Impact of Motivation on Employee Retention: A Case Study of Standard Chartered Bank Ghana Limited
The retention of human resources has been shown to be momentous to the development and the accomplishment of the organization’s goals and objectives. Retention of employees can be a vital source of competitive advantage for any organization. Employee departures can have a significant effect on the execution of business plans and may eventually cause a parallel decline in productivity. The primary aim of this study was to discover the impact of motivation on the retention of employees. A total of 180 respondents were selected for this study using the simple random sampling method. The survey questionnaire was designed to collect data from respondents. The result of the study shows that motivational factors such as salary and fringe benefits were rated as most important to the workforce of the bank followed by job security and relationship with co-workers. The three strategies rated most important to the workforce are recognition, training opportunities, openness and trust, promotional opportunities, and effective communication. Considering the major findings from the research, it is recommended that management put in place structures that will bring about an improvement in the salaries of workers. Fringe benefits such as free medical care, transportation, canteen services etc should be provided. Furthermore, it is suggested that management encourages their employees to take courses such as distance learning, correspondence courses etc, to help improve job satisfaction. It is envisaged, that this study will lead to increased awareness of retention processes among managers and the need for further research in the subject area.
A Thesis submitted to the Institute of Distance Learning, Kwame Nkrumah University of Science and Technology, Kumasi in partial fulfillment of the requirements for the degree of Commonwealth Executive Masters of Business Administration, September-2012