The Effects of Career Development, Compensation and Engagement on Employee Retention: A Survey of Entry-Level Employees in Nigeria Commercial Banks

Abstract

In the Nigeria banking industry, there is insufficient empirical information on the role of career development, compensation and engagement as human resource practices needed to retain entry-level employees. The main purpose of the study is to investigate the effect of career development, compensation and engagement on employee retention among entry-level employees of commercial banks in Nigeria. The quantitative correlational study was used based on a sample taken from three (3) largest commercial banks in Nigeria by staff strength (First Bank, Zenith Bank and UBA) using a sample of 250 valid respondents from entry-level employees. The multiple regression analysis shows that career development has a positive and significant effect on employee retention. Compensation has a positive and significant effect on employee retention. Finally, engagement has a positive and significant effect on retention. Conclusively, managers and executives should ensure that strategic career development, competitive payment structure and quality engagement are part of the new and emerging human resource policy to attract and retain top performers in their organizations.