The Influence of Non-Monetary Rewards on Talent Retention in the Textile Industry

Abstract

Purpose of the study: The study aimed to establish the influence of non-monetary rewards on talent retention in the textile industry in Harare. The study was motivated by the challenges of high labour turnover in the textile industry owing to the depreciation of RTGS dollar against the major currencies, and thus lowering salares of employees earning in RTGS salary denominated payments. The study focused of non-monetary rewards namely: company cars, housing loans, grocery hampers, and phyisical rewards in place of monetary rewards. Methodology: The study applied the explanatory study design which allows a mixed approach of combining quantitative and qualitative data sets to be analyzed sequentially in a single study. Main Findings: The study found that components of non-monetary rewards (Employee achievements, employee promotions, employee praise, and employee recognition) had a positive and significant relationship with retention of talented employees in the textile industry. Conclusions and recommendations: The study concluded that deployment of non-monetary rewards had a significant impact on retention of skilled personnel in the textile industry. The main study recommendation was that managers in organizations are encouraged to recognize achievements of employees and reward them, recognize production history of employees and reward through promotions, employee praise, and employee recognition.