EXAMINING THE CORRELATION BETWEEN NON-FINANCIAL REWARDS AND CAREER PROGRESSION TO RETAIN TALENT, WITHIN THE ELECTRICITY INDUSTRY IN THE MALDIVES.

Abstract

This study investigates the determinants that impact the ability of the power sector in the Maldives to retain highly competent workers. A universally accepted definition for talent has yet to be created. Talents are determined by the organization and the services they offer to clients. Individuals that possess the requisite knowledge, skills, and competence to actively contribute towards the goals and objectives of the firm are sometimes referred to as talented employees.

This article addresses several issues related to talent retention, including the lack of available literature on the connection between career progression and non-financial rewards, the academic gap in understanding the balance between financial and non-financial rewards for retaining talent in different industries, and the scarcity of literature on the relationship between motivation and talent retention. The objective of this study is to tackle the aforementioned concerns. This study specifically examines the electricity industry in the cities of Maldives.

During the data analysis stage, several statistical tests were conducted, including EFA (Exploratory Factor Analysis), CR (Composite Reliability), AVE (Average Variance Extracted), Cronbach's Alpha, CFA (Confirmatory Factor Analysis), and the Sobel test. A total of 274 samples were utilized for analysis in this investigation. This study contributed to the existing information on talent retention and identified new avenues for further research. This study's conclusions improved the talent retention strategy. Certain findings contradicted the existing body of information, hence enhancing the significance of the study and the existing knowledge.