An investigation of remuneration, job satisfaction and turnover intention in a petrochemical company

Abstract

The study was conducted to investigate the relationships between remuneration, job satisfaction and turnover intention in a petrochemical company. In this study, the quantitative method approach was followed in the form of electronic and hard copies of questionnaires distributed. Measuring instruments were utilised to ascertain pay satisfaction, job satisfaction and turnover intention. This approach was chosen as the best approach for this study as it addresses factors related to remuneration, job satisfaction and turnover intention. Employee Turnover is a painful subject for many organisations in a world where there are many economic challenges. Due to changes, organisations are affected by economic challenges in which organisations are required to remain competitive. Structural changes are employed in order to save cost and remain profitable and the remuneration of employees is also impacted. In this study, various models are being explored and applied in order to investigate relations. Pearson’s correlations and multiple regression tests were conducted to test the hypotheses. In this study, a total number of 65 employees participated and the results showed that the more employees are satisfied with their pay, the lesser the chances are for them to have intentions to quit the company. Further to these results, it was also evident that the more employees are also satisfied with their jobs, the smaller the chance is that they will think about leaving the organisation. It is recommended that management should use these findings as a basis to improve remuneration and retention strategies. Future research is also recommended whereby the entire organisation would participate in order to develop comprehensive strategies