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ijcrb.webs.com INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS BETA B STD. ERROR T p-VALUE Intercept Job retention ( JR ) 0.975 1.132 .011 104.46 0.000 Regression Analysis for Jon satisfaction and job retention together with Job performance (Table 5) revealed that adjusted R- squared was found 0.975 which is a high effect size. It explained 97.5 percent of the total variance. The overall p-value is
ijcrb.webs.com INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS which does not support to the previous findings. This study had an important impact on researchers, and in some cases on organizations, with some managers and HR practitioners concluding that the relationship between job satisfaction and performance was trivial. In addition, in a comprehensive review of 301 studies, Judge, Thoresen, Bono, and Patton (2001) found that when the correlations are appropriately corrected (for sampling and measurement errors); the average correlation between job satisfaction and job performance is a higher 0.30. This finding is supportive of current study sampling and measurement as results of job satisfaction and job performance (0.52) is a higher than 0.30 Thus, contrary to earlier reviews, it does appear that job satisfaction is, in fact, predictive of job performance and the relationship is stronger. Previous work of Fried & Ferris (1987); Parisi & Weiner (1999); and Weiner (2000) envisaged that major job satisfaction areas includes, satisfaction with the nature of the job itself, including job challenge, autonomy, skill variety and scope, best predicts overall job satisfaction, as well as other important outcomes like job retention. Correlation between job satisfaction and job retention in this study is (r = 0.34) which is statistically significant. Hence these finding support the work of Fried and Ferris (1987); Parisi and Weiner (1999); and Weiner (2000). Job satisfaction, which shows organization‘s interest in the compensation and career growth of the employee, has a direct influence on an employee‘s commitment to the organization, which in turn affects employee retention and employee productivity and finally results in increased job performance. This is in conformity with the finding of Igbaria and Greenhaus (1992). Since most of the professionals in the organizations were in their mid career, they look for career growth. More than pay, prime value is given to growth opportunities. If there is scope for career growth in the organization, employees feel attached to the organization and remain longer and contribute towards organizational success. The influence of organizational commitment on employee retention and productivity is very much in consistency with previous studies (Becker, 1960; Allen & Meyer, 1996; Mowday et al., 1979). Organizations that are interested in a long-term relationship with employees reap the rewards in financial terms through increased productivity and long term affinity of the employee with the organization. It is really inspiring to observe that expenditure on employees is not an overhead, but a long-term investment for greater long-term returns. Although salary package is a major cost in the public sector regulatory authorities, good compensation packages have a direct positive impact on job satisfaction and job retention for highly qualified and trained manpower to enhance the productivity of the organization. This is in agreement with the Harvard approach that all HRM practices should lead to cost effectiveness (Beer et al., 1984). This reveals that a well-designed compensation system can reduce operating costs. It might be through enhancing the commitment of employees to contribute more to the organization. Higher pay may not always increase operating costs if it is used to enhance overall productivity of the organization. Many previous studies found compensation and rewards to be the major factor deciding the organizational commitment of employees (Steers, 1977; Mowday et al., 1982; Angle, 1983; Mottaz, 1988). Compensation might be a major criterion for COPY RIGHT © 2011 Institute of Interdisciplinary Business Research 175 JANUARY 2011 VOL 2, NO 9
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