Examining Human Capital Theory. Strategies for Retaining Millennial Employees in the Bakery Industry

Master's Thesis , 2022 , 52 Pages

Business economics - Business Management, Corporate Governance

This paper deals with the critical examination of human capital theory in the context of modern workforce dynamics, particularly focusing on millennial employees in the bakery industry. Human capital, encompassing stocks of habits, knowledge, and social attributes, is deemed the primary asset for companies, essential for achieving goals, fostering innovation, and ensuring competitiveness. Historically rooted in the works of Adam Smith and Gary Becker, the theory posits that experience translates into knowledge and skills, a notion that has come under scrutiny due to its oversimplification. In the past 15-20 years, organizations have emphasized human capital, yet the integration of millennials—who will constitute 50% of the workforce by 2020—presents new challenges. Millennials prioritize meaningful work, high pay, and flat management structures, diverging from previous generations in their values and workplace expectations. Consequently, businesses must adapt to attract and retain millennial talent, with servant leadership emerging as a potentially effective management style.

The bakery industry, like many others, faces significant issues with employee retention, particularly concerning millennials. The study highlights the need to address factors such as working relationships, benefits, work flexibility, and discipline, which influence millennial turnover. The research aims to explore the flaws and challenges within the organization, seeking to develop interventions that enhance employee retention and satisfaction. By examining the applicability of human capital theory to contemporary workforce needs, this study aspires to offer actionable insights for creating a conducive learning and growth environment for millennial employees, ultimately supporting organizational success.

Inhalt

Abstract

Chapter 1 The Problem

Chapter 2 Research Methodology And Procedure

CHAPTER 3 Presentation, Analysis, And Interpretation Of Data

Chapter 4 Summary Of Findings, Conclusions And Recommendations

References

Abstract

University of the Visayas

The research found that Generation Z or the millennials comprised mostly the working class in recent times just like in bakeshops and other related industries. This makes it vital for the bakeshop industry to recognize the differing needs of these types of workers. They easily get bored and do not have any qualms about leaving the workplace. Thus, this study was geared toward looking at the factors which determined their workplace migration. Self-preservation is the number one reason why employees opt to leave their companies. A work environment free from injuries and accidents attracts employees. A safe work environment is essential for both employees and employers alike. If they find that it is no longer healthy and safe for them to stay, then they would rather leave. Also, protecting the workers means a decrease in absences, with more efficient and productive workers. Workers are more productive in workplaces that are committed to health and safety. Reducing downtime caused by illness and accidents means less disruption – and saves the business money.

Moreover, retention and giving of rewards to employees would make them stay. Promoting them from the rank and file makes workers feel that their length of service is valued by the management. So, if they feel that they are not being properly rewarded or promoted, they tend to leave, as shown in Table 5. They do not care whether they will be trained; or developed or if there is more engagement, if they will be promoted, would be enough for them to stay and not leave. Also, change in management or the management of internal talents does not really affect employee retention as you can see in Table 6 below. They do not care about who will be their superior as long they will be treated well and that they would not bring many changes detrimental to the present condition of the workplace.

Keywords : Millennials employees, Employees retention plan, Factors of HC theory at the individual and organizational level, Likelihood to leave the organization.

Chapter 1 The Problem

Introduction

Human capital is considered the number one company asset that includes stocks of habits, knowledge, social and personality attributes resources based on humans to produce economic value. In other words, human capital is unique and differs from any other capital, it assumes that individuals are motivated to increase their relevant qualifications and experiences to increase likely their future earnings, therefore, the primary purpose of education must be to enhance productivity and it is needed for companies to achieve goals, develop and remain innovative. However, human capital theory usually assumes that experience is translated into knowledge and skills. (Wikipedia). This assumption is problematic, however, because the length of experience is not necessarily a good predictor of expertise (Sonnentag1995).

The original idea of human capital can be traced back at least to Adam Smith in the 18th century. The modern theory was popularized by Gary Becker, an economist and Nobel Laureate from the University of Chicago.

Human capital has been a major emphasis and priority for organizations for the past 15–20 years, including the bakery industry; however, changing demographics in the workplace dictate that organizations step up these efforts. By 2020, millennials will make up 50% of the workforce, demanding relevant and meaningful work with high pay and a sense of accomplishment as key job factors (Deal, Altman, & Rogelberg, 2010; Schullery, 2013). Millennial employees have values and worldviews different from other generations (Deal et al., 2010; Kultalahti & Viitala, 2015). Further, millennials approach employment and developing relationships (Hershatter & Epstein, 2010) and want a flat structure of management, freedom in the workplace, and unspecialized work roles (Gialuisi & Coetzer, 2013).

Business organizations rely on the brainpower of employees. This is an immutable fact of the knowledge economy. If organizations want to be competitive and retain top Millennial talent, organizations must make themselves attractive to Millennials. This will require that organizations develop a leadership base that is suited to lead Millennials. Servant leadership is likely the optimal leadership style for creating an organization a preferred workplace for the Millennial generation. But how can this be possible when people leave their organizations for different reasons? Organizations depend on this human capital to succeed in today’s economy (Nakamura, 2003; Van de Ven, Polley, Garud, & Venkataraman, 2001; Nooteboom, 2002). Due to increasing competition and changes in the employer/employee relationship, organizations know that without continual development of and investments in human capital, they run the risk of failure—organizations know that human capital is the primary determinant of organizational success (Hand & Lev, 2003; Nooteboom, 2002; Shapiro & Varian, 2003).

