Problems and prospects of faculty retention at self financing engineering colleges in coimbatore region with special reference to generation x and y

Abstract

In a dynamic and turbulent business environment, every organizations growth and sustainability rest on the performance of the employees over there. Therefore it is necessary for the management to meet their demands and also to satisfy so as to retain the talented workforce for the success of the organization. Organizations have the challenges in attracting, moulding, developing and retaining the employees as the unprecedented nature of business warrants these. Unstable business environment, global economy, technology and competitors are some of the few factors that impacts on human resource functions. The demand for skilled employees is very high, so it becomes difficult for organizations to retain their valuable and competent workforce. There are various studies over the years at global and national level which explored the importance of retention in organizations. These studies concluded that any organizations growth and development is the outcome of the employees knowledge, capabilities and efforts put forth by them. It was also confirmed in these studies that to make the human resources to be attached with the organizations, appropriate strategies should be implemented. Otherwise, organizations objectives cannot be achieved. Nowadays, employee retention is a tough job which has to be focused by every organization irrespective of the size, capital and nature of the business etc. Generational differences, especially between Gen X and Gen Y have been important subject for many academic researches for years. In the academic literature it is found that this subject is investigated in different fields of social sciences such as organizational behavior and human resources management. So, human resource department has to frame policies and procedures to keep holding the talented pool of employees for the achievement of the organizations goals.This study is a descriptive research aimed to examine the problems and prospects of faculty retention at self-financing engineering colleges in Coimbatore region with special