HRM initiatives against the catastrophe of turnover losses of Generation Y at private businesses of 21st century

Abstract

Purpose This paper aims to assess the importance of management’s initiatives to ensure employee retention in the private sector. The turnover problem keeps increasing and is likely to continue in the future. Design/methodology/approach SMART PLS was employed for analysis. To determine the effects of management initiatives on employee retention, all 500 Generation Y respondents from private multinational corporations in Bangladesh were chosen by simple random selection. Findings Analysis of the data shows that management initiatives have a considerable positive impact on the retention of Generation Y workers. Job satisfaction was also found to play a substantial mediation function in this association. When creating a retention strategy for Generation Y employees, managers and policymakers are seen as placing a high priority on management efforts and job happiness. To prevent losses and brain drain and to preserve consistency in production, all parties involved prefer a lower turnover rate. Research limitations/implications This study has numerous implications. This study contributes to the literature by uncovering the causal relationship between management initiative, job satisfaction and Millennial employees’ retention. Originality/value This study fills the gaps in the present literature on Generation Y perceptions by emphasizing their needs for job satisfaction as the mediator in the context of Bangladesh.