Being a Director for Operations in the bakery industry, the researcher has personally noticed, that there are problems encountered by management when it comes to employees leaving the organization which arose as a result of the differences and conflicting views that tend to hinder the success of the organization. Based on observation, there were a lot of changes in the characteristics of our employees in the past and at present. With millennials coming into the workforce, it is inevitable to impose varying levels of adjustments in the different aspects of work particularly on working relationships, benefits, work flexibility, and discipline, among others, like, factors that attributed to the millennial employees’ decision to leave the organization that need to be addressed because it affects the working relationship and the success of the organization. These factors that influenced the millennial in leaving the organization if not solved would create an environment that would not be conducive for learning and fostering growth. The management needs to provide an organization that is conducive to the learning of the millennial and thus fosters quality learning. There is a felt need to make the study of the flaws, problems, and shortcomings encountered in the organization. Effecting changes and improvement are very helpful in promoting effectiveness and satisfaction with the services provided by the manager and employees. However, other than that, the researcher also noted that despite the adoptive changes imposed in the company, the turnover rate, and turnover intention of the younger generation of employees have become so evident. This is somehow a cause of concern for the organization considering the cost, effort, and time invested on talent acquisition and development. And as to how this issue has gone alarming remains a question on the researcher’s mind.

This study seeks to find answers to these problems by analyzing modern-day human capital theory and assessing its applicability and relevance to current workforce generations’ characteristics and needs. The researcher came across the idea of coming up with this research to come up with measures for the improvement of the analysis factors causing millennial employees to leave the organization. Considering the vast generation gap in the labor force today, this study can either support or refute the existing theory of human capital, and as an output, this hopes to come up with interventions to retain, develop, and create an effective Retention program for the millennials.

Theoretical background

The study is anchored on Human Capital (HC) Theory. The term human capital can trace its roots to the early 1960s, when Schultz (1961, p140) proposed that HC consisted of the ‘knowledge, skills and abilities of the people employed in an organization.

Employee trainings which include more learning opportunities aside from career development and management which may result to more motivation and engagement are the vital principles of Human Capital (HC) theory. Reward, and talent retention are antecedents of human capital at the individual level. Varied employee background, previous experiences, and the equality, health and safety in the workplace are also included. The focus of human capital is on the employee and how he performed his job involving his knowledge, skills, abilities which may contribute to capabilities in the organizational level, which would link to human capital at the organization level.

The basic premise behind HC theory is that people’s learning capacities are of comparable value with other resources involved in the production of goods and services (Lucas 1990). Applied in the context of organizations, human capital theory suggests that individuals who invest in education and training will increase their skill level and be more productive than those less skilled, and so can justify higher earnings as a result of their investment in human capital. As Becker (1993) suggests, ‘schooling raises earnings and productivity mainly by providing knowledge, skills and a way of analyzing problems’. One of Becker’s most important contributions to employee development theory relates to training. Becker (1964) argues that, on the whole, investments in education and training will improve productivity; however, it is the type of training that determines who will pay for the training, that is, the employee or the firm.

However, Becker (1964) challenged this assumption and argued that organizations would be more willing to share the costs of firm-specific training as it is valuable to the incumbent firm only. This is due to the observation that employees and potential employers would not benefit from the same level of productivity if they changed jobs. Becker argued that employees themselves would have the right incentives to improve their general skills because, in competitive markets, they are the sole beneficiaries of the improvements in their productivity (Acemoglu and Pischke 1999). Moreover, workers can undertake such investments quite easily by accepting a lower wage than their productivity during the period of training (Becker 1964). This connotes that employee are willing to spend for their training but are looking for a return on investment such wage increase, better company position, and promotion as well.

Employee education . Training and education are vital for both the employer and the employee himself. In the organization, trained and highly skilled personnel are assets to the company. Becker’s (1964) research was a milestone for employee development theory. Much of the contemporary literature on training and development finds a positive relationship with both individual performance (Schmidt 2007; Jones, et al., 2012; Bapna, et al., 2013) and firm-level performance (Hatch & Dyer 2004; Vidal-Salazar, et al., 2012; Georgiadis & Pitelis, 2016). Armstrong (2014) and Machado and Davim (2014) have highlighted that employees have several avenues for attaining new knowledge, including workplace learning, self-directed learning, e-learning, and mentoring. Additional trainings in the workplace do not have a hard and fast rule. It is experimental. Self-directed learning is largely self-paced. Individuals review what they have learned, what they have achieved, what their goals are, how they are going to achieve those goals and what new learning they need to acquire (Armstrong 2014). According to Klinge (2015, p1), mentoring is ‘traditionally a process in which an experienced person (the mentor) guides another person (the mentee or protégé) in the development of her or his own ideas, learning, and personal/professional competence’. E-learning involves the use of computer, networked and web-based technology to provide learning material and guidance to employees (Armstrong 2014).

Employee retooling. According to Nadler (1979), ‘employee development is concerned with preparing employees so that they can move within the organization as it develops, changes and grows’. The spiraling development of employees is vital in an organization to keep them relevant in the market and the assessment of that improvement cannot be taken for granted. Employers must ensure employees have a career path in the organization. Gaffney (2005) emphasized that it is not enough to have employee development plans in place; career plans must be put in place and aligned with employee goals in order to reduce employee turnover and to increase employee engagement (Byrne, 2015). According to Elliot and Covington (2001), motivation can also be defined as one’s direction to behavior, or what causes a person to want to repeat behavior and vice versa.

Employee engagement. Employee engagement is linked to employee creativity (Eldor & Harpaz, 2016). This may be because of the observation that when employees are invested in their work, they are more likely to have a better understanding of their work and therefore opportunities for improvement or experimentation (Eldor & Harpaz, 2016). Employees who are more involved in the company activities and decision-making are more creative than those who were left out in the corner to rot. It also could be the case that employee empowerment, an antecedent of engagement, could be the catalyst for creativity (Sun, et al., 2012). Innovation is directly linked to employee attitudes and attitudes can influence or disrupt this innovation (Antons & Pillar, 2015).

