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Effect of Non-Monetary Factors on Employee Retention in the Banking Sector of Kenya

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dc.contributor.author Mungai, Lynn .W.
dc.date.accessioned 2018-07-10T11:48:09Z
dc.date.available 2018-07-10T11:48:09Z
dc.date.issued 2018
dc.identifier.uri http://erepo.usiu.ac.ke/11732/3889
dc.description A Research Project Submitted to the Chandaria School of Business in Partial Fulfillments of the Requirement for the Degree of Masters of Business Administration en_US
dc.description.abstract This study sought to investigate how non-monetary factors affect employee retention at Prime bank, KCB and Chase bank. The research questions for this study were; what is the effect of job security, on employee retention in banks, in Kenya? What is the effect of career growth opportunities and career development, on employee retention in banks, in Kenya? What is the effect of Job flexibility, on employee retention in banks, in Kenya? The research adopted a descriptive research design in order to examine the situation as it currently exists. The target population of 800 respondents for this study included the employees of Prime Bank, Chase Bank and KCB. The stratified simple random sampling technique was used as it was effective for the study. A sample of 30% was considered adequate for the generalization of the findings to the whole population resulting into 239 respondents however only 220 responded thus giving a 92% response rate. The tool used to collect the data was a structured questionnaire. The data was then summarized, classified, coded and tabulated. The statistical package for social sciences (SPSS) data analysis software was used to analyze data based on descriptive and inferential statistics. The study also used a correlation analysis to establish the relationship between the dependent variable and the independent variables. Quantitative data was presented using tables. The study revealed that there was uncertainty of respondents feeling secure in their present jobs. Many however disagreed that they are stressed on the job because of lack of security. Majority also disagreed that they foresee having destabilized income in next 12 months; neither did they indicate that they expect job redundancy and reorganization of the firm to affect their jobs, nor have announced redundancy within the same period. A Pearson correlation analysis done to establish the relationship between the dependent variable (Employee retention) and job security, revealed a weak positive relationship between the variables though not significantly. A Pearson correlation analysis was done to establish the relationship between the dependent variable (Employee retention) and career growth opportunities, the results еstаblishеd a positive relationship between the variables. Thеrеforе, an increase in career growth opportunities results in a slight improvement of employee retention. The research analyzed the relationship between the dependent variable (Employee retention) and career growth. The results showed that only 3.1 % of the variation in employee retention was explained by the variations in career growth. The findings revealed that there is flexibility to manage work and non-work interests. Respondents also denied that they face difficulty in adopting a flexible working arrangement due to lack of support. A Pearson correlation analysis was done to establish the relationship between the dependent variable (Employee retention) and job flexibility, the results established a weak positive relationship between the variables (r=0.074, p>0.05). Thеrеforе, an increase in job flexibility results in slight improvement in employee retention. The study concluded that employees in the banking sector are uncertain of their job security in their present jobs. This cuts across the variety of contract terms offered to them. This has resulted in commitment not varying with the permanence of their contracts. Most bankers are yet to achieve what they want to achieve in their careers, and as a result, a huge percentage would want to work at a higher level position and are prepared to move to other work areas to develop their career. Many banks lack options for change in their work environment and denial of such leaves employees feeling like the firm lacks growth opportunity. The study recommended that banks need to ensure that employees are secure in their present job. This can be done by having well laid out terms and condition in long term and short term contracts. There should be set out career growth and development paths so as to ensure employees achieve their career goals. They should also continue offering flexibility, so as to allow employees to manage their work and non-work interests. Future studies may be done to explore other variables that may impact employee performance such as employee loyalty, employee emotions, corporate culture and values. Moreover, other studies could also study other banks as well. en_US
dc.language.iso en en_US
dc.publisher United States International University - Africa en_US
dc.subject Non-Monetary en_US
dc.subject Employee Retention en_US
dc.subject Banking Sector of Kenya en_US
dc.title Effect of Non-Monetary Factors on Employee Retention in the Banking Sector of Kenya en_US
dc.type Thesis en_US


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