Reward System And Turnover Intentions Of Employees: A Study Of Deposit Money Banks In South East, Nigeria
Ejim Emeka Patrick. PhD
Department of Business Administration and Management, Institute of Management and Technology IMT Enugu
Ajagu Eyuche Helen PhD
Department of Business Administration and Management, Institute of Management and Technology IMT Enugu
Onah, Sylvester Chukwuma
Department of Business Administration and Management, Institute of Management and Technology IMT Enugu
Keywords: Reward System, employee turnover intention, compensation, recognition, employee motivation
Abstract
: The demand for the fulfillment of the needs of employees is increasing. Such conditions have great potential to generate a sense of Turnover Intention, which then becomes the initial signal of employee turnover within the company. The study was carried out to examine the relationship between reward system and turnover intentions of employees: A study of deposit money banks in South East, Nigeria. The researcher obtained data through the use of a questionnaire. The study used the survey approach. The target population of this study consisted of senior and junior staff of the selected deposit money banks in South East, Nigeria. Out of a population of 7,122 staff, the sample size of 365 was chosen after applying the Freund and William’s formula for the determination of adequate sample size. Out of staff sample 344 staff returned the questionnaire and accurately filled. The hypotheses were analyzed using Z-test statistic tool. The findings indicated that there is positive significant relationship between compensation and turnover intentions of employee of deposit money banks in South East, Nigeria with Z (95, n = 344) = 5.229, p > 0.05; there is positive significant relationship between recognition and turnover intentions of employee of deposit money banks in South East, Nigeria with Z (95, n = 344) = 5.257, p > 0.05;.here is positive significant relationship between employee motivation and turnover intentions of employee of deposit money banks in South East, Nigeria with Z (95, n = 344) = 5.872, p > 0.05. The study concluded that compensation, recognition and employee motivation has positive significant relationship with turnover intentions of employee of deposit money banks in South East, Nigeria. Better rewards systems leads to decrease on employee turnover intention. Based on the findings of the study, was recommended among others that banks should take necessary steps to upgrade employee incentive programmes such as providing bonuses depending on performance and there should be a periodic training and development, and other incentives to motivate the workforce.