Exploring Employee Retention in the Era of Industry 5.0

Abstract

This study investigated the factors affecting employee retention in the Indian automobile industry in the era of Industry 5.0, including the factors such as organizational culture and climate, reward recognition and pay, leadership style and quality, job security, work-life balance, training and development, autonomy, promotions, and career growth. The convenience sampling technique was used to collect data from 141 employees of selected automobile companies using a self-administered questionnaire. The data were analyzed by employing multiple regression and multivariate analysis of variance (MANOVA). The findings of the study revealed that all the selected factors significantly affect employee retention. Training and development is the most influencing factor affecting employee retention in the Indian automobile industry. Additionally, the demographic variables taken in this study have demonstrated differential effects in context of the factors affecting employee retention. This study has also offered insights to automobile industry on Industry 5.0 interventions for employee retention.