Pages: (1-17 )
Abstract
Deposit money banks (DMBs) prioritize organizational performance as it significantly influences their longevity and competitive edge in the financial industry. DMBs serve as vital economic agents by gathering deposits and facilitating loans, which are crucial for fostering economic progress. Hence, DMBs have adopted various strategies such as technology integration, risk management, and employee training to bolster their performance. However, these endeavors often fall short due to shifting market dynamics and heightened competition, resulting in decreased performance. Hence, this study investigated the effect of employee retention strategies on organisational performance of selected deposit money banks in Lagos State, Nigeria. The study adopted a survey research design. The population of the study encompasses 4,871 regular employees from five selected deposit money banks. A sample size of 464 was determined using advisor's sample size determination table. Data was collected using a structured and validated questionnaire with a Cronbach alpha value ranging from 0.71 to 0.81. A response rate of 95.9% was recorded. Data were analyzed using descriptive and inferential statistics at 5% significance level. The results revealed that employee retention strategies have positive and significant effect on organisational performance of selected deposit money banks in Lagos State, Nigeria (Adj.R2= 0.361, F(3, 441) = 84.610, p<0.05). The study concluded that employee retention strategies affected organisational performance of selected deposit money banks in Lagos State, Nigeria. Therefore, the study recommended that management of deposit money banks should implement proactive employee retention strategies aimed at reducing turnover and retaining top performers to improve organisational performance.
Keywords: Employee retention strategies, Employee involvement, Organisational performance, Succession planning,