Internal recruitment and succession . According to Fuller and Huber (1998), there are four distinct internal recruitment activities, including promotions from within, lateral transfers, job rotation and rehiring former employees. Organizations must consider personnel development as a succession plan. This may include providing opportunities for promotion (Benson, et al., 2004). However, where internal promotion is not viable, new learning opportunities and skill variety initiatives such as job rotation may prove to be practical alternatives (Wrzesniewski, et al., 2010; Stahl, et al., 2012; Taylor, 2014). The direct economic costs associated with losing talented employees include the costs of replacing an employee, the exit of the employee, and the downtime that occurs because of the employee’s exit (Hagen Porter 2011). Moreover, the firm incurs the cost of recruiting, interviewing, and training a new hire (Hagen Porter, 2011). Other estimates of associated costs for losing and replacing employees vary between 1.5 and 2.5 times the annual salary paid for a job (Cascio, 2006).

Talent retention and reward. This may include providing opportunities for promotion (Benson, et al., 2004). However, where internal promotion is not viable, new learning opportunities and skill variety initiatives such as job rotation may prove to be practical alternatives (Wrzesniewski, et al., 2010; Stahl, et al., 2012; Taylor, 2014). The direct economic costs associated with losing talented employees include the costs of replacing an employee, the exit of the employee, and the downtime that occurs because of the employee’s exit (Hagen Porter 2011). Moreover, the firm incurs the cost of recruiting, interviewing, and training a new hire (Hagen Porter, 2011). Other estimates of associated costs for losing and replacing employees vary between 1.5 and 2.5 times the annual salary paid for a job (Cascio, 2006). It is not the revenue losses that matters most when employees leave the workplace but the work disruptions, the altercation of the natural course of action in the workplace.

Health and safety . When employees develop good health and safety practices, they are more engaged, productive, and loyal — all critical elements to organizational sustainability. Effective occupational health and safety (OHS) management helps workers safely operate in their work environments, making OHS a foundational element of human capital. Effective management of an organization’s human capital underpins corporate performance and sustainability.

Previously, the importance at the individual level is considered important for the assessment. In addition, as a human is a multi-level concept, the impact of human capital resources on individual outcomes is also discussed (Ployhart, et al., 2014). Although it is associated with the impact of unit-level resources on best practices and competitive advantage, human capital is linked to outcomes in the company’s level.

Barney (1991) argues that in the resource-based view (RBV), the said resources include ‘all assets, capabilities, organizational resources, firm attributes, information and knowledge controlled by a firm that enables the firm to conceive and implement strategies that improve efficiency and effectiveness’. Barney (1991) further states that a firm’s resources can be grouped into three categories, namely, human capital resources, organizational resources, and physical capital resources.

Over time in a changing environment, the dynamic capability theory (DCT) is introduced so that the concept of firm adaption and competitive advantage remains a priority. It is a relatively new theory when compared with the RBV, yet in many ways DCT can be described as an extension of the latter (Helfat, et al., 2007; Ambrosini, et al., 2009). To a greater extent, DCT is being applied to the fields of HC and knowledge management because of the observation that the former can be leveraged as a capability for change (Wang et al 2012). For example, an organization implementing an environmental strategy due to pressures in their external environment will rely on the workforce’s absorptive capacity to develop creative environmental solutions in order to bring about knowledge routines based on sustainable operational practices (Russo 2009).

Indeed, transactional leadership, which is based on an exchange relationship in which the leader makes clear what is expected of followers (Bass, 1999; Yukl, 1999). While transformational leadership has been linked to innovative capabilities (Lee, 2007; Pieterse, et al., 2009) and is defined as a leadership style that transforms followers to rise above their self-interest by altering their morale, ideals, interests and values, motivating them to perform better than initially expected. Hence, it is argued that transformational leadership leaves more room for employee flexibility and exploration, contributing towards the firm’s innovative capabilities (Pieterse, et al., 2009).

Grant (1996) builds on this understanding by asserting that ‘explicit knowledge is revealed by its communication’ whereas ‘tacit knowledge is revealed through its application’. The knowledge- based view (KBV) ‘focuses on knowledge as the most strategically important of the firm’s resources’ (Grant, 1996). Hence it has a good degree of fit with the principles of human capital management (Becker, 1975) and the conditions necessary for the development of firm-specific capabilities (Mahoney & Kor, 2015).

The perspective of human capital structure facilitates human and social, capital as well as knowledge-sharing and creativity. For example, Han, et al., (2014) demonstrate that MBA teams composed of students from different industrial backgrounds (that is, knowledge variety) and the number of years of work experience (knowledge disparity) have a joint mediating effect on team-bridging social capital, that is, social relationships derived from an organization’s external network, culture, and structure. Kaplan, et al., (2001) highlight, “the KBV integrates at the group and the firm levels of analysis to what had been a construct only at the individual level of analysis. By so doing, it puts emphasis on the interactions among individuals and groups for knowledge-sharing and creation (like the development of routines), and ultimately the implications of such interactions for competitive advantage.”

With millennials comprising a large bulk of the workforce today, and their explorative nature, it is but necessary that these human capital theories be investigated and considered as potential factors of retention and turnover. These human capital theories at the individual and organizational levels are both necessary in determining employees’ retentive nature and their capacity to perform their work at their best. Most of the literature about human capital focused on measures and the impact of human capital theories and initiatives vis-à-vis employees’ tendency to stay or leave the organization. The Factors that contribute to Millennial Employee Turnover Rates which will be the basis in formulating a customized Retention Plan can be seen in Figure 1.

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Figure 1. Schematic Diagram of the Theoretical Framework Contributing to Millennials Employees’ Turnover Rates.

THE PROBLEM

Statement of Purpose

The primary aim of this research is to determine the millennial employees’ intention to leave the organization and the factors in the Human Capital theory influencing their intention to leave during the calendar year 2020-2021 as basis for formulating an Employee Retention Plan.

Specifically, this seeks to answer the following questions:

1. What is the likelihood (level or tendency) at which millennial employees leave their current organization?
2. What factors in the Human Capital theory do millennial employees consider in their intention to leave the organization?
3. What is the extent to which factors of the Human Capital theory influence the millennial employees’ tendency to leave the organization in terms of:
3.1 Human Capital factors at the individual level, and
3.2 Human Capital factors at the organizational level?
4. Is there a significant relationship between the likelihood (level or tendency) of the millennial employees’ intention to leave the organization in relation to :
4.1 Individual Level,
4.2 Organizational Level?
5. Based on the findings, what employee retention plan can be drafted?

