An exploration of effective retention strategies to curb staff turnover in a competitive environment: a case of PSMAS

Abstract

Staff turnover is a global challenge for organisations and does not have a one-size-fits-all panacea but rather should be addressed contextually. The purpose of this study was to explore effective retention strategies to curb staff turnover challenges in the current competitive environment at PSMAS. Retention strategies were explored in other studies, but there is a contextual gap in retention strategies for medical insurance businesses in Zimbabwe. The current study therefore seeks to explore effective retention strategies in the Zimbabwean context. Mixed methods and pragmatic philosophical approaches were adopted because they explore the depth of qualitative and the objectivity of quantitative approaches. Triangulation was also adopted to gather data from 46 participants who include current employees, former employees, and key managerial personnel through document analysis, interviews, and closed and open-ended questionnaires. Triangulation's major advantage to the current study is that it enhances the validity of the study. The research found that effective retention strategies include but are not limited to competitive remuneration, creation of a positive work environment, attractive recognition and reward programs, improving the employer brand, enhanced effective communication practices, and promotion of transparency. The research concluded that current retention practices at PSMAS are not effective, and staff intention to leave is high; therefore, there is a need to implement effective retention strategies as highlighted in research findings. The study findings imply that, if adopted and applied may improve service delivery to members and service providers, and aid the achievement of national development strategies.