UNIVERSITY OF CAPE COAST

EFFECTS OF RETENTION STRATEGIES ON EMPLOYEE TURNOVER

AT ASSINMAN RURAL BANK

REGINA DONNU

2023
 UNIVERSITY OF CAPE COAST

EFFECTS OF RETENTION STRATEGIES ON EMPLOYEE TURNOVER AT

ASSINMAN RURAL BANK

BY

REGINA DONNU

Dissertation submitted to the Department of Business Studies, College of

Distance Education, University of Cape Coast in partial fulfilment of the

requirements for the award of the Master of Business Administration in Human

Resource Management.

NOVEMBER, 2023
 DECLARATION
Candidate’s Declaration

I hereby declare that this dissertation is the result of my own original

research and that no part of it has been presented for another degree in this

university or elsewhere.

Candidate’s Signature…………………………… Date………………

Name……………………………………………………………………

Supervisor’s Declaration

I hereby declare that the preparation and presentation of this dissertation

were supervised in accordance with the guidelines on supervision of dissertation

laid down by the University of Cape Coast.

Supervisor’s Signature………………………….…… Date………………….

Name…………………………………………………………………………..

ii
 ABSRACT
The main purpose of this study was to examine the role of retention strategies in

employee retention within the Assinman Rural Bank. Research for the study

included a literature study of both content and Herzberg’s Two Factor Theory of

motivation in order to identify those factors that are important when evaluating

incentives on employee retention. Survey design was employed for this study and

simple random sampling techniques were used in selecting seventy-three

respondents from the Assinman Rural Bank. Data was elicited from respondents

using questionnaires and analyzed with descriptive statistics. The major findings

indicate that, retention strategies have an impact on employee retention in

Assinman Rural Bank. It was revealed that Assiman Rural Bank does not have

enough retention strategies for their employees and the major cause of employee

turnover is job insecurity. However, to prevent high employee turnover, the most

effective strategies are to provide employees with bonus and job security. The

study recommended that; employers should study the needs of their employees to

enable them to know the most effective incentive programs that will help retain

their key employees.

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 ACKNOWLEDGEMENTS
First and foremost, I would want to thank Rev. Isaac Baafi Sarbeng, my

supervisor, for his support, encouragement, and direction in getting this work to

where it is now. His helpful criticism on every aspect of this dissertation is greatly

appreciated.

Also, I am thankful to the staff employees Assiman Rural Bank for their

support in the completion of this study. I am also indebted to all respondents who

made themselves available to respond to the questionnaires.

Lastly, I would want to express my gratitude to all the anonymous people

who have contributed in various ways to the successful completion of my

dissertation.

iv
 DEDICATION
To my husband, Rev. Emmanuel Owusu-Mintah.

v
 TABLE OF CONTENTS

Content Page
DECLARATION ii

ABSRACT iii

ACKNOWLEDGEMENTS iv

DEDICATION v

TABLE OF CONTENTS vi

LIST OF TABLES vii

LIST OF FIGURES viii

CHAPTER ONE 1

INTRODUCTION 1

Background to the Study 2

Statement of Problem 6

Purpose of Study 9

Objectives 9

Research Questions 10

Research Hypotheses 10

Significance of Study 10

Delimitation 11

Limitations of the Study 12

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Organization of the Study 12

