IMPACT OF COMPENSATION PRACTICES ON EMPLOYEE RETENTION AT PAKISTAN NATIONAL SHIPPING CORPORATION (PNSC)

Abstract

Purpose: The objective ofthe research is to study the impact of compensation practices on employee retention at Pakistan National Shipping Corporation (PNSC). Methodology & Design: Quantitative study was conducted to study research variables and homogenous sampling method adopted with a sample size of 200, since the study is based on PNSC employees. SPSS version 23 software was employed to analyze the data collected through primary research. was Findings: The analysis of data reveals that financial and non-fmancial compensation practices as discussed in this thesis are accounted for the employees of Pakistan National Shipping Corporation and it is found that there is a positive impact of compensation practices on the retention of its employees. Two null hypothesis were proposed and it was found that both ofthem was accepted hypothesis and had a vital impact on the retention ofemployees at Pakistan National Shipping Corporation. Practical Implications: The research study proves that seafarers and shore-based employees of PNSC are satisfied with their current financial and non-fmancial compensation programs although it is suggested that compensation strategies must be revised and improved on regular basis of current global industry trends to retain their most talented and skilled employees in order to sustain and achieve highest organizational benefits