Total Rewards and Retention: Case Study of Higher Education Institutions in Pakistan

Abstract

Societies expect that higher education systems contribute to the overall development, but this development depends upon qualified and competent staff of the higher education institutions. Retaining this resource is of utmost importance for higher educational institutions. However, higher educational institutions are finding it hard to retain competent and qualified faculty in the face of competition from the industry. Retention is becoming a big dilemma for developing countries. The present study investigates the relationship between total reward and retention of faculty members in higher education institutions in Pakistan. The data was collected from the faculty members of 10 universities located in the twin cities of Islamabad and Rawalpindi, Pakistan. Analysis was done on SPSS version 21. The results indicate a strong and positive relationship and influence of total reward on retention. The study is significant for the top management of the universities who are facing retention problems. The results could provide them with guidelines regarding total reward strategies and how they can be used for retaining of talented faculty members. Future recommendations have also been provided for the researchers interested in the area.