Enhancing Employee Retention in Small Businesses through an Innovative Methodology

Bibliographic Data

ID22190200
AuthorsSzilvia MÓDOSNÉ SZALAI (0009-0005-2164-9014, Széchenyi István University), Szonja JENEI (0000-0002-6865-1219, Széchenyi István University), Sándor Remsei (0000-0001-8862-4544, Széchenyi István University)
Year2024
Volume8
Issue16
Pages9607
Publication date2024-12-18
Open AccessYes
TypeARTICLE
VenueJournal of Infrastructure Policy and Development (JOURNAL)
Journal identifiersISSN: 2572-7923 • E-ISSN: 2572-7931
PublisherEnPress Publisher (PUBLISHER)
DOI10.24294/jipd9607
OpenAlexW4405483364
LanguageEN
References cited9

The study aims to examine the labor market challenges and motivational factors for employee retention through the example of a small machinery company in Hungary. In recent years, Hungary’s labor market has faced significant difficulties, particularly due to the COVID-19 pandemic, which resulted in temporary unemployment followed by labor shortages. The research aims to identify the motivational, welfare, and financial factors that contribute to employee retention. Due to the small sample size, we did not investigate the relationships concerning loyalty, commitment, and performance. The research methods included comprehensive data collection at a machinery company employing 24 people located near the Austrian-Hungarian border. During the data collection, we conducted a questionnaire survey that included questions related to benefits, performance, commitment, and loyalty. The collected data were processed by calculating weighted averages and differences. The results indicate that flexible working hours and easy accessibility to the workplace are of utmost importance to employees. There is also a significant demand for performance-based pay and diverse, flexible benefit packages. Employees require both formal and informal professional recognition, such as praise and awards. The research has practical significance for both organizational management and employee well-being. Understanding employee opinions and implementing measures based on these can have four primary effects: improvement in employee performance, reduction in turnover, increase in organizational commitment, and enhancement of the company’s positive perception

Business · Employee retention · Knowledge management · Process management · Collaboration in agile enterprises · Computer Science · Organizational and Employee Performance · Marketing

Tools

Open DOIOpen Access