Chapter Summary 13

CHAPTER TWO 14

Introduction 14

Theoretical Review 14

Herzberg’s Two Factor Theory 14

Motivational Factors (Satisfiers) 14

Hygiene Factors (Dissatisfiers): 15

Social Exchange Theory 17

Conceptual Review 19

The Concept of Job Retention Strategies 19

Employee Retention Strategies in the Public Sector 21

Training and career enhancement 21

Concept of Employee Turnover 25

Gender Turnover 27

Relationship between Job Retention Strategies and Employee Turnover 28

The Factors Contributing to Employee Turnover 30

Empirical Review 32

Conceptual Framework 36

Chapter Summary 38

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CHAPTER THREE 39

Introduction 39

Research Design 39

Study Area 41

Population 42

Sample and Sampling Procedure 43

Data Collection Instrument 44

Validity and Reliability of the Instrument 44

Data Collection Procedure 45

Data Processing and Analysis 46

Ethical Considerations 46

Chapter Summary 47

CHAPTER FOUR 48

Introduction 48

Demographic Characteristics of Respondents 48

Factors that Contribute to Employee Turnover 51

Relationship between Retention Strategies and Turnover 58

Managers’ View on Retention Strategies and Turnover 58

CHAPTER FIVE 61

Summary 61

viii
Key Findings 62

Conclusions 64

Recommendations 66

Suggestions for Future Research 66

REFERENCES 68

APPENDICES 77

Appendix A: Questionnaire for employees at Assinman Rural Bank 77

Appendix B: Questionnaire for managers 81

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 LIST OF TABLES
Table Page

1: Gender of Respondents 48

2: Age of Respondents 49

3: Level of Education of Respondents 49

4: Level of Work Experience of Respondents 50

5: Factors that Contribute to Employee Turnover 51

6: Factors that Contribute to Employee Turnover 52

7: Retention Strategies at Assinman Rural Bank 55

8: Effectiveness of the Retention Strategies 56

9: Effectiveness of the Retention Strategies 57

10: Relationship between Retention Strategies and Turnover 58

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 LIST OF FIGURES
Figure Page
1: Conceptual Framework 37

xi
 CHAPTER ONE
INTRODUCTION
The phrase "employee turnover" refers to a worker's movement within

the labor market, which includes changing careers, companies, or occupations

altogether. Since employee turnover can have a detrimental impact on a

company's productivity, overall performance, and operational effectiveness, it

is a significant problem for organizations across a range of industries.

Understanding and reducing employee turnover is crucial for Assinman Rural

Bank, an organization that is essential in delivering financial services to the

rural community. This study tries to shed light on the special difficulties and

chances that this financial institution has to deal with. Assinman Rural Bank

operates in a niche environment, serving the financial needs of rural

communities in the region. This bank's success is dependent on both its

capacity to retain and motivate its personnel as well as how well it performs

financially. High employee turnover can have a number of detrimental effects

on the bank's capacity to carry out its mission, including higher recruitment

costs, the loss of institutional knowledge, a decline in client satisfaction, and a

decline in employee morale. The financial industry, in general, faces its own

set of retention challenges. Employees in the banking sector often seek career

growth, competitive compensation, and a supportive work environment. In the

case of Assinman Rural Bank, these challenges may be amplified due to the

bank's unique operational context in rural areas. Consequently, developing

effective employee retention strategies tailored to this specific environment

becomes imperative.

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Background to the Study

According to James and Mathew (2012), employee turnover is a

widely researched issue, yet there is no common explanation for why

employees quit a firm. Arokiasamy (2013) defines employee turnover as new

employees entering an organization while existing employees leave. The

quantity of new hires made to take the place of the resigned employees is also

included in this. Suifan, Abdallah, and Diab (2016) explain employee turnover

as the voluntary departure of an employee from their job, which means the

employee leaves the job willingly. Loquercio, Hammersley, and Emmens (as

cited in Baidoo, 2021) define employee turnover as the ratio of employees

who leave before the expected end of their contract during a specific period

Employee turnover is a critical metric that can significantly impact the

success and stability of an organization. Arokiasamy (2013) states that an

employee's departure from an organization can have multiple effects that

affect the organization, the employee, and society. Low turnover rates indicate

a satisfied and engaged workforce. In contrast, high staff turnover can be

detrimental to a company; however, some businesses may not realize its

importance and fail to address the reasons behind it. The fundamental reason

is that an organization's performance depends more on various variables than

on how frequently its employees change. However, according to reasonably

recent empirical investigations, personnel turnover can significantly impact a

company's effectiveness. Over time, employee turnover has been a significant

issue for many businesses, particularly those in the banking industry (Hom &

Griffeth as cited in William, 2018). Employee turnover hurts organizational

productivity (Gulhayo, 2020), as it affects the quality of work, disrupts team

2
dynamics, and increases costs associated with recruitment and training.

According to Allen, Bryant and Vardaman (2010), this pervasive challenge

faced by organizations across various industries disrupts organizational

stability. It incurs substantial costs in recruitment, training, and productivity

loss.

Many factors primarily drive employee turnover. Some of these factors

have been widely discussed in research and literature. One major factor is Job

satisfaction. According to a study by Oosthuizen, Coetzee & Munro (2016),

job satisfaction significantly predicts turnover intentions. Workers that are

happy in their employment are more engaged, driven, and dedicated to their

company. On the other hand, dissatisfied employees may seek opportunities

elsewhere, leading to higher turnover rates. A study by AlBattat and Som

(2013) affirms the above assertions. The study brought attention to global

turnover issues and specific problems in Malaysia. After conducting a

literature review, they found that when an employee is dissatisfied with their

working environment and considers leaving their job, it can lead to a turnover

crisis from an international perspective. In other words, job satisfaction

significantly influences turnover intention. The researchers suggested using

Mobley's model to predict dissatisfaction and find ways to retain employees.

More contented workers are less prone to discuss leaving their positions.