Statement of the Null Hypotheses

Ho1: There is no significant relationship between the likelihood of millennial employees to leave the organization and the factors in the Human Capital theory they consider in their intention to leave.
Ho2: There is no significant relationship between the likelihood of millennial employees to leave the organization and the extent to which the factors in the Human Capital theory influence their intention to leave.

Significance of the Study

To make this study worth undertaking, the researcher identified the following stakeholders and sectors who will benefit the findings of this research.

Business Operators (in SMEs, and large businesses). Through the data of this study, the business operators can come up with more employee- attractive measures, enabling them to retained their employees and maximized their potentials to yield commendable performance for the company. Moreover, business operators can also do something with their employee development programs to address the needs of millennial employees.

Policy- makers. Through the findings of this study, the following agencies such as Department of Labor and Employment (DOLE), Department of Trade and Industry (DTI), or National Economic Development Authority (NEDA) can come up with measures on how employers would best handle their talents specifically those falling in the millennial generation.

Millennial Employees. Because they are the primary source of data for this research, the output of this study will be drafted and suited to their needs. In the end, millennial employees can have better reasons to stay in the organization for longer periods and can take advantaged of the retention plan or program that the researcher wish to formulate at the culmination of this undertaking.

Customers/ Clients. With improved employee retention program and the millennial employees staying longer in the organization, the customers and business clients and customers can benefit from better service quality in the future.

Academic Community. By academic year 2021, the academic community, through the data, can consider including in their learning outcomes the ability of the students to measure human capital factors to improved business results when they become business executives in the future, or handle high business positions in different organizations.

Researcher. Being a Director for Operations, handling people can be challenging, especially retaining them. The researcher will be enlightened on the needs of the employees and come up with more proactive measures to address their needs and retain them as this study will give the researcher a bird’s eye view of the current situation the millennial employees are in as far as the company is concerned.

Future researchers. The findings of this study can assist future researchers to come up with other studies utilizing different settings, designs, respondents, among others. Data stemming from this study can be re-processed or re-analyzed using different statistical tools and treatments.

Limitations

The scope of the study was limited to young workers, or they are called millennials, who experienced working in a bakery within Cebu Province. Thus, this makes the results true only for the population of bakery workers in Cebu Province and cannot be generalized to other provinces.

DEFINITION OF TERMS

For the research community to have better understanding of the concepts and variables in this study, the researcher operationally defines the terms as follows:

Employee Retention Plan. This refers to the output of this study. It shall be developed and proposed by the researcher based on the findings and will comprise different strategies and measures to address the needs of millennial employees, encouraging them to stay in the company

Factors of HC Theory at Individual Level. These are human capital factors that individual employees target to enhance and developed in themselves for them to become more productive at work. These include education, training, employee development and engagement, retention, succession, and rewards. These have been defined in the theoretical framework in this study and will be measured in two ways; (a) the likelihood that they be considered by millennial employees in their intention to leave the organization, and (b) the extent to which these factors influence the millennial employees’ intention to leave the organization.

Factors of HC Theory at the Organizational Level. These are the factors of human capital that organizations target to enhance including leadership, change management, firm structure, firm culture, and talent management for them to help employees perform at their best. These have been defined in the theoretical framework in this study and will be measured in two ways; (a) the likelihood that they be considered by millennial employees in their intention to leave the organization, and (b) the extent to which these factors influence the millennial employees’ intention to leave the organization.

Likelihood to leave the organization. This refers to the tendency at which the millennial employees leaved the company and rated as highly likely, likely, less likely, and not likely to leave the organization.

Millennial Employees. They are the respondents of the study with ages are between 24 to 39 years of age or at birth years between 1981 to 1996.

Chapter 2 Research Methodology And Procedure

This chapter discusses the research design, sampling technique, sample size, participants, instruments, environment, data gathering mechanics and procedure, and data analysis to be employed. This chapter also presents the conduct of the paper which includes the ethical consideration to make sure that it is ethically sound and technically correct.

Design

This study employed a quantitative non-experimental, correlational design, particularly a non-predictive method. Correlational designs seek to determine the functional relationships between two or more variables with at least one dependent and one independent variable.

In addressing this method, the researcher utilized descriptive correlational research design, and the educational attainment and the length of service were considered and connected with the different factors of the Human Capital Theory, both organizational and individual level and it is important to establish the relationship to be able to come up with a more emphasis (intensive) employee retention plan for the future of the organization.

Environment

This study was carried-out within the walls of the head office at C. Padilla St., Cebu City where the researcher is holding office. The company is in the bread – baking industry and has been serving the community for more than 40 years since its founding.

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Figure 2: Research Environment Map of Cebu Island

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Figure 3: Research Environment Map of Cebu City

With more than two thousand overall employees from the corporate office and bakeshop operations in which 200 employees are holding office at C. Padilla office, the company is showing a great deal of variety of workforce ranging from baby boomers to centennials with a large base coming from the millennial generations or Generation Y. A bakery team performance reward system to all employees is also in place to motivate all teams nationwide to excel both sales and operational efficiency including bakeshop maintenance.

Respondents

There are more than two thousand employees in the bakeshop operations and about 200 from the corporate office including the construction team of the research environment. With this number, the researcher shall make every millennial employee a possible prospective respondent.

With regards to the inclusion criteria, the following shall be considered: (1) employed full-time in the company either in the corporate office or in the bakeshop; (2) respondent should belong to the millennial generation (born between the years 1981 to 1996); (3) should be a regular employee, regardless of length of time he/she has worked in the company; (4) of legal age, sound mind, and able to read, write, and comprehend instructions in the English language; (5) will voluntarily participate in this research undertaking; and (6) not resigning soon or not a candidate for lay-off or termination.

