Managing diversity in talent retention: Implications of psychological contract, career preoccupations and retention factors

Abstract

The contemporary employment relationship is faced with various challenges because of aspects such as globalization, international competition, the brain drain and technological advances, making the retention of diverse and multicultural employees more challenging. This chapter provides valuable knowledge into the role of different biographical characteristics on the psychological contract, psychosocial career preoccupations and retention factors of employees. A sample of academic and support staff employees form a higher education institution in South Africa (N = 579) participated in this study. The empirical results indicated that there were significant differences for the biographical characteristics gender, race, generational cohorts, marital status, job level and employment status and the psychological contract, psychosocial career preoccupations and retention factors. This chapter adds new insights into the psychological contract and career development theories that could potentially enlighten industrial and organisational psychologists in the retention of diverse and multicultural employees.