Evaluating The Impact Of Rewards To Retain Talent In Maldives Electricity Industry.

Abstract

Purpose: This article aims to investigate how Financial and Non-financial Rewards impact the Talent Retention in Maldives Electricity Industry. Dimensions of financial rewards include Pay and allowances, Incentives & Bonus, and other allowances. On the other hand, Non-Financial Rewards include Recognition, Work Environment and Fairness & Equity.

Design/methodology/approach: Deductive approach was employed in this study to test the theories and conceptual framework. This study evaluates the hypotheses posed by the positivism paradigm. In order to conduct the survey more quickly and with generalizable, valid, and reliable results, quantitative research approach was adopted. This was conducted using a survey questionnaire to gather information / data to test the hypotheses.

Findings: Analysis has revealed that both Non-Financial Rewards and Financial Rewards are effective in retaining talent in the Maldives Electricity Industry. 

Originality: Literature presents conflicting evidence regarding the relationship between non-financial rewards and talent retention.   This research introduced a novel methodology to the existing body of knowledge on Talent.   Both monetary incentives and non-monetary incentives are crucial for retaining talent within the organization.   The combination of both factors effectively retains talent.

Research Implications: Researchers can utilize the findings of this study and incorporate newly published literature on the subject of Talent Retention.   Practitioners can apply the results to devise and implement strategies aimed at retaining talented individuals within the organization.