The second factor is organizational culture, values, and leadership

style, which is crucial to employee turnover. Workers may be less satisfied

with their jobs and less likely to stick around if they don't feel that the

leadership is acting in a way that is in line with the company culture.

According to the findings of Cruz, Sengco, and Gadin (2022), a positive

3
organizational culture characterized by supportive and inclusive practices,

clear values, and employee involvement is associated with lower turnover

rates. According to the survey, workers who feel their jobs are dangerous or

that they are underpaid are more likely to quit. However, when employees are

satisfied with the quality of the work environment, turnover intentions can be

prevented. As a result, companies ought to make an effort to develop a culture

within the company that promotes employee engagement and well-being.

They proposed that socialization, performance management, and training and

development—all of which have been demonstrated to have a good impact on

organizational culture and climate—may be used to achieve it. Furthermore,

there is a significant correlation between effective leadership—that is,

transformational leadership that inspires and encourages staff members—and

employee retention. Based on this, it is recommended that organizational

climate, culture, and leadership be given attention because these play crucial

roles in influencing employee turnover. It is recommended that organizations

focus on developing a positive and supportive organizational culture.

The third factor is discrepancies between employee expectations and

the compensation offered can lead to turnover. In contrast, adequate and

competitive compensation, including salary, bonuses, and benefits, is essential

for attracting and retaining employees. After investigating the relationship

between benefits and compensation and employee turnover with a particular

focus on the impact of pay and performance, Gerhart and Fang (2017) came to

the conclusion that pay plays a crucial role in employee turnover, with higher

compensation levels typically being linked to lower turnover rates. Additional

studies on the connection between pay and worker motivation, performance,

4
and retention (Lawler, 1971; Gupta & Shaw, 2014; Fulmer, I. S., Gerhart, B.,

& Kim, J. H., 2023) corroborate this conclusion. Furthermore, the research

conducted by Allen et al. (2010) revealed a negative correlation between

turnover intentions and voluntary turnover and the absence of career growth

chances. Put differently, turnover may be caused by unclear career routes, few

possibilities for professional growth, and a lack of mentorship and training.

Workers are less likely to announce their plans to leave or voluntarily resign

from their jobs if they believe their company offers excellent opportunities for

professional growth and progress.

On the other hand, a retention strategy is a set of actions and initiatives

designed to retain customers, employees, or any other valuable stakeholders

within an organization. Preserving current clients and motivating them to

remain using a business's goods or services might be the main goals of a

retention strategy. It understands that keeping current consumers is just as

important as attracting new ones. Conversely, a retention strategy, as it relates

to personnel, is an organization's collection of policies and practices designed

to keep and motivate its staff while lowering attrition and keeping valued

people on board. Employee retention, according to Amandeep and Prabhjot

(2015), is the capacity of an organization to hold onto its personnel for a

longer amount of time. They focused on identifying factors influencing

employee retention, such as motivation, rewards, recognition, work

environment, training and development, leadership, and salary. The research

underscored the significance of staff retention in attaining corporate objectives

and securing a competitive advantage over rival firms, especially in light of

globalization. Employee retention involves implementing measures to increase

5
loyalty, satisfaction, and engagement, reducing the likelihood of them leaving

or seeking alternatives.

According to Das and Baruah, employee retention is the process of

motivating staff members to remain with a business for an extended length of

time or until the project is completed (cited in Irabor & Okolie, 2019).

According to them, employee retention is the capacity of an organization to

retain its staff for an extended length of time. Employers engage in deliberate

and systematic efforts to promote employee retention by cultivating a work

environment that motivates employees to maintain their employment

relationships. To ensure everyone's needs and interests are met, policies and

practices that cater to diversity. A high retention rate indicates a positive work

environment and satisfied employees. An effective employee retention strategy

recognizes the importance of retaining skilled and experienced employees, as

their knowledge, expertise, and commitment contribute meaningfully to an

organization's success.

Statement of Problem

According to Allen et al. (2010), effective retention strategies can

significantly reduce employee turnover. Cherukur & Mini (2020) suggests that

strategies focused on employee recognition and career development can lead

to higher employee retention rates. It is significant to remember that retention

strategies are put into place to lower staff churn and raise employee retention

in a company. Effective retention strategies are also ideal for improving

employee engagement and satisfaction, organizational stability and a positive

organizational culture, employer brand and reputation, and customer

satisfaction.

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A career in banking holds prestige and is known for its high salaries, making it

one of the most lucrative industries, even in Ghana. Those working in banks

are often associated with a comfortable lifestyle, driving luxurious cars,

residing in desirable areas, and enjoying expensive living. However, it is

concerning to witness the growing trend of employee turnover in numerous

banks nowadays and Assinman rural bank is not an exception despite several

efforts put in place by the bank to retain their staff.

