Attracting, motivating and retaining employees.

Attracting, motivating and retaining employees
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Attracting, motivating and retaining employees
Table of ContentsIntroduction.......................................................................................................................3
Role of money in attracting, retaining and motivating high preforming employees............3
Maslow’s Need Hierarchy Theory.................................................................................................4
Total Rewards Model...................................................................................................................4
Herzberg’s Motivation Hygiene Theory........................................................................................5
Vroom’s Expectancy Theory.........................................................................................................6
Job Embeddedness Theory...........................................................................................................6
Conclusion.........................................................................................................................7
Bibliography......................................................................................................................8
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Attracting, motivating and retaining employees
Introduction
The contemporary business world is highly competitive for employees as well as for the
employers. With the spread of globalization and liberalization, the factors that can have an
impact on the business of a company, and also on the employees, have increased dramatically
and can undergo a change in real time. In such tough times, business organizations are
striving hard to retain and motivate their staff as it has become the only way for them to
ensure better performance and outperform their competitors in the market (Noe, Hollenbeck,
Gerhart, & Wright, 2017).
Retention and motivation amongst employees have been a highly speculated topic. As the
competition grows, talented employees in the market are being poached by competitive firms,
which results in a loss of all the resources that a company has invested in the development of
its employees over their stay in the company. Further, lack of motivation amongst the
employees has also been a reason for reduced performance levels, overall productivity and
can also lead to increased absenteeism and turnover rates in extreme conditions (Sandhya &
Kumar, 2011). A number of studies in the past have bene conducted to check whether money
plays a key role in attracting, retaining and motivating high preforming employees.
Therefore, in this report, we will conduct an in-depth review of relevant literature and
theories to conclude whether money actually plays a pivotal role in attracting, retaining and
motivation high performance employees or is it just a myth.
Role of money in attracting, retaining and motivating high preforming
employees
It is important for contemporary business organizations and their managers to realize that
they have to attract, retain and motivate their workforce irrespective of how the economy of
their country is performing. Attracting, retaining and motivating employees is not as easy as
it sounds. Business organizations have to invest a lot of time and other important resources in
implementing strategies that can help them in attracting, retaining and motivating their
workforce. While most of the people believe that money plays an important role in attraction,
retention and motivation of the employees, there are a number of theories that suggest that
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