Nigerian Journal of Banking and Financial Issues (NJBFI)

Employee Retention Strategies And Organisational Performance Among Academic Staff Of Selected Private Universities In Osun State Nigeria

Abstract

The study examined the relationship between employee retention strategies and organizational performance of academic staff in selected private universities in Osun State, Nigeria. The strategies for retaining highly qualified staff in the universities in relation performance were reviewed. The study used a survey research design. The questionnaire was administered to three hundred and eighty-seven (387) respondents while only three hundred and fifteen (315) were completed and returned. For data classification, descriptive statistics of tables and percentages were used as well as inferential statistics of ordinary least square (OLS) in hypothesis testing. The results revealed that opportunities for advancement, competitive compensation plan and good work-life balance positively affect the performance of academic staff in the selected private universities. The study recommends that the management of private universities should invest heavily in the areas of opportunities for advancement, competitive compensation plan and good work-life balance for their employees in other to reduce labour turnover.