited development opportunities (39%), unhappiness with management (23%), lack of recognition (17%) and other reasons (10%). The most attractive organizations to work for are those that allow their employees to think productively and need an innovative approach to work. Furthermore, attractive workplaces provide flexible work arrangements such as job sharing, telecommuting, flex time and other work-life balance programs to meet family obligations. Employees express an increased demand for work-life balance and a change in the employer/employee relationship that requires compensation professionals to understand what employees want and design total rewards that meet these needs (Lockwood, 2007). On the other hand a survey conducted by Spherion Corporation indicated that 75% of employees consider compensation and benefits as most important to retain them within the organization (WorldatWork, 2007). Adding further to the above argument Massey (1996) found that “among the payment system that have become more popular are broad-banded ones which apparently support cultural alteration by aligning competence and contribution of individuals with the requirement of the organization” (Thorpe, 2000, p. 30). Skilled workers are the basis of competitive advantage and are required to grow the business at an augmented speed (Saint-Onge, 2001). Effective recruitment and retention of employees with knowledge and skills are vital to the long-term success of every organization. Sourcing and retaining talent is the competitive battleground in today’s everchanging global business environment (Ulrich, 1997). A survey conducted by Wyatt (2004) in their Human Capital Index (HCI) study of 750 publically traded companies in Europe, US, and Canada including Microsoft, Shell Oil, Rolls Royce, Textron, Nokia, and IBM shows 7.6% greater market value for organizations that have the best recruitment and retention strategies (Pfau and Kay, 2002). Thus, based on above discussion we hypothesize that H1: Total rewards would have significant relationship with employee retention. 3. Methodology 3.1. Research Goal The present research aims to investigate the relationship between total rewards and employee retention in higher education institutions in Pakistan. The study used self administered questionnaires (SAQ) to test the hypothesis. 3.2. Sample, instrument and Data Collection The data was collected from a sample of 350 faculty members belonging to ten public and private universities in the twin cities of Islamabad and Rawalpindi, Pakistan. Completely filled and usable questionnaires collected amounted to 187 indicatingesponse rate of 53.42 percent. Average time clocked to fill the questionnaire was approximately 10 minutes. The data collected was analyzed using SPSS version 21. The instrument for the study was designed to capture the perceptions of the respondents regarding the variables of the study. The SAQ had three sections: section one was related to total rewards and had 42 items, which were adapted from the study of Medcof and Rumpel (2007); section two was related to retention and was adapted from the study of Mobley, Horner, and Hollingsworth (1978); third section was demographic items such as age, gender, educational level, designation, experience etc. Items related to total reward and retention, were measured on 5 point likert scale using level of agreement. Data obtained was subjected to Pearson correlation and the hypothesis was tested using linear regression. Assumptions of regression were satisfied before regression analysis was conducted. 3.3. Analyses and Results The reliability of the instrument was checked through Cronbach alpha reliability, which indicated that the reliability of the instrument was 0.894 for total reward and 0.866 for retention. To ascertain the relationship, Pearson correlation was analyzed. The results are shown in Table 1.

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Table 1 Correlation Matrix Total Reward 1

.636**

.636**

1

Total reward Retention

Retention

**. Correlation is significant at the 0.01 level (2-tailed). The results indicate that both total reward and retention have a strong and significant relationship. To test the hypothesis and to check the influence of total reward on employee retention, linear regression was applied. The result is shown in Table 2. Table 2. Regression Result for TR-R Model Model

R

R Sq.

Adj. R

F

Sig.

β

t

Sig

Sq. 1

.636

a

.405

.401

125.723

0.000

0.549

11.213

0.000

a. Predictors: (Constant) Total reward The regression results indicate that total reward is causing a variation of 40.5% in retention of employees. The Fstatistics and its significance value indicate that the model is fit. The beta coefficient value indicates that 54.9% impact is being created by total reward on retention. This beta coefficient is highly significant. The results of the study are in line with many previous studies. Previous studies have highlighted that rewards can be used as a strategy to retain competent employees and for enhancing organizational performance (Armstrong and Stephens, 2006; Cao, et al. 2013; Medcof & Rumpel, 2007). In modern globalized world, the role of universities have became wider than ever, and universities are expected to play their role in economic development knowledge sharing and talent development (Goransson and Brundenius, 2010; Comunian, Taylor and Smith, 2013). Doherty’s (2013) recent argument seems to be a logical justification of this transition. He points towards the necessity of an environment and rewards systems in the university that not only retains university employees that is faculty members but enable them to achieve the objective of producing talented workforce. A higher retention rate is valuable for the organization as it reduces the overall cost associated with recruitment process. There are researchers who are of the view that it is not always that motivational strategies have positive impact. There are situations when motivational strategies negatively affect employees’ motivation. By way of illustration Lindner (1998) argued that monetary compensation, which generally is regarded as motivational instrument, is proved to be hygiene factor. In-addition he revealed the general perception of managers who regards money as the major reason of employees stay or turnover. Similarly, Kaye and Evans (2000) conclude that monetary rewards matter but employees are more interested in challenging tasks to apply their abilities, supportive bosses, and opportunities for learning and development. Thus, total rewards encompass all the monetary and non monetary benefits that employees seek in their relationship with the organizations. 4. Conclusion Societies expect that higher education systems contribute to the overall development, but this development depends upon qualified and competent staff of the higher education institutions. Retaining this resource is of utmost importance for the educational institutions. Employee retention is one of the constructs that holds importance for organizational researchers because of the costs associated with it. These costs are not just financial in terms but also intangible in form as when employee leaves he/she takes with them experience and knowledge that resides in them. This knowledge and experience is the competitive advantage that organizations hold and retaining this asset is of utmost priority for the organizations. For a developing countries especially Pakistan, retaining competent faculty is becoming an ever increasing challenge that needs to be addressed at priori. The results of the study do indicate a strong relationship between total reward and retention. The most attractive organizations to work for are those that allow their employees autonomy to be creative, provide flexible working arrangements and environment, and other

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benefits along with financial benefits. Thus, Pakistani higher education institutions need to adopt total reward strategies for not only retaining the competent and qualified faculty but also to become competitive in regional and global higher education arena. The present study is not without limitations. The foremost limitation is of sample size and of institutions selected. The present study only focused on ten universities located in the twin cities of Islamabad and Rawalpindi, Pakistan. Secondly, the study used quantitative data only. To gather in-depth information and knowledge regarding retention policies of the universities, it is recommended that mix methodology using both quantitative and qualitative data collection and analysis should be adopted. This would not only provide with greater information but would also help in generalizing the results of the study. It is also recommended that a comparative analysis of public and private universities should also be done to ascertain the differences between retention and reward policies adopted by the universities. Total reward and retention is an area that is affected by numerous factors and psychological processes such as satisfaction and commitment levels of the faculty, leadership of the university, culture that is prevalent in the universities, volition, and other variables. It is recommended that these factors and psychological processes should be checked for their influences on total reward and retention relationships.

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