Effects of Employee Retention Strategies on Organisational Efficiency (A Case Study of Unity Bank, Wema Bank & Polaris Bank, Ede, Osun State)

Abstract

In today's Business Organisations, employee retention strategies play a pivotal role in organisation efficiency. The efficiency of the organisation depends upon which of their human resource was utilized and managed. With nowadays competitive environment, organizations face the dilemma of retaining competent and resourceful workers. Therefore, this study examined the effects of employee retention strategies on organizational efficiency. The total population and sample size of the study consists of sixty-six (66) staff of the selected Banks which are Unity Bank, Wema Bank Plc and Polaris Bank Plc, Ede. Descriptive survey design was adopted while purposive sampling was employed and structured questionnaire were used to gathered facts from respondents. Hypotheses were tested using regression and correlation, coefficient test was used to analysed the data collected. The result of findings shows that adequate career planning has significant effect on organizational efficiency with coefficient of 2 determination (R ) for the structured model 0.511 indicating that 51% of the variance in stated independent variable with the production at 0.05 significant level. Also, there was a significant relationship between employee training and organizational effectiveness (r = .618). Furthermore, the study recommended that organisation management should encourage career development of their employees, good reward systems as well as job security for improvement of skills, knowledge and attitude needed by all staff of the organisation.