An Empirical Study of Faculty Satisfaction and its Impact on Retention

Abstract

Faculty is the core asset for every institution and its satisfaction becomes primarily important for the sustainability and growth of the institution. In the current times when there exits opportunities galore for qualified faculty, the institutions' have to understand the importance of faculty satisfaction and also comprehend the various factors which affect satisfaction so as to ensure better performance and retention too. Four factors were identified for the study-work environment, compensation, training and development and role of HOD. It has been observed that training and development has been ranked as the major factor for the faculty intending to stay in an institution. In addition the paper attempts to understand the significance of the parameters and their relationship with each other. Employees comprise the most vital assets of the organizations. They provide a competitive edge to them. The growth of the organizations is dependent on the employee contribution, satisfaction and commitment. A happy worker is a productive worker and a satisfied worker is a committed worker. Employee satisfaction is used to describe whether employees are happy, contented, fulfilling their desires and needs at work. Many measures purport that employee satisfaction is a factor in employee motivation, employee goal achievement, and positive employee morale at the workplace. Factors which contribute to employee satisfaction include treating employees with respect, providing regular employee recognition, empowering employees, offering above industry-average benefits and compensation, providing employee perks and positive management culture. Employee satisfaction also results in the retention of the employee. The costs associated with attrition can also be minimized. The benefits associated with contended employees are manifold and organizations far and wide are trying hard to ensure that they keep their employees satisfied and engaged. The education sector is no exception. Education sector in the 21 st century has witnessed a sweeping change. We have witnessed the entry of corporate houses into this sector. There exists ample opportunities both for the students and the faculty alike, but it is