Effects of Alternative Opportunities and Compensation on Turnover Intention of Singapore PMET
In Singapore, talent retention is one of the most persistent and real issue companies have to grapple with due to the tight labour market. Being resource-scarce, Singapore depends solely on its talented pool of high quality human resource to sustain its competitive advantage in the global economy. But the complex and multifaceted nature of turnover phenomenon makes the prescription of effective talent retention strategies in such a competitive labour market very challenging, especially when it comes to monetary incentives, companies struggle to answer the question of “How much is enough?” By examining the interactive effects of perceived alternative employment opportunities, annual salary and satisfaction with compensation on the turnover intention of 102 Singapore Professionals, Managers, Executives and Technicians (PMET) through correlation analyses and multiple regressions, important insights into the psyche of the Singapore talent pool can be drawn. It is found that annual salary influence turnover intention indirectly through mediation and moderation effects on PMET’s satisfaction on compensation. PMET are also found to be heavily swayed by better external opportunities. This implies that talent retention strategies should not adopt a purely monetary based blanket approach but rather a comprehensive and holistic one that considers the dynamics of prevailing market conditions.
[1] A. J. Templer and T. Cawsey, "Rethinking career development in the era of portfolio careers.," Career Development International 4(2), pp. 70-76, 1999.
[2] M. Sutherland and W. Jordaan, "Factors affecting the retention of knowledge workers," SA Journal of Human Resource Management 2(2), pp. 55-64, 2004.
[3] J. Storey, Human Resource Management Today: An Assesement, London: Routledge, 2001.
[4] L. Michaud, "The value of retaining employees," Agency Sales Magazine, 30(11), pp. 25-27, 2000.
[5] M. Hansen, N. Nohria and T. Tierney, "What’s your strategy for managing knowledge?" Harvard Business Review, March-April, pp. 106-116, 1999.
[6] P. Roth and P. Roth, "Reduce turnover with realistic job previews," CPA Journal, 65 (9), pp. 68-69, 1995.
[7] A. Tziner and A. Birati, "Assessing employee turnover costs: A revised approach," Human Resource Management Review, 6(2), pp. 113-122, 1996.
[8] J. Malila, "Managing Rewards in Asia," Mercer, 2011 Global Benefits Outsourcing Conference, http://www.mercersignatureevents.com/ global_outsourcing_2011/resources/Managing%20Rewards%20in%20Asia%20-%20FINAL.pdf, New York, 2011.
[9] E. Hartmann, E. Feisel and H. Schober, "Talent management of western MNCs in China: Balancing global integration and local responsiveness," Journal of World Business, 45(2), pp. 169-178, 2010.
[10] H. Chang, "In Singapore, The Dreams Are Getting Bigger," Bloomberg Businessweek, 22 Sep, http://www.businessweek.com/stories/1996-09-22/in-singapore-the-dreams-are-getting-bigger-intl-edition, 1996.
[11] Ministry of Manpower, "Unmployment," http://www.mom.gov.sg/ statistics-publications/national-labour-market-information/statistics/ Pages/unemployment.aspx, Singapore, 2012a.
[12] J. Hausknecht, J. Rodda and M. Howard, "Targeted Employee Retention: Performance-Based and Job-Related Differences in Reported Reasons for Staying," in Center for Advanced Human Resource Studies Working Paper Series, 2008.
[13] P. Drucker, The New Realities, Oxford: Heinemann Professional Publishing, 1989.
[14] A. Tomich, "The Hudson Report, Employment and HR Trends, Jan-Mar 2012," Hudson, http://hudson.sg/Portals/SG/pdf/2012/Hudson%20 Report%20Q1%202012%20-%20Singapore.pdf, Singapore, 2012.
[15] J. Cotton and J. Tuttle, "Employee turnover: A meta-analysis and review with implications for research," Academy of Management Review, 11(1), pp. 55-70, 1986.
[16] National Population and Talent Division, "A Sustainable Population for a Dynamic Singapore," White Paper, pp. 1-78, 2013.
[17] J. March and H. Simon, Organizations, New York: John Wiley, 1958.
[18] B. Gerhart, "Voluntary turnover and alternative job opportunities," Center for Advanced Human Resource Studies Working Paper #89-03, pp. 1-40, 1989.