As for the exclusion criteria, the researcher has listed the following: (1) contractual employees or those employed only on a part-time, project-based, or seasonal nature; (2) employees who belong to any generation other than Generation Y or millennials; (3) employees who are still in their probationary period; (4) employees who have filed resignation or awaiting effectivity of lay-off or termination; (5) those who cannot read, write, or comprehend instructions in the English language; and (6) considering not-at-will participation.

Table 1 Survey Respondents (1.7% of the total population)

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Sampling Technique.

At least 34 qualified employees were considered in the study’s goals and target whose age fall under the millennial generation were included as respondents of the study using random sampling and the researcher considered the respondents to increase the findings’ confidence level.

The researcher distributed the questionnaires online and collected them using an enumerator in retrieving as many possible to target respondents. Non- Physical data collection and Google forms were employed in data gathering.

Instrument

The researcher utilized a researcher-made questionnaire using the concepts as discussed in the theoretical background and review of related literatures and studies which were validated and pretested with a Cronbach alpha reliability score of 0.89 overall. The tool did not contain respondents’ identification to maintain anonymity except for education and years of experience which are asked for profiling purposes and it was written in English.

The first part of the questionnaire is a one-question segment that was established the respondents’ likelihood to leave the organization soon. It is answerable by just checking any of the four scales representing the participants’ response, namely: Most inclined to leave the organization, inclined to leave the organization, less inclined to leave the organization, and not inclined to leave the organization. In this portion, no numerical codes will be assigned and will only be analyzed by counting how many checked in each of the four scales and establishing how many are highly likely, likely, less likely, and not likely to leave the organization soon.

The second part of the questionnaire lists all the factors in the Human Capital theory from both organizational and individual levels. It will require the respondents to rank from 1 to 5 in the organizational factors and 1 to 6 in the individual factors and in terms of how much they consider each of the factors in their intention to leave the organization. In the ranking, 1 (one) means the factor most considered and the lowest (5 and 6, respectively) are the factors least considered in the employee’s intention to leave the organization.

The third and last part of the questionnaire is a Likert-scale measurement that will establish how influential the factors are in their intention to leave the organization. The premise that lies between part 2 and part 3 of the questionnaire is the assumption that employees may consider certain factors but not find them very important in attributing it to their intention to leave. There are 11 statements, each representing one factor on the Human Capital theory (5 for organizational and 6 for individual). After each statement, the respondents will be required to check whether it is extremely important, very important, less important, and not important in their intention to leave the organization. A numerical code is assigned to each scale at 4, 3, 2, 1 respectively. In analyzing the descriptive outcome of this aspect, the researcher is guided with the parameter limits (see table 2):

Table 2 Parameter limits for descriptive outcome

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The implied consent can be obtained before the respondents start answering the questionnaire, and the researcher distributed out the written consent to be sure that each respondent understands the research protocol and signify his or her willingness to voluntarily participate in the study by affixing his or her signature. Even if have started answering the survey the respondents still have the right to withdraw or cancel their participation in the study.

Data Gathering Procedures

A three (3) proposed titled being submitted for approval and then a letter asking permission from the Dean to be secured together with the company administrator or President permitting the conduct of the study shall be signed and secured before the research proposal defense, allowing the researcher to field the questionnaire in the chosen environment. An ethical clearance from the Institutional Review Board (IRB) office will be obtained following their protocol for ethics review. Once the researcher is cleared by the ethics board and surpasses the proposals, the researcher will field the questionnaires to target respondents. To answer the questionnaire the target respondents will be given ample time, about 30 minutes the most. The researcher, while doing so, shall make himself available for any concerns that may come from the respondents. Only the researcher and adviser are authorized to access the instrument.

To ensure that all questions have been answered and no participants missed any aspect of the survey an orderly collection of the fielded and answered survey questionnaires shall be done. The researcher will field the questionnaires online and will collect as many retrievals as possible to target respondents. Google Forms and other non-physical data collection methods will be employed in data gathering. This is to also aid in ensuring that research findings will not be affected by the inadequacy of sample size. All data from the answered questionnaires shall then be organized and transcribed by encoding the data, and then preparing them for data analysis. All data gathered shall be destroyed after completion of the research study and final defense.

Data Analysis

The researcher in analyzing the data employed the aid of a statistician. However, the researcher based on the type of data to be gathered identifies the following data analysis tools to be used in this study, namely: (1) percentage and frequency count, to establish the likelihood to which millennial employees leave the organization; (2) statistical ranking, to establish the order of factors in the Human Capital theory that millennial employees consider in their intention to leave the organization; (3) weighted mean, to analyze the extent of the factors of the Human Capital theory which influence the millennial employees’ intention to leave the organization; (4) Chi- square test of goodness of fit, to determine the relationship between the likelihood and the factors considered by millennial employees in the intention to leave the organization; and (5) Eta statistics, to determine the relationship of factors between the likelihood and the extent to which influence millennial employees’ intention to leave the organization.

Percentage and frequency count and statistical ranking. This is computed using the formula in (1).

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Ethical Considerations

The following principles were strictly observed in the conduct of the study.

Human Rights Protection. For the protection of the respondents’ interests, three ethical standards will be followed. These are the ideals of charity, respect for people, and of justice. The first principle to be adhered also is beneficence. This is related to the duty of the researcher to minimize the risks and maximize the study's benefits. The principle also requires not to cause any harm to the respondents and this will be achieved in the research by not implementing any procedures, alternatives or treatments.

The second principle is that of respect for persons. This applies to respondents ' right to decide what activities they part in or will not take part. Participants are made to understand that they are only being asked to answer a survey questionnaire on validating the factors of Human Capital theory in their intention to leave the organization and make a rational decision on the impact of participating in the research on them, and make a choice to freely participate or willingly free of coercion, undue influence or restriction. As evidence of this willingness, a consent form will be used as evidence of the willingness of the respondents to participate.

