Reward System: A Tool for Employee Retention as Observed from the Banking Sector in Port Harcourt

Ovunda Amadi; Isaac Zeb-Obipi; Sorbarikor Lebura; Godwin Poi

doi:doi:10.11648/j.jhrm.20210902.14

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Reward System: A Tool for Employee Retention as Observed from the Banking Sector in Port Harcourt

Ovunda Amadi, Isaac Zeb-Obipi, Sorbarikor Lebura, Godwin Poi

Published in Journal of Human Resource Management (Volume 9, Issue 2)

Received: 27 May 2021 Accepted: 10 June 2021 Published: 25 June 2021

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Abstract

Workers are considered as strategic assets in any organization because the accomplishment of an organization’s objectives largely depends on the employees, so employers always strive to ensure that they retain their best employees. However, such employees can only become strategic assets if they are motivated to deliver on their tasks and specific assignments. Therefore, it is important to identify factors which motivate employees for the achievement of set organisational goals. The objective of this study is to investigate the extent to which organisational reward systems impact on employee retention in the banking industry in Port Harcourt, Nigeria. To achieve this objective, this study has examined the relationship between remuneration, promotion and recognition as the dimensions of reward systems and employee retention. In terms of methodology, the survey research design was utilized, with the structured questionnaire used as the primary data collection method. The generated data was analyzed using descriptive and inferential statistics as well as the spearman’s test statistics. The results revealed that there is a positive relationship between remuneration, promotion, and recognition as dimensions of reward systems and employee retention. The conclusion reached is that for banks in Port Harcourt to retain their best employees, they would need to improve their reward systems, specifically the remuneration, promotion and recognition that they offer their employees. It is recommended that there should be further empirical research to test the applicability of the findings of this study in other sectors of the Nigerian economy as well as the relationship between other dimensions of reward systems and employee retention.

Published in	Journal of Human Resource Management (Volume 9, Issue 2)
DOI	10.11648/j.jhrm.20210902.14
Page(s)	50-57
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Promotion, Recognition, Remuneration, Retention, Reward

References

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APA Style

Ovunda Amadi, Isaac Zeb-Obipi, Sorbarikor Lebura, Godwin Poi. (2021). Reward System: A Tool for Employee Retention as Observed from the Banking Sector in Port Harcourt. Journal of Human Resource Management, 9(2), 50-57. https://doi.org/10.11648/j.jhrm.20210902.14

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ACS Style

Ovunda Amadi; Isaac Zeb-Obipi; Sorbarikor Lebura; Godwin Poi. Reward System: A Tool for Employee Retention as Observed from the Banking Sector in Port Harcourt. J. Hum. Resour. Manag. 2021, 9(2), 50-57. doi: 10.11648/j.jhrm.20210902.14

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AMA Style

Ovunda Amadi, Isaac Zeb-Obipi, Sorbarikor Lebura, Godwin Poi. Reward System: A Tool for Employee Retention as Observed from the Banking Sector in Port Harcourt. J Hum Resour Manag. 2021;9(2):50-57. doi: 10.11648/j.jhrm.20210902.14

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@article{10.11648/j.jhrm.20210902.14,
  author = {Ovunda Amadi and Isaac Zeb-Obipi and Sorbarikor Lebura and Godwin Poi},
  title = {Reward System: A Tool for Employee Retention as Observed from the Banking Sector in Port Harcourt},
  journal = {Journal of Human Resource Management},
  volume = {9},
  number = {2},
  pages = {50-57},
  doi = {10.11648/j.jhrm.20210902.14},
  url = {https://doi.org/10.11648/j.jhrm.20210902.14},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jhrm.20210902.14},
  abstract = {Workers are considered as strategic assets in any organization because the accomplishment of an organization’s objectives largely depends on the employees, so employers always strive to ensure that they retain their best employees. However, such employees can only become strategic assets if they are motivated to deliver on their tasks and specific assignments. Therefore, it is important to identify factors which motivate employees for the achievement of set organisational goals. The objective of this study is to investigate the extent to which organisational reward systems impact on employee retention in the banking industry in Port Harcourt, Nigeria. To achieve this objective, this study has examined the relationship between remuneration, promotion and recognition as the dimensions of reward systems and employee retention. In terms of methodology, the survey research design was utilized, with the structured questionnaire used as the primary data collection method. The generated data was analyzed using descriptive and inferential statistics as well as the spearman’s test statistics. The results revealed that there is a positive relationship between remuneration, promotion, and recognition as dimensions of reward systems and employee retention. The conclusion reached is that for banks in Port Harcourt to retain their best employees, they would need to improve their reward systems, specifically the remuneration, promotion and recognition that they offer their employees. It is recommended that there should be further empirical research to test the applicability of the findings of this study in other sectors of the Nigerian economy as well as the relationship between other dimensions of reward systems and employee retention.},
 year = {2021}
}

