Modeling Employee Retention Amidst COVID-19 Pandemic: An Econometric Approach
DOI:
https://doi.org/10.32871/rmrj2210.01.09Keywords:
employee retention, econometric modeling, COVID-19 pandemic, Baybay CityAbstract
Employee retention is one of the human resource management (HRM) issues. This study determines the factors that significantly influence employee retention amidst the COVID-19 pandemic. The study employs complete enumeration and uses primary data. After which, the results are analyzed using descriptive statistics and econometric modeling. Results reveal that employees are satisfied to do their respective jobs (M=4.09, SD=0.48). In addition, they show that the determinants such as other income (p-value=0.024), length of service (p-value=0.099), as well as reward and recognition (p-value=0.015), are significant influences to employees’ retention. Hence, these conclude that better remuneration (and the increase thereof) are more likely to retain existing employees and attract employees from other organizations. Furthermore, the study specifically recommends that employee retention be improved by further refining reward and recognition that surely meet the needs and well-being of the employees.
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