The last principle is justice for the respondents should be selected equitably. To do this, criteria for inclusion and exclusion are used when recruiting the respondents. Further, the study will not include any vulnerable subjects. Participants are subjected to the same data collection process in which to answer a questionnaire. This research will make the respondents one of the beneficiaries of this study.

Transparency. The researcher also intends to provide copy of the study to the company for intervention and review. The researcher, also intend to present the findings of the study to the board of trustees of the company. The researcher also hopes to present the study in either international, national or local research congress through either oral or poster presentation.

Risk-Benefit Ratio Determination. The significant potential benefits for the respondents are guaranteed to minimized or limit the hazards and maximize the benefits in the study.

Benefits. The benefits will be derived from doing this study are the following: (a) The retention plan or program that the researcher wish to formulate at the culmination of this undertaking, the millennial employees can take advantage of it; (b) business operators to come up with more employee- attractive measures to maximize their employees potentials and enabling them to retain their employee and to yield commendable performance for the company; (c) business clients and customers can benefit from better service quality in the future. With employees who are satisfied with their jobs and employers, they will surely give the best value- added service to clients, this can be possible if employee turnover is low and employees continue to improve and hone their skills while they stay in the organization.; (d) the academic community, through the data, in can help the students ability to measure human capital factors to improve business results when they handle high business positions in different organizations in the future; (e ) Through the findings of this study, the management or policy-makers can come up with measures or programs design specifically to the millennial generations on how employers would best handle their talents; (f) the findings of this study will provide the researcher a bird’s eye view on the millennial employees current situation as far as the company is concerned and the researcher can come up with a more proactive measures to retain them and address their needs: and (g) future researchers can make use of this study to come up with other studies utilizing different designs, respondents and settings. Studies using meta-analysis approach can make good use of the discovery of this study.

Risks. The following risks if not avoided can be are minimized: (a) physical harm – the researcher can prevent it by using the survey questionnaire only; (b) fatigue or weariness and physical inconvenience – respondents will only answer the survey questionnaire during their free time and be asked a maximum of 30 minutes to complete the questionnaire; (c) psychological discomfort or mental – sensitive questions are not being asked; (d) social damage – no question being asked regarding the sensitivity of the issue and respondents are not subjected to stigma, as anonymity will be strictly observed; (e) loss of privacy – security of privacy and confidentiality are observed strictly at all stages, (f) loss of time – only during free time the survey questionnaire will be answered; and (g) monetary expenses – no fees will be collected, thus, respondents will not incur any expenses from joining the study.

Informed Consent. As a requirement, the respondents will be given an informed consent form for signing to signify their participation voluntarily. However, an implied consent is expected as it only requires purely answering of survey questionnaire of the study. The informed consent form shall have the following elements:

Status of the respondents. The respondents will be informed that this study is done as a means of meeting the academic requirements of the Master’s degree program of the researcher.

Study Goals. This study aims to evaluate the likelihood of millennial employees leaving their organization and the factors being considered influential to their intention to leave the organization.

Type of Data. The research will gather quantitative data from the answers of the respondents to the survey questionnaire on a rating, ranking, and Likert-scaling tool.

Procedures. The researcher will ask approval from the Dean of the College of Business Administration permission to allow the study to be organize and carried out. Then a design hearing will be followed by a panel of experts to assess the technical soundness of the study. And once recommendations are incorporated, the study will be presented for ethical soundness assessment from the institutional review board. And once a notice to proceed is given, the researcher will start recruiting respondents. All questionnaires will then be gathered and statistically processed and presented in the tables afterwards.

Nature of the Commitment. The respondents will be given by the researcher a maximum of 30 minutes of their time to respond to the survey questionnaire.

Sponsorship. This study is part of an academic requirement for the Master’s degree program of the researcher and has no sponsor. Thus, all expenses will be shoulder by the researcher alone.

Selection. The selection or recruitment method of the respondents is done on a face-to-face intercept and it is based on the criteria for inclusion and exclusion.

Potential Risks. The study involves only by replying to a survey questionnaire and the risk to which respondents are exposed are same like the risk they encounter in their everyday lives. The questionnaire does not contain any sensitive questions which may harm the respondents emotionally or psychologically. Discussions on how the potential risk will be reduced are addressed in the preceding paragraphs on risk-benefit assessment.

Potential Benefits. Discussion detailing the benefits that may be obtained in the study are being discussed in the preceding paragraphs.

Compensation. The respondents will not be given any incentives or compensation considering that the study only involves answering a questionnaire. Words of gratitude are the only way respondents will be praised for their participation and expression of gratitude will be the way of thanking the respondents.

Pledge of Confidentiality. Specific confidentiality measures will be instituted to preserve the anonymity of the respondents. A provision of the Data Privacy Act will be strictly observed and a specific section in the conduct of the study on privacy and confidentiality discussion is provided below.

Voluntary Consent. A voluntary consent is sought and the researcher ensures that so that the respondents can become a valid respondent in the study.

Right to Withdraw and withhold information. The respondents had the right to withdraw from the study or decline information without any penalties or punishments.

Contact Information. A contact number of the researcher and the University will be given to the respondents, so that they can be provided with answered without hesitation if there are complaints about the conduct of the research or respondents may also contact the IRB (Institutional Review Board).

Authorization to access private information. No identifying marks, data from the respondents and private information will be accessed by the researcher.

Privacy and Confidentiality Procedures. The researcher will not collect personal and private data such as the names and addresses of the respondents to maintain confidentiality. Every questionnaire will be labeled using numbers only. The study will be adhering to anonymity. The collated data will be stored in the computer with a password and the completed questionnaires will be stored in a locked drawer that will be open only to the researcher and his adviser. The respondents will be given privacy by letting them answer in a place where they have full concentration and will not be disturbed when answering the questionnaire.

Compensation and Incentives. The participation is voluntary in nature and the respondents will not receive any compensation or incentives. The researcher will only convey personal gratitude to the respondents for engaging in the research.

Recruitment. Once the UV-IRB gives the notification to proceed then the recruitment process will commence immediately and a face-to-face intercept will be the primary recruitment method which will be driven by the criteria of exclusion and inclusion.