[19] T. Foo, "Press Release - Hudson Report SG - October 2012," Hudson, Oct 11, http://hudson.sg/AboutUs/NewsRoom/ PressReleaseHudsonReportSGOct2012.aspx, 2012.
[20] C. Hulin, M. Roznowski and D. Hachiya, "Alternative opportunities and withdrawal decisions: Empirical and theoretical discrepancies and an integration," Psychology Bulletin, 97, pp. 233-250, 1985.
[21] F. Taylor, The Principles of Scientific Management, The Project Gutenberg EBook, 1911.
[22] R. Chiu, V. Luk and T. Tang, "Retaining and motivating employees: Compensation preferences in Hong Kong and China," Personnel Review, 31(4), pp. 402-431, 2002.
[23] K. Walsh and M. S. Taylor, "Developing In-House Careers and Retaining Management Talent: What Hospitality Professionals Want from Their Jobs," Cornell Hotel and Restaurant Administration Quarterly, 48(2), pp. 163-182, 2007.
[24] N. Gupta and J. Shaw, "Let the Evidence Speak: Financial Incentives are Effective!" Compensation Benefits Review, 30(2), pp. 26-32, 1998.
[25] G. A. Akerlof, "Gift Exchange and Efficiency-Wage Theory: Four Views," The American Economic Review, 74(2), pp. 79-83, 1984.
[26] M. L. Williams and G. F. Dreher, "Compensation systems attributes and applicant pool characteristics," Academy of Management Journal, 35(3), pp. 571-595, 1992.
[27] S. P. Tsai, E. J. Bernacki and L. J. Lucas, "A longitudinal method of evaluating employee turnover," Journal of Business and Psychology, 3(4), pp. 465-473, 1989.
[28] W. D. Lim, "A Culture of Work-Life 'Imbalance' in Singapore," New Zealand Journal of Asian Studies, 12(2), pp. 22-37, 2010.
[29] A. Kohn, "Challenging Behaviorist Dogma: Myths About Money and Motivation," Compensation Benefits Review, 30(2), pp. 27-37, 1998.
[30] R. Griffeth, P. Hom and S. Gaertner, "A meta-analysis of antecedents and correlates of employer turnover: Update, moderator tests, and research implications for the next millenium," Journal of Management, 26(3), pp. 463-488, 2000.
[31] D. Buchanan and A. Huczynski, Organizational Behaviour, Essex: Pearson Education Limited, 2010.
[32] E. Berggren, "Using money to attract, develop, and retain staff," Journal of Management Consulting, 10(4), pp. 47-52, 1999.
[33] R. K. Chiu, V. Luk and T. L. Tang, "Retaining and motivating employees: Compensation preferences in Hong Kong and China," Personnel Review, 31(4), pp. 402-431, 2002.
[34] H. Koh and C. Goh, "An analysis of the factors affecting the turnover intention of non-managerial clerical staff: A Singapore study," The International Journal of Human Resource Management, 6(1), pp. 103-125, 1995.
[35] Y. Debrah, "Management of operative staff in a labour-scarce economy: the views of human resource managers in the hotel industry in Singapore," Asia Pacific Journal of Human Resources, 32(1), pp. 41-60, 1994.
[36] H. G. Chew and K. Y. N. Ng, "Cognitive and Behavioural Response of Knowledge Workers to Employment Returns: A Grounded Theory Study of PMET in Singapore," Journal of Applied Business and Management Studies, 3(1), pp. 12-25, 2012.
[37] R. Griffeth, R. Steel, D. Allen and N. Bryan, "The Development of a Multidimensional Measure of Job Market Cognitions: The Employment Opportunity Index (EOI)," Journal of Applied Psychology, 90(2), pp. 335-349, 2005.
[38] A. Tversky and D. Kahneman, "Judgment under Uncertainty: Heuristics and Biases," Science 185(4157), pp. 1124-1131, 1974.
[39] R. Settoon, N. Bennett and R. Liden, "Social exchange in organisations: Perceived organisational support, leader–member exchange, and employee reciprocity," Journal of Applied Psychology, 81(3), pp. 219-227, 1996.
[40] R. Batt and P. M. Valcour, "Human resource practices as predictors of work-family outcomes and employee turnover," Industrial Relations, 42 (2), pp. 189-220, 2003.
[41] Ministry of Manpower, "Income," http://www.mom.gov.sg/statistics-publications/national-labour-market-information/statistics/Pages/earnings-wages.aspx, Singapore, 2012c.
