An investigation into the effects of retention strategies on employee turnover at Akate Farms and Trading Limited, Kumasi

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Employee retention is a vital challenge in all organisations. Among the reasons people leave their jobs is the offer of higher salaries, recognition, authority and more knowledge. The general objective of this study was to investigate the effects of retention strategies on employee turnover at AkateFarms and Trading Company Limited, Kumasi. The researcher used the descriptive type of research design for this study. Data were collected from both primary and secondary sources. The population of this study was 150 people and they included 5 management staff, 20 senior staff and 125 junior staff of Akate Farms and Trading Company Limited, Kumasi.The simple random sampling technique was used to select the sample from the company’s sampling frame. A sample size of 130 people was used for the study and they included 5 management staff, 10 senior staff and 115 junior staff of the company.The instruments used to collect data for the study were questionnaires and interviews. The data were organised into frequency tables, pie-charts and bar charts using The Predictive Analytics Software Statistics (PASW Statistics), formerly The Statistical Package for Social Sciences (SPSS).Among the main findings of the study was that the major contributory factor of employee turnover in the company is the low wages or salaries paid to the workers. The company’s output had dwindled due to the fact the workers left the company. The rate of employee turnover was always increasing. The major findings of the study reveal that the retention strategies used by Akate Farms and Trading Company Limited had a negative effect on employee turnover in the company.The study therefore recommends among others that management should consider the use of financial and non-financial benefits in a bid to retain their workers. They should also organise training and development programmes to sharpen the skills iv and improve the knowledge of the workers. They should also create an environment that enables employees to realise their potential.
A thesis submitted to the Department of Managerial Science, Kwame Nkrumah University of Science and Technology in partial fulfilment of the requirements for the degree of MASTER OF BUSINESS ADMINISTRATION (HRM OPTION). 2012