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Retaining employees in an organization has become an important area of concern in this competitive scenario for the success of the organization (Mowday, 1998). Studies related to employee turnover have highlighted that job dissatisfaction and low level of commitment increase the employees’ intention to leave the organization (Long et al., 2012). Mathieu and Zajac (1990) identified that organizational financial benefits can be increased as a result of retaining competent employees, which includes reduced turnover, less training costs (Tett and Meyer, 1993). Brunetto et al. (2012) highlighted that satisfied employees have higher commitment level towards their organization in comparison to the less satisfied employees. Employers are more concerned about improved performance, lower absenteeism, less chances of withdrawing, whereas, employees are more concerned about their salaries, promotions, respect and so on (Kumar et al., 2018). If there is a match between the employees’ goals and organizational goals, the employees are more likely to remain loyal and committed to their organizations (Sharma, 2019). India’s top organizations are also facing issues in hiring and retaining talented employees.
According to the researchers, it was believed that IT personnel differ from non-IT employees in terms of job design which leads to greater satisfaction (Traymbak and Verma, 2021). Millennials are also important for the technology sector as they are digital natives. The millennials have surpassed other generations and retaining such a large workforce have challenging for the policymakers. They are more concerned about their career and if there is a mismatch in the skills and the jobs, they are willing to shift jobs (Chavadi et al., 2021). Millennials consider it critical that the organization must provide growth opportunities for the overall development and to enhance their leadership skills (Prakash et al., 2021). Organizations strive to retain their talented employees and the millennials are three times more intended to switch their jobs (Ertas, 2015).
Joseph et al. (2007) confirmed that young employees are more prone to quit the organizations in comparison to older employees. Due to the rise in job hopping, retaining millennials is a new challenge faced by the organizations in this competitive scenario. Therefore, organizations have understood the need to retain talented workforce and engage them to achieve organizational objectives. This generation has a different perspective for growth and development in the technology sector and they can offer innovative ideas to the organizations for the effective functioning of its organizational activities. The ideas and approach of such employees are becoming a pathway for innovations in technology industry. Millennials, consisting a major portion in today’s workforce are willing to receive good salary packages and career development and continues to look for alternatives until they find similarity between their own values and values of the organization (Lester et al., 2012). According to the studies in IT sector, turnover intention has been observed as a result of commitment and job satisfaction (Carayon et al., 2006).