[42] T. Huang, J. Lawler and C. Lei, "The Effects of Quality of Work Life on Commitment and Turnover Intention," Social Behavior and Personality, 35(6), pp. 735-750, 2007.
[43] S. Chen, J. Lawler and J. Bae, "Convergence in human resource systems: A comparison of locally owned and MNC subsidiaries in Taiwan," Human Resource Management, 44(3), pp. 237-256, 2005.
[44] R. Griffeth and P. Hom, "A comparison of different conceptualizations of perceived alternatives in turnover research," Journal of Organizational Behavior, 9(2), pp. 103-111, 1988.
[45] S. Seashore, E. Lawler, P. Mirvis and C. Cammann, Observing and Measuring Organizational Change: A Guide to Field Practice, New York: Wiley, 1982.
[46] R. Dunham, F. Smith and R. Blackburn, "Validation of the Index of Organizational Reactions it ith the JDI, the MSQ, and Faces Scales," Academy of Maiiageweiit Journal, 20(3), pp. 420-432, 1977.
[47] J. Nunnally, Psychometric Theory, New York, NY: McGraw-Hill, 1978.
[48] H. F. Kaiser, "An index of factorial simplicity," Psychometrika, 39(1), pp. 31-36, 1974.
[49] R. Baron and D. Kenny, "The Moderator-Mediator Variable Distinction in Social Psychological Research: Conceptual, Strategic,and Statistical Considerations," Journal of Personality and Social Psychology, 51(6), pp. 1173-1182, 1986.
[50] L. Aiken and S. West, Multiple Regression: Testing and Interpreting Interactions, Newbury Park, CA: Sage, 1991.
[51] J. March and H. Simon, Organisations, New York: Wiley, 1958.
[52] G. Salancik and J. Pfeffer, "A social information processing approach to job attitudes and task design," Administrative Science Quarterly, 23(2), pp. 224-251, 1978.
[53] B. Gerhart, "Voluntary turnover and alternative job opportunities," Journal of Applied Psychology, 75(5), pp. 467-476, 1990.
[54] P. Senge, The Fifth Discipline: The Art & Practice of the Learning Organization, UK: Random House Business Books, 2006.
[55] G. Lee, "Towards a contingent model of key staff retention: The new psychological contract reconsidered," South African Journal of Business Management, 32(1), pp. 1-9, 2001.
[56] C. Despres and J. Hiltrop, "Human resource management in the knowledge age: current practices and perspectives on the future," Employee Relations 17(1), pp. 9-23, 1995.
[57] G. Ritzer and H. M. Trice, "An Empirical Study of Howard Becker's Side-Bet Theory," Social Forces, 47(4), pp. 475-478, 1969.
[58] S. Dibble, Keeping your valuable employees, New York: John Wiley, 1999.
[59] J. S. Adams, "Inequity in Social Exchange," in Advances in Experimental Social Psychology, Vol. 2, New York, Academic Press, 1965, pp. 267-299.
[60] E. P. Lazear, "Agency, Earnings Profiles, Productivity, and Hours Restrictions," The American Economic Review, 71(4), pp. 606-620, 1981.
[61] H. G. Chew, "Talent Management in Singapore: Cash and Flexibility are key," HRM Asia, http://www.hrmasia.com/news/features/talent-management-in-singapore-cash-and-flexibility-are-key/179753/, (Accessed 30 Sep 2013), Singapore, 2013.
[62] J. M. Cohn, R. Khurana and L. Reeves, "Growing Talent as if Your Business Depended on It," Harvard Business Review, 83(10), pp. 1-8, 2005.
[63] W. J. Rothwell, Effective Succession Planning: Ensuring Leadership Continuity and Building Talent from Within, 4th Edition, New York, NY: American Management Association, 2010.
[64] R. P. Steel, R. W. Griffeth and P. W. Hom, "Practical retention policy for the practical manager," Academy of Management Executive, 16(2), pp. 149-162, 2002.
[65] J. Schneider, "The "greener grass" phenomenon: Differential effects of a work context alternative on organizational participation and withdrawal intentions," Organizational Behavior and Human Performance, 16, pp. 308-333, 1976.
[1] A. J. Templer and T. Cawsey, "Rethinking career development in the era of portfolio careers.," Career Development International 4(2), pp. 70-76, 1999.
