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Employee involvement and engagement are absolutely critical for an employee relationship with the business to be constructive, progressive and interactive. There is a strong correlative relationship between SHRM practices and employee performance from an individual, team and organisational point of view (Bailey et al., 2018: 155-156), which in turn leads to loyalty and retention (Half, 2020). Bailey et al. (2018:159-160) list a number of theories around this link between SHRM practices and the impact on employees:

Ability-motivation-opportunity theory: focus on individual performance through programs to improve skills, enhance motivation and create opportunities.

Social Exchange Theory: employee motivation (and chance of retention) is improved through continuous appreciation of the work and effort performed by the employee.

Attribution Theory: a theory acknowledging that HRM and SHRM are not the only elements to be considered and would need to be accompanied by a change management approach to steer manager and employee perception of the HRM and SHRM practices
There is no one-size-fits-all approach as every organisation needs to understand the level of intrinsic/extrinsic motivation every employee/department presents (Miller, 2015). Krishnaveni et al. (2018:467) even argue that a reward system could have an adverse effect on the employees motivation if the reward does not match the intrinsic or extrinsic motivational expectation.

Would you therefore not agree that all theoretical frameworks have a relevance to gaining employee motivation and retention, but should only be considered following an in-depth analysis of who would benefit the most from what approach within an intrinsic versus extrinsic contextualisation exercise as per the earlier statement that one-size doesnt fit all (Miller, 2015)?