Workforce Retention Strategies and Corporate Development: An Empirical Study

Abstract

Over the years, managers are being faced with the challenges of how to handle issues relating to high rates of employees’ turnover due to increasing competition in the global market. Not only that, retention also affects the performance and productivity of any organization if not managed adequately. It is against this backdrop that this study examined the influence of workforce retention strategies on corporate development in Nigeria. The study used primary data collected through a structured questionnaire. Descriptive statistical techniques were used to determine the frequencies and percentages of demographic reports of the respondents, while inferential statistical technique of product moment correlation coefficient (PPMC) was used to analyze the relationship between workforce retention strategies and corporate development. Findings however revealed that there is a significant influence at p<0.05 of workforce retention on corporate development. The result indicated a positive relationship between staff retention (r=0.553) on corporate development in Nigeria. The study confirmed a number of conclusions and recommendations. Aspect revealed which most likely to influence job satisfaction and bring about workforce retentions are; appropriate compensation and reward system, high level of communication, training and development and ultimately good work environment. Finally, for a sustainable corporate development, management should work towards ensuring a proper alignment of different retention practices with staffs’ value and needs. Also, all staffs at different cadres, should be treated with utmost fairness and equity.

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