[2] M. Sutherland and W. Jordaan, "Factors affecting the retention of knowledge workers," SA Journal of Human Resource Management 2(2), pp. 55-64, 2004.
[3] J. Storey, Human Resource Management Today: An Assesement, London: Routledge, 2001.
[4] L. Michaud, "The value of retaining employees," Agency Sales Magazine, 30(11), pp. 25-27, 2000.
[5] M. Hansen, N. Nohria and T. Tierney, "What’s your strategy for managing knowledge?" Harvard Business Review, March-April, pp. 106-116, 1999.
[6] P. Roth and P. Roth, "Reduce turnover with realistic job previews," CPA Journal, 65 (9), pp. 68-69, 1995.
[7] A. Tziner and A. Birati, "Assessing employee turnover costs: A revised approach," Human Resource Management Review, 6(2), pp. 113-122, 1996.
[8] J. Malila, "Managing Rewards in Asia," Mercer, 2011 Global Benefits Outsourcing Conference, http://www.mercersignatureevents.com/ global_outsourcing_2011/resources/Managing%20Rewards%20in%20Asia%20-%20FINAL.pdf, New York, 2011.
[9] E. Hartmann, E. Feisel and H. Schober, "Talent management of western MNCs in China: Balancing global integration and local responsiveness," Journal of World Business, 45(2), pp. 169-178, 2010.
[10] H. Chang, "In Singapore, The Dreams Are Getting Bigger," Bloomberg Businessweek, 22 Sep, http://www.businessweek.com/stories/1996-09-22/in-singapore-the-dreams-are-getting-bigger-intl-edition, 1996.
[11] Ministry of Manpower, "Unmployment," http://www.mom.gov.sg/ statistics-publications/national-labour-market-information/statistics/ Pages/unemployment.aspx, Singapore, 2012a.
[12] J. Hausknecht, J. Rodda and M. Howard, "Targeted Employee Retention: Performance-Based and Job-Related Differences in Reported Reasons for Staying," in Center for Advanced Human Resource Studies Working Paper Series, 2008.
[13] P. Drucker, The New Realities, Oxford: Heinemann Professional Publishing, 1989.
[14] A. Tomich, "The Hudson Report, Employment and HR Trends, Jan-Mar 2012," Hudson, http://hudson.sg/Portals/SG/pdf/2012/Hudson%20 Report%20Q1%202012%20-%20Singapore.pdf, Singapore, 2012.
[15] J. Cotton and J. Tuttle, "Employee turnover: A meta-analysis and review with implications for research," Academy of Management Review, 11(1), pp. 55-70, 1986.
[16] National Population and Talent Division, "A Sustainable Population for a Dynamic Singapore," White Paper, pp. 1-78, 2013.
[17] J. March and H. Simon, Organizations, New York: John Wiley, 1958.
[18] B. Gerhart, "Voluntary turnover and alternative job opportunities," Center for Advanced Human Resource Studies Working Paper #89-03, pp. 1-40, 1989.
[19] T. Foo, "Press Release - Hudson Report SG - October 2012," Hudson, Oct 11, http://hudson.sg/AboutUs/NewsRoom/ PressReleaseHudsonReportSGOct2012.aspx, 2012.
[20] C. Hulin, M. Roznowski and D. Hachiya, "Alternative opportunities and withdrawal decisions: Empirical and theoretical discrepancies and an integration," Psychology Bulletin, 97, pp. 233-250, 1985.
[21] F. Taylor, The Principles of Scientific Management, The Project Gutenberg EBook, 1911.
[22] R. Chiu, V. Luk and T. Tang, "Retaining and motivating employees: Compensation preferences in Hong Kong and China," Personnel Review, 31(4), pp. 402-431, 2002.
[23] K. Walsh and M. S. Taylor, "Developing In-House Careers and Retaining Management Talent: What Hospitality Professionals Want from Their Jobs," Cornell Hotel and Restaurant Administration Quarterly, 48(2), pp. 163-182, 2007.
[24] N. Gupta and J. Shaw, "Let the Evidence Speak: Financial Incentives are Effective!" Compensation Benefits Review, 30(2), pp. 26-32, 1998.
[25] G. A. Akerlof, "Gift Exchange and Efficiency-Wage Theory: Four Views," The American Economic Review, 74(2), pp. 79-83, 1984.
[26] M. L. Williams and G. F. Dreher, "Compensation systems attributes and applicant pool characteristics," Academy of Management Journal, 35(3), pp. 571-595, 1992.