Debriefing, Communication, and Referrals. For questions that will be raised and the enumerators are unable to address them, the enumerators will contact the researcher and the way to connect with the respondents are politeness and friendliness. The investigator and the enumerators must be readily available should questions regarding the thesis occur.

Conflict of interest. To avoid possibly tainting the data to be gathered, the researcher declares conflict of interest and hire enumerators to do the data gathering and the responsibility of the enumerators will be limited to the distribution and collection of the completed questionnaires.

Collaborative Terms of Reference. The researcher upholds intellectual property rights. However, the researcher’s adviser can be permitted to co-author this research and this activity is not in partnership with any person or institution, but merely a prerequisite of graduation. The terms of reference consequently do not apply.

Vulnerability assessment. The researcher takes every necessary precaution or measure to ensure that none of the respondents belong to the vulnerable groups and as a guideline, there will be no vulnerable individual serving as a research respondent.

CHAPTER 3 Presentation, Analysis, And Interpretation Of Data

This study examined the factors that contributed to the high turnover rates of workers in the bakeshop industry. Respondents were randomly selected in Cebu Province. Thirty (34) respondents volunteered to answer the questionnaire. Ten (10) were corporate office employees and twenty-four (24) were bakeshop employees (storekeepers). The results of the statistical computation are summarized and presented accordingly.

This chapter discusses the findings of the factors in the Human Capital theory influencing their intention to leave during the calendar year 2020-2021 as the basis for formulating an Employee Retention Plan.

Evaluation of Findings

This chapter presents the results of the study. The first part shows the tendency of millennial employees to leave their organization, the second part on the factors of the human capital theory that the millennial employees consider when leaving the organization, and the extent to which factors of the human capital theory influence them to leave and lastly, the factors which may have some association with their tendency to leave. According to previous researchers usually Millennials leave organizations within the first two years (Espinoza, Ukleja, & Rusch, 2010; Lancaster & Stillman, 2010).

There were 34 respondents in this study, 70.6% are bakeshop storekeepers while 29.4% are bakeshop corporate employees.

Respondents were coded for anonymity and were numbered 1 to 34. The research questionnaires concerned the experiences of Millennials related to the eleven factors identified in the Human Capital Theory in their turnover intention.

Looking closely at the tendency to leave it showed that majority of those who are inclined to leave the organization soon are bakeshop corporate employees who are college graduates (66.7%) while those who do not have a plan to leave soon are the bakeshop employees (storekeepers) which are high school graduates (85.5%). But the proportion of those bakeshop storekeepers and bakeshop corporate employees who has the tendency to leave the organization do not significantly differ, , see Table 3.

Table 3 Likelihood (Tendency) of Leaving the Organization

Illustrations are not included in the reading sample

This is expected among corporate office employees considering that they are college graduates and can easily find a better workplace with better pay against the odds of the bakeshop employees (storekeepers) who are high school graduates finding a better pay and a better workplace.

The Human Capital theory identified the following factors considered by millennial employees in their intention to leave the organization, see table 4.

Table 4 Factors identified in the Human Capital Theory considered in the intention to leave the organization

Illustrations are not included in the reading sample

These were factors to consider on the employee’s intent to leave the organization, which includes the organizational level factors – leadership of the superiors, company culture, change management, company structure, and talent management while the individual level factors are – education and training, employee development, employee engagement, talent retention and reward, internal recruitment (internal succession) and health and safety.

People leave the organization because of the leadership of their superiors and because of the company culture. Employees sometimes leave on impulse, without any plan for the future as a result of a negative management response to a specific action (e.g., being passed over for a promotion or experiencing difficulties with a supervisor). A company's culture is a reflection of leadership. Great employees stay because they can trust that leadership has their back. They can trust that leadership will make the best decisions for the company. They trust that when things go sideways, leadership will get the company back on course. All these support the findings of this study that employees wanted to leave on the reasons of the leadership of the superiors and the culture of the company (see Table 5 and 6).

Table 5 Individual Level Factors

Illustrations are not included in the reading sample

(Rank from 1 to 6, with 1 as the number one consideration and 6 as the least consideration in your intention to leave the organization)

On the individual level, self-preservation is the number one reason why employees opt to leave their companies. A work environment free from injuries and accidents attracts employees as you can see in table 5 above. Employees are more satisfied and productive in such an environment. A safe work environment is essential for both employees and employers alike. If they find that it is no longer healthy and safe for them to stay, then they would rather leave. Also, protecting the workers means a decrease in absences, with more efficient and productive workers. Workers are more productive in workplaces that are committed to health and safety. Reducing downtime caused by illness and accidents means less disruption – and saves businesses money.

Moreover, retention and giving of rewards to employees would make them stay. Promoting them from the rank and file makes workers feel that their length of service is valued by the management. So, if they feel that they are not being properly rewarded or promoted, they tend to leave, as shown in Table 5. They do not care whether they will be trained, or developed or there is more engagement, if they will be promoted, would be enough for them to stay and not leave.

Also, change in management or the management of internal talents do not really affect employee’s retention as you can see in the Table 6 below. They do not care of who will be their superior as long they will be treated well and that they would not bring many changes detrimental to the present condition of the workplace.

Table 6 Organizational Level Factors

Illustrations are not included in the reading sample

(Rank from 1 to 5, with 1 as the number one consideration and 5 as the least consideration in your intention to leave the organization)

Consistent with the previous findings on what makes them leave the company, health and security is very important to them , as well as the leadership of the superiors Although they still consider the talent retention and rewards and the change in management very important, but among the very important factors, these two have the lowest mean implying that they may have the option to stay even though these will not satisfy them (see Table 7).

Table 7 Extent to which the factors influence the Millennials employee’s decision to leave the organization

Illustrations are not included in the reading sample

A numerical code is assigned to each scale at 4, 3, 2, 1 respectively. There are 11 statements, each representing one factor on the Human Capital theory (5 for organizational and 6 for individual). Check the column corresponding to your best response after each statement. 4 - if it is extremely important, 3 - for very important, 2 - less important, and 1 - not important in your intention to leave the organization.

