The informationtechnology (IT) industry had faced the difficulty of employee scarcity as theemployee has a widespread employment prospects not only at the local level butmore prominently at the global level.
The growing employment prospects withbetter terms and conditions of employment have made the employees to look foremployment with another employer. Thus, keeping employees’ satisfied with theircareers should be a major priority for every employer. The organizations shouldfocus on employees with a mission to provide significance to their criticalskills and capabilities (Hay Group, 2013).Even though there is a seriousproblem of un-employability; still the organizations are suffering fromscarcity of employees at some particular level.
The high skilled workers oremployees are keener to work on assignments for career improvement, knowledgeenhancements. Finally when such employees get an opportunity they instantlyleave their current organization. Therefore, employers always face a problem toretain their valuable employees( Storey, 1992; DeYoung, 2000 and Evans et. al.,2000). The progress and success of any company is directly relate to thesatisfaction of the employees who embody that company, that retaining talentedpeople is critical to the success of any organization. Carpitella has shown inher studies that employee satisfaction issues reduced turnover by 50% from thenorms, increased customer satisfaction to an average of 95 % & loweredlabor cost by 12%.
The more satisfied an employee is the less turnover andabsenteeism occurs. Satisfied and convinced employees ensure the company’s successin the long term. A business which has happyemployees is often better equipped to face future challenges than one whichdoes not. Employees who are satisfied and feel valued at work are much morelikely to care about the future of the business they work for. In the month ofJune quarter, attrition at TCS was as high as 15.
9%. The company said itusually saw a rise in April – June, with several existing after annualappraisals and for higher education.The organization is completely atloss when these employees leave. Losing employees means losing knowledge,capital, skills, and experience. Loss of talented employees is loss ofproductivity and revenue. The Indian IT sector attracts foreign directinvestment (FDP) but if employees are not retained by the organizations then itwill affect the employment relationship with the foreign countries and it willaffect the economic growth of the country. Employee satisfaction not onlyenhances the productivity, but also increases the quality of work.
Some people liketo work and they find working an important part of their lives. Some people onthe other hand find work unpleasant and work only because they have to. Jobsatisfaction tells how much people like their jobs. It is believed that anemployee would not like to leave the present job when he is well motivated andfeel committed to the organization and when the job gives him a high level ofsatisfaction.
It can be simply stated as a combination of how an individualfeel, thinks and perceive about his or her Job and it is affected by manyinternal and external factors When an organization really comes up to theexpectations what an employee really needs from his job, it means that theorganization is working towards the Employee satisfaction and understand itsimportance. The stage where the actual benefits meets the expectations it meansemployee satisfaction level is rising up. According to Moyes, Shao &Newsome , the employee satisfaction may be described as how pleased an employeeis with his or her position of employment.Asper experience by Locke, Employee satisfaction is an enjoyable or positiveemotional state resulting from the appraisal of one’s job or job experience.