[27] S. P. Tsai, E. J. Bernacki and L. J. Lucas, "A longitudinal method of evaluating employee turnover," Journal of Business and Psychology, 3(4), pp. 465-473, 1989.
[28] W. D. Lim, "A Culture of Work-Life 'Imbalance' in Singapore," New Zealand Journal of Asian Studies, 12(2), pp. 22-37, 2010.
[29] A. Kohn, "Challenging Behaviorist Dogma: Myths About Money and Motivation," Compensation Benefits Review, 30(2), pp. 27-37, 1998.
[30] R. Griffeth, P. Hom and S. Gaertner, "A meta-analysis of antecedents and correlates of employer turnover: Update, moderator tests, and research implications for the next millenium," Journal of Management, 26(3), pp. 463-488, 2000.
[31] D. Buchanan and A. Huczynski, Organizational Behaviour, Essex: Pearson Education Limited, 2010.
[32] E. Berggren, "Using money to attract, develop, and retain staff," Journal of Management Consulting, 10(4), pp. 47-52, 1999.
[33] R. K. Chiu, V. Luk and T. L. Tang, "Retaining and motivating employees: Compensation preferences in Hong Kong and China," Personnel Review, 31(4), pp. 402-431, 2002.
[34] H. Koh and C. Goh, "An analysis of the factors affecting the turnover intention of non-managerial clerical staff: A Singapore study," The International Journal of Human Resource Management, 6(1), pp. 103-125, 1995.
[35] Y. Debrah, "Management of operative staff in a labour-scarce economy: the views of human resource managers in the hotel industry in Singapore," Asia Pacific Journal of Human Resources, 32(1), pp. 41-60, 1994.
[36] H. G. Chew and K. Y. N. Ng, "Cognitive and Behavioural Response of Knowledge Workers to Employment Returns: A Grounded Theory Study of PMET in Singapore," Journal of Applied Business and Management Studies, 3(1), pp. 12-25, 2012.
[37] R. Griffeth, R. Steel, D. Allen and N. Bryan, "The Development of a Multidimensional Measure of Job Market Cognitions: The Employment Opportunity Index (EOI)," Journal of Applied Psychology, 90(2), pp. 335-349, 2005.
[38] A. Tversky and D. Kahneman, "Judgment under Uncertainty: Heuristics and Biases," Science 185(4157), pp. 1124-1131, 1974.
[39] R. Settoon, N. Bennett and R. Liden, "Social exchange in organisations: Perceived organisational support, leader–member exchange, and employee reciprocity," Journal of Applied Psychology, 81(3), pp. 219-227, 1996.
[40] R. Batt and P. M. Valcour, "Human resource practices as predictors of work-family outcomes and employee turnover," Industrial Relations, 42 (2), pp. 189-220, 2003.
[41] Ministry of Manpower, "Income," http://www.mom.gov.sg/statistics-publications/national-labour-market-information/statistics/Pages/earnings-wages.aspx, Singapore, 2012c.
[42] T. Huang, J. Lawler and C. Lei, "The Effects of Quality of Work Life on Commitment and Turnover Intention," Social Behavior and Personality, 35(6), pp. 735-750, 2007.
[43] S. Chen, J. Lawler and J. Bae, "Convergence in human resource systems: A comparison of locally owned and MNC subsidiaries in Taiwan," Human Resource Management, 44(3), pp. 237-256, 2005.
[44] R. Griffeth and P. Hom, "A comparison of different conceptualizations of perceived alternatives in turnover research," Journal of Organizational Behavior, 9(2), pp. 103-111, 1988.
[45] S. Seashore, E. Lawler, P. Mirvis and C. Cammann, Observing and Measuring Organizational Change: A Guide to Field Practice, New York: Wiley, 1982.
[46] R. Dunham, F. Smith and R. Blackburn, "Validation of the Index of Organizational Reactions it ith the JDI, the MSQ, and Faces Scales," Academy of Maiiageweiit Journal, 20(3), pp. 420-432, 1977.
[47] J. Nunnally, Psychometric Theory, New York, NY: McGraw-Hill, 1978.
[48] H. F. Kaiser, "An index of factorial simplicity," Psychometrika, 39(1), pp. 31-36, 1974.
