Impact of Financial Rewards Satisfaction on Employee Retention Intention during the Economic Crisis, Special Reference to the ABC Company PVT LTD.

Abstract

The purpose of this research is to identify the impact of financial rewards satisfaction on employee retention during the economic crisis. In addition to that, this study intends to contribute to fill the knowledge gap by looking into the relation between financial rewards and employee retention intention. Although, about financial rewards satisfaction and employee retention researches well established in western literature, very few studies have examined about the financial rewards satisfaction on employee retention intention in the Sri Lankan context, especially in the manufacturing industry. This study explored the relationship and examined the influence of those variables among operational level employees who work in a manufacturing Company in Sri Lanka. This research is a deductive (theory –testing) research. This research was conducted using survey research strategy and quantitative research method. Operational level employees of ABC Company PVT LTD were chosen as the population of the study. Simple random sampling technique was used calculate the sample size. Accordingly, sample size was 133 observations and used primary data as data source, data collection was done through a self-administered questionnaire. A Google form was created and distributed to collect data. The number of employees who responded was 154 among 200 employees. Statistical Package for Social Science (SPSS), version 23.0 was used as tool for data analysis and both descriptive and inferential statistics, namely correlation and regression were used to analyze data. The results indicate that there is a significant impact of financial rewards satisfaction on Employee retention Intention.