ROLE OF MOTIVATIONAL FACTORS ON EMPLOYEE RETENTION IN SERVICE SECTORS: A STUDY WITH SPECIAL REFERENCE TO CHENNAI CITY

Aim: The paper aims to measure the role of motivational factors on employee retention practices in service sectors in Chennai city. Data Sources: Primary and Secondary data used for the study. The Primary data sourced from the employees working in service sectors. The employees are contacted in electronic mode and obtained the responses from employees. Sample size & Method: The sample for this study consisted of 600employees drawn based on a simple random sampling method from the service sector. Out of 600 samples, 39 samples were rejected due to inadequate information provided by the employees. Finally, 561 samples were used for analysis. Findings: The study originated that the employees are satisfied with the motivational factors, i.e., compensation and Rewards, Pleasant Work Environment, Leadership styles, Training and Development, and Fringe benefits, offered by the service sectors in Chennai city. In addition, the paper also identified a significant association between motivational factors and employee retention practices in the service sectors. Furthermore, the study concluded that there is no significant difference among the employee's working sectors concerning the average score of motivational factors offered by the service sectors in the study region. The study created a significant association between motivational factors and the personal profile of employees working in the service sector in Chennai city. The study also initiates that there is a significant impact of motivational factors on employee retention in service sectors in the study region.