[49] R. Baron and D. Kenny, "The Moderator-Mediator Variable Distinction in Social Psychological Research: Conceptual, Strategic,and Statistical Considerations," Journal of Personality and Social Psychology, 51(6), pp. 1173-1182, 1986.
[50] L. Aiken and S. West, Multiple Regression: Testing and Interpreting Interactions, Newbury Park, CA: Sage, 1991.
[51] J. March and H. Simon, Organisations, New York: Wiley, 1958.
[52] G. Salancik and J. Pfeffer, "A social information processing approach to job attitudes and task design," Administrative Science Quarterly, 23(2), pp. 224-251, 1978.
[53] B. Gerhart, "Voluntary turnover and alternative job opportunities," Journal of Applied Psychology, 75(5), pp. 467-476, 1990.
[54] P. Senge, The Fifth Discipline: The Art & Practice of the Learning Organization, UK: Random House Business Books, 2006.
[55] G. Lee, "Towards a contingent model of key staff retention: The new psychological contract reconsidered," South African Journal of Business Management, 32(1), pp. 1-9, 2001.
[56] C. Despres and J. Hiltrop, "Human resource management in the knowledge age: current practices and perspectives on the future," Employee Relations 17(1), pp. 9-23, 1995.
[57] G. Ritzer and H. M. Trice, "An Empirical Study of Howard Becker's Side-Bet Theory," Social Forces, 47(4), pp. 475-478, 1969.
[58] S. Dibble, Keeping your valuable employees, New York: John Wiley, 1999.
[59] J. S. Adams, "Inequity in Social Exchange," in Advances in Experimental Social Psychology, Vol. 2, New York, Academic Press, 1965, pp. 267-299.
[60] E. P. Lazear, "Agency, Earnings Profiles, Productivity, and Hours Restrictions," The American Economic Review, 71(4), pp. 606-620, 1981.
[61] H. G. Chew, "Talent Management in Singapore: Cash and Flexibility are key," HRM Asia, http://www.hrmasia.com/news/features/talent-management-in-singapore-cash-and-flexibility-are-key/179753/, (Accessed 30 Sep 2013), Singapore, 2013.
[62] J. M. Cohn, R. Khurana and L. Reeves, "Growing Talent as if Your Business Depended on It," Harvard Business Review, 83(10), pp. 1-8, 2005.
[63] W. J. Rothwell, Effective Succession Planning: Ensuring Leadership Continuity and Building Talent from Within, 4th Edition, New York, NY: American Management Association, 2010.
[64] R. P. Steel, R. W. Griffeth and P. W. Hom, "Practical retention policy for the practical manager," Academy of Management Executive, 16(2), pp. 149-162, 2002.
[65] J. Schneider, "The "greener grass" phenomenon: Differential effects of a work context alternative on organizational participation and withdrawal intentions," Organizational Behavior and Human Performance, 16, pp. 308-333, 1976.
@article{"International Journal of Business, Human and Social Sciences:72303", author = "Han Guan Chew and Keith Yong Ngee Ng and Shan-Wei Fan", title = "Effects of Alternative Opportunities and Compensation on Turnover Intention of Singapore PMET", abstract = "In Singapore, talent retention is one of the most persistent and real issue companies have to grapple with due to the tight labour market. Being resource-scarce, Singapore depends solely on its talented pool of high quality human resource to sustain its competitive advantage in the global economy. But the complex and multifaceted nature of turnover phenomenon makes the prescription of effective talent retention strategies in such a competitive labour market very challenging, especially when it comes to monetary incentives, companies struggle to answer the question of “How much is enough?” By examining the interactive effects of perceived alternative employment opportunities, annual salary and satisfaction with compensation on the turnover intention of 102 Singapore Professionals, Managers, Executives and Technicians (PMET) through correlation analyses and multiple regressions, important insights into the psyche of the Singapore talent pool can be drawn. It is found that annual salary influence turnover intention indirectly through mediation and moderation effects on PMET’s satisfaction on compensation. PMET are also found to be heavily swayed by better external opportunities. This implies that talent retention strategies should not adopt a purely monetary based blanket approach but rather a comprehensive and holistic one that considers the dynamics of prevailing market conditions.
", keywords = "Employee Turnover, High Performers, Knowledge Workers, Perceived Alternative Employment Opportunities Salary, Satisfaction on Compensation, Singapore PMET, Talent Retention.", volume = "10", number = "3", pages = "720-9", }