The bakeshop employees (storekeepers) over-all opinion on the importance of these organization and individual factors and the corporate office employees’ opinion on the importance , do not significantly differ, .

It did not matter whether they are bakeshop storekeepers or corporate office employees (high school or college graduates), as long as they felt safe and secure and the environment is healthy with good working relationship with the superiors, they will stay in the company, no matter what.

On the relationship between the likelihood (level or tendency) of the millennial employees’ intention to leave the organization has no significant relationship on individual factors in the totality nor on the organizational factors but on a few factors as previously mentioned in the findings. The employees will likely leave the company because of leadership and culture and because their health is at stake (see table 8).

Table 8 Likelihood to Leave and its significant relationship to human capital at individual and organizational factors

Illustrations are not included in the reading sample

The reported findings that emerged are presented in Appendix D. On employee retention plan that can be drafted and proposed based on the findings of the study are the following (1) The results of this study about the organizational and individual level factors that predicts turnover intention and use them to consider the priorities and find ways to support; (2) develop contingency measures on the gaps and implement measures to address those gaps.

Work for them towards the identified goals by conducting focus groups with Millennial employees. Develop and improved the skills of your managers and the health and safety condition of the workplace, communicate career development and advancement plans. Outline the behaviors and skills that is required and necessary to meet the next level in their career. Make sure that work is meaningful and challenging to them.

Review and make changes as necessary of the organization’s benefits. Considering that the “one size fits all” is no longer applicable, if allowed, customize benefit packages, make a flexible work schedule, and provide with adequate paid time off. Having a no turnover is not also good but having a reduced one is ideal. Organizations should offer employees opportunities for personal and professional growth and advancement, which may include promotion opportunities. However, where internal promotion is not viable, new learning opportunities and skill variety initiatives such as job rotation may prove to be practical alternatives (Wrzesniewski, et al., 2010; Stahl, et al., 2012; Taylor, 2014).

The direct economic costs associated with losing talented employees include the costs of replacing an employee, the exit of the employee, and the downtime that occurs because of the employee’s exit (Hagen Porter 2011). Moreover, the firm incurs the cost of recruiting, interviewing, and training a new hire (Hagen Porter, 2011).

Summary

The research questions examined the relationship between the individual-level factors and organizational-level factors that have a role in turnover intentions in the organizations. The association of workplace needs and the organizational level factors and the individual level factors were found to be significant intentions on leaving the organization. The six (6) individual-level factors and the five (5) Organizational-level factors are interrelated and help shape the understanding of the lived experience of workers and turnover intentions in the organizations.

Millennial employees are looking for a leader who will chart a career for them and cultivate them for their success and not a manager (Carpenter & Charon, 2014). Millennials want to contribute to the success of the organization and must feel to be part of the team (Lancaster & Stillman, 2010). This study has proven that those who are college graduates stayed longer although the number of years of stay is not statistically significant.

Chapter 4 Summary Of Findings, Conclusions And Recommendations

This part of the paper shows the summary of findings, conclusion and recommendation.

Summary

As baking industry continues to hire younger generations as their future workforce, it is empirically important for them to appreciate and the needs of this generation which were on better leadership of superior, good company culture, good health and safety program in the workplace and better talent retention and reward program for all employees. Young workers bring fresh, new ideas and ideals into the bakeshop industry. They learn at a faster rate and more motivated than previous generations. Being sensitive to the needs of these workers is the key factor in retaining and recruiting them.

Findings

This research provides an overview of hierarchical importance of the needs of millennials. Findings revealed that causes turnover intentions is not on management or on promotion but on safety and security of the workplace for self-preservation. Thus, no matter how difficult their bosses are, they have the tendency to stay, for those who are high school graduates. But for those who are college graduates, they do not stay for long but would rather gain experience.

Recommendations

The outcome of this research will help the organization to know how to motivate millennials so they will not leave the company. The following are the recommendations as an output of the Study:

THE PROPOSED RETENTION PROGRAM FOR BAKESHOP ORGANIZATION IN THE PROVINCE OF CEBU

Based on the summary of findings, conclusions, and recommendations of the study, the researcher has come up with a proposed retention program for bakeshop organizations in the Province of Cebu to help retain and attract Millennials to stay longer in the job.

Rationale:

A safe work environment is essential for both employees and employers alike. If they find that it is no longer healthy and safe for them to stay, then they (millennials) would rather leave. The employees will likely leave the company because of leadership and culture and because their health is at stake.

Workers are more productive in workplaces that are committed to health and safety. Reducing downtime caused by illness and accidents means less disruption – and saves business money. Moreover, retention and giving of rewards to employees would make them stay. Promoting them from the rank and file makes workers feel that their length of service is valued by the management. So, if they feel that they are not being properly rewarded or promoted, they tend to leave, if they will be promoted, would be enough for them to stay and not leave.

Objectives:

The Objective is to address and develop answers to the gaps found and implement ways to meet the needs of the workers as found in this study.

Table 9. Proposed Action Plan in drafting a customized retention program for millennial employees.

Illustrations are not included in the reading sample

Conclusions

The causes of turnover intentions are not on management or promotion but on the safety and security of the workplace for self-preservation. Thus, no matter how difficult their bosses are, they tend to stay, for those who are high school graduates. But for those who are college graduates, they do not stay for long but would rather gain experience.

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Illustrations are not included in the reading sample

[...]

• Course: PhD-BA
• Author: Alan Salmero (Author)
• Publication Year: 2022
• Pages: 52
• Catalog Number: V1466022
• ISBN (PDF): 9783389030943
• ISBN (Book): 9783389030950
• Language: English
• Tags: Millennials employees, Employees retention plan, Factors of HC theory at the individual and organizational level, Likelihood to leave the organization, Millennials