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TY  - JOUR
T1  - Reward System: A Tool for Employee Retention as Observed from the Banking Sector in Port Harcourt
AU  - Ovunda Amadi
AU  - Isaac Zeb-Obipi
AU  - Sorbarikor Lebura
AU  - Godwin Poi
Y1  - 2021/06/25
PY  - 2021
N1  - https://doi.org/10.11648/j.jhrm.20210902.14
DO  - 10.11648/j.jhrm.20210902.14
T2  - Journal of Human Resource Management
JF  - Journal of Human Resource Management
JO  - Journal of Human Resource Management
SP  - 50
EP  - 57
PB  - Science Publishing Group
SN  - 2331-0715
UR  - https://doi.org/10.11648/j.jhrm.20210902.14
AB  - Workers are considered as strategic assets in any organization because the accomplishment of an organization’s objectives largely depends on the employees, so employers always strive to ensure that they retain their best employees. However, such employees can only become strategic assets if they are motivated to deliver on their tasks and specific assignments. Therefore, it is important to identify factors which motivate employees for the achievement of set organisational goals. The objective of this study is to investigate the extent to which organisational reward systems impact on employee retention in the banking industry in Port Harcourt, Nigeria. To achieve this objective, this study has examined the relationship between remuneration, promotion and recognition as the dimensions of reward systems and employee retention. In terms of methodology, the survey research design was utilized, with the structured questionnaire used as the primary data collection method. The generated data was analyzed using descriptive and inferential statistics as well as the spearman’s test statistics. The results revealed that there is a positive relationship between remuneration, promotion, and recognition as dimensions of reward systems and employee retention. The conclusion reached is that for banks in Port Harcourt to retain their best employees, they would need to improve their reward systems, specifically the remuneration, promotion and recognition that they offer their employees. It is recommended that there should be further empirical research to test the applicability of the findings of this study in other sectors of the Nigerian economy as well as the relationship between other dimensions of reward systems and employee retention.
VL  - 9
IS  - 2
ER  -

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Author Information

Ovunda Amadi

OK Foods Ltd., Matori Mushin, Lagos, Nigeria
Isaac Zeb-Obipi

Department of Management, Faculty of Management Sciences, Rivers State University, Port Harcourt, Nigeria
Sorbarikor Lebura

Department of Management, Faculty of Management Sciences, Rivers State University, Port Harcourt, Nigeria
Godwin Poi

Department of Business Administration, Faculty of Social and Management Sciences, University of Africa, Toru-Orua, Nigeria

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APA Style

Ovunda Amadi, Isaac Zeb-Obipi, Sorbarikor Lebura, Godwin Poi. (2021). Reward System: A Tool for Employee Retention as Observed from the Banking Sector in Port Harcourt. Journal of Human Resource Management, 9(2), 50-57. https://doi.org/10.11648/j.jhrm.20210902.14

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ACS Style

Ovunda Amadi; Isaac Zeb-Obipi; Sorbarikor Lebura; Godwin Poi. Reward System: A Tool for Employee Retention as Observed from the Banking Sector in Port Harcourt. J. Hum. Resour. Manag. 2021, 9(2), 50-57. doi: 10.11648/j.jhrm.20210902.14

