The literature review in Chapter 2 of the attached may help with the second part of your question on "increase organizational profitability" as it includes most of the main benchmark papers in evaluating profitability.

Thesis An analytical tool to aid the reflective selection of equity...

Dear Grace,

What is essential is to realize the need for competent corporate culture management. It is the "tool" for employee motivation and retention, and not only that. I should remember that corporate culture is related to the strategy and structure of the organization, and last but not least, it supports competitive performance.

Regards,

Yanica

Business managers can reduce the rate of employee turnover and boost profitability by implementing a variety of methods. One effective strategy is to focus on recruiting and choosing the best fit for the job and company culture. This can be achieved by conducting thorough interviews and assessments to select the ideal candidates. Additionally, offering competitive pay and benefits, reviewing and adjusting salaries to market norms, and providing opportunities for career growth and skill development are also effective ways to retain great employees. Recognizing and rewarding outstanding achievement through bonuses, promotions, or public recognition, as well as implementing employee appreciation programs, is another way to enhance morale and motivation. Promoting work-life balance, providing flexible scheduling and remote work options, encouraging employee engagement and value, and maintaining open communication within the organization are also important steps managers can take to reduce stress and burnout among employees. Performance management is crucial for addressing performance issues right away and giving constructive criticism through regular performance reviews. Providing wellness programs, health insurance, and stress management initiatives can also promote physical and mental well-being among employees. Developing inspiring leaders who motivate their teams and serve as role models can also help managers retain employees. Conducting exit interviews and analyzing turnover data can reveal trends and systemic issues that can be addressed. Implementing financial incentives for staff performance, such as sales commissions, profit-sharing, and stock options, can also be beneficial. Creating diverse and inclusive workplaces, training and development programs, and continuously assessing and adjusting HR policies and practices to changing needs and industry trends are also effective methods to reduce employee turnover. Conducting regular staff surveys to assess work satisfaction and highlight areas for improvement, providing employee assistance programs for personal or professional issues, and improving team cohesion through team-building exercises are other ways that managers can reduce turnover and increase profitability.

Dear Grace,

To add to everyone's comments, it is also important to understand the reasons for employee turnover in a specific organisation. A good data analytics should be in place for this. Thanks

use Job Embeddedness theory