Title:
EXPLORING RETENTION FUNCTION IN HUMAN RESOURCES MANAGEMENT IN VARIOUS CONTEXTS AND INDUSTRIES

Authors:
Nguyen Thi Kim Ba, Vietnam

Abstract:
Employee retention is a critical component of modern Human Resources Management (HRM), due to the significant costs involved with employee turnover and its close connection to organizational performance and competitiveness in global business context. This extensive literature review, guided by Herzberg’s Two-Factor Theory and Maslow's Need Hierarchy. It shows that effective retention demands a voluntary organizational initiative to foster long-term commitment by addressing a multifactorial framework that integrates personal attributes, job requirements, organizational culture, and various HRM practices such as career advancement, flexibility, and training and development (T&D), while also highlighting the essential role of total rewards (monetary, intrinsic, and extrinsic) and social capital. The research emphasizes the need for tailored strategies, highlighting that millennials and Generation Z are particularly driven by financial incentives, career advancement, and Corporate Social Responsibility (CSR). It also identifies significant research shortcomings, particularly regarding industry-specific factors and the influence of the work environment on millennial retention in emerging markets. To maintain a competitive advantage, HR managers must implement a strategic, personalized approach that incorporates the Job Demands-Resources (JD-R) framework and Sustainable Human Resource Management (SHRM) to establish a supportive environment. This will assist HR managers in maximizing commitment and success through personalized procedures.