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AMA Style

Ovunda Amadi, Isaac Zeb-Obipi, Sorbarikor Lebura, Godwin Poi. Reward System: A Tool for Employee Retention as Observed from the Banking Sector in Port Harcourt. J Hum Resour Manag. 2021;9(2):50-57. doi: 10.11648/j.jhrm.20210902.14

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@article{10.11648/j.jhrm.20210902.14,
  author = {Ovunda Amadi and Isaac Zeb-Obipi and Sorbarikor Lebura and Godwin Poi},
  title = {Reward System: A Tool for Employee Retention as Observed from the Banking Sector in Port Harcourt},
  journal = {Journal of Human Resource Management},
  volume = {9},
  number = {2},
  pages = {50-57},
  doi = {10.11648/j.jhrm.20210902.14},
  url = {https://doi.org/10.11648/j.jhrm.20210902.14},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jhrm.20210902.14},
  abstract = {Workers are considered as strategic assets in any organization because the accomplishment of an organization’s objectives largely depends on the employees, so employers always strive to ensure that they retain their best employees. However, such employees can only become strategic assets if they are motivated to deliver on their tasks and specific assignments. Therefore, it is important to identify factors which motivate employees for the achievement of set organisational goals. The objective of this study is to investigate the extent to which organisational reward systems impact on employee retention in the banking industry in Port Harcourt, Nigeria. To achieve this objective, this study has examined the relationship between remuneration, promotion and recognition as the dimensions of reward systems and employee retention. In terms of methodology, the survey research design was utilized, with the structured questionnaire used as the primary data collection method. The generated data was analyzed using descriptive and inferential statistics as well as the spearman’s test statistics. The results revealed that there is a positive relationship between remuneration, promotion, and recognition as dimensions of reward systems and employee retention. The conclusion reached is that for banks in Port Harcourt to retain their best employees, they would need to improve their reward systems, specifically the remuneration, promotion and recognition that they offer their employees. It is recommended that there should be further empirical research to test the applicability of the findings of this study in other sectors of the Nigerian economy as well as the relationship between other dimensions of reward systems and employee retention.},
 year = {2021}
}

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TY  - JOUR
T1  - Reward System: A Tool for Employee Retention as Observed from the Banking Sector in Port Harcourt
AU  - Ovunda Amadi
AU  - Isaac Zeb-Obipi
AU  - Sorbarikor Lebura
AU  - Godwin Poi
Y1  - 2021/06/25
PY  - 2021
N1  - https://doi.org/10.11648/j.jhrm.20210902.14
DO  - 10.11648/j.jhrm.20210902.14
T2  - Journal of Human Resource Management
JF  - Journal of Human Resource Management
JO  - Journal of Human Resource Management
SP  - 50
EP  - 57
PB  - Science Publishing Group
SN  - 2331-0715
UR  - https://doi.org/10.11648/j.jhrm.20210902.14
AB  - Workers are considered as strategic assets in any organization because the accomplishment of an organization’s objectives largely depends on the employees, so employers always strive to ensure that they retain their best employees. However, such employees can only become strategic assets if they are motivated to deliver on their tasks and specific assignments. Therefore, it is important to identify factors which motivate employees for the achievement of set organisational goals. The objective of this study is to investigate the extent to which organisational reward systems impact on employee retention in the banking industry in Port Harcourt, Nigeria. To achieve this objective, this study has examined the relationship between remuneration, promotion and recognition as the dimensions of reward systems and employee retention. In terms of methodology, the survey research design was utilized, with the structured questionnaire used as the primary data collection method. The generated data was analyzed using descriptive and inferential statistics as well as the spearman’s test statistics. The results revealed that there is a positive relationship between remuneration, promotion, and recognition as dimensions of reward systems and employee retention. The conclusion reached is that for banks in Port Harcourt to retain their best employees, they would need to improve their reward systems, specifically the remuneration, promotion and recognition that they offer their employees. It is recommended that there should be further empirical research to test the applicability of the findings of this study in other sectors of the Nigerian economy as well as the relationship between other dimensions of reward systems and employee retention.
VL  - 9
IS  - 2
ER  -

Copy | Download