JJEM: Special Edition 4 (May 2025)
JJEM: Special Edition 4 (May 2025)
2025-05-31
Enhancing Workforce Retention through Time and Material (T&M) Projects: Insights from a Healthcare Start-up Case Study
Guruprasad BJ, C K Anuradha
Employee retention is a significant challenge for organizations across all sectors, directly influencing productivity, profitability, and long-term sustainability. This case study examines effective techniques in a mid-sized technology start-up company facing elevated staff turnover. The research employs Rational Choice Theory to illustrate how firms can make strategic decisions to tackle workforce difficulties. Identified key impediments encompass restricted professional development chances, inadequate work-life balance, and insufficient employee acknowledgment. The research emphasizes the implementation of Time and Material (T&M) initiatives as a logical approach to enhance retention. In contrast to Fixed Price (FP) projects, the Time and Materials (T&M) model provides employees with improved career advancement opportunities and equitable remuneration commensurate with their contributions. This strategic transition demonstrates the organization's intentional strategy to harmonize operational flexibility with employee satisfaction, so enhancing results for both staff and the enterprise. The organization attained notable enhancements in employee satisfaction and retention through targeted interventions, which included prioritizing T&M projects, enhancing remuneration packages, implementing career development programs, providing flexible work arrangements, and cultivating a culture of recognition. Utilizing Rational Choice Theory, the firm illustrated how synchronizing retention strategies with organizational and employee requirements may cultivate a committed and engaged staff. This case offers significant insights into the design and execution of retention strategy informed by rational decision-making. It provides pragmatic ideas for leaders aiming to tackle workforce difficulties while guaranteeing sustained organizational development.
Workforce retention, Time and material projects(T&M), Career growth, Rational choice theory