At Assinman Rural Bank, it has been observed that staff turnover

occurs in almost all branches. The banking sector, with its fierce rivalry and

changing client needs, is highly dependent on the skills and dedication of its

workforce to sustain growth and keep a competitive advantage. Assinman

Rural Bank's essential human resources, which are key to attaining its strategic

goals, have been eroded over time due to staff turnover as the bank loses

personnel to other banking organizations and the expertise and richness of

experience that most employees accumulated while carrying out their tasks are

lost. Assinman Rural Bank, like many organizations, over the years have

implemented various strategies to address employee turnover issues in its

unique setting. With the view that workers receive fair compensation and

benefits amongst others, to discourage them from looking for work elsewhere.

This is crucial in the banking industry, since employee retention is heavily

influenced by salary. Giving employees the chance to grow professionally,

advance in their careers, and get training can help them envision a future with

the company.

Literature abounds in the area of job retention strategies and employee

turnover. For instance, Nusratova and Khadjieva (2020) steered a study on

7
employee turnover and its effect on the banking sector's productivity among

banks in Uzbekistan. They discovered that the four key elements that were

most important in influencing employee turnover were pay, job stress, work

environment, and career advancement. In 2021, Al-Suraihi and colleagues

studied employee turnover and retention strategies. They discovered that

organizations that prioritize implementing retention strategies experience less

employee turnover. This aids in addressing issues including insufficient

training, a dearth of feedback, aspects relating to the workplace, low job

satisfaction, unfavorable working conditions, low pay, and incompetent

leadership.

Once more, Zhang, Xue, Xu, Tian, Wei, and Gao's latest study from

2022 looked into the connection between primary care physicians' intention to

leave their jobs, burnout, and job satisfaction in rural China. The study

discovered through structural equation modeling that poor job satisfaction acts

as a mediator between burnout and turnover intention, with low job

satisfaction having a direct impact on both. However, these studies focused on

only some aspects of employee retention strategies and only considered some

of the effective retention strategies this study seeks to consider. Again, these

studies were conducted outside the shores of Ghana, and as such, the socio-

economic backgrounds in those countries may differ from those in the

Ghanaian context.

Oluwakemi (2019) carried out a study in Africa with Access Bank

Zambia as a case study to investigate the association between employee job

satisfaction and turnover. The study found inadequate human resource

management was the leading cause of employee turnover. This resulted from

8
low pay and benefits, unsatisfactory terms of service, poor employee welfare,

and an imbalance between work and life.

In Ghana, there seems to be a dearth of literature so far as job retention

strategies and employee turnover are concerned. On the other hand, Arthur

(2011) looked into the variables influencing the intents of employees to leave

the Ghanaian banking industry. The findings highlighted the significance of

organizational culture, job satisfaction, and career development opportunities

in reducing turnover intentions. However, it is unknown whether Arthur’s

(2011) study which is about 12 years old will still be relevant today. In 2019,

Boateng conducted a study in the banking industry of Cape Coast Metropolis.

The study examined the relationship between perceived organizational

support, commitment, and employee turnover intentions. The findings

demonstrated a strong correlation between turnover intentions and

organizational commitment, encompassing affective, continuation, and

normative commitment. According to the study's findings, workers who felt

encouraged by their company were more dedicated to their jobs. Based on the

aforementioned results, the researcher is also interested in learning how well

Assinman Rural Bank's employee retention tactics work.

Purpose of Study

The study adds to the body of knowledge already available on

retention strategies and their impact on employee turnover, particularly in the

context of Ghana's banking industry, by examining the effects of these

techniques on staff turnover at Assinman Rural Bank.

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Objectives

1. To identify the factors that contribute to employee turnover at

Assinman Rural Bank.

2. To examine the retention strategies currently employed by Assinman

Rural Bank to reduce employee turnover.

3. To determine the effectiveness of the retention strategies employed by

Assinman Rural Bank in reducing employee turnover.

Research Questions

1. What are the factors that contribute to employee turnover at Assinman

Rural Bank?

2. What retention strategies are currently employed by Assinman Rural

Bank to reduce employee turnover?

3. How effective are the retention strategies employed by Assinman Rural

Bank in reducing employee turnover?

Research Hypotheses

The following hypotheses would be formulated:

1. H0: There is no relationship between the retention strategies currently

employed by Assinman Rural Bank and employee turnover.

H1: There is a relationship between the retention strategies currently

employed by Assinman Rural Bank and employee turnover.

2. H0: There is no statistically significant difference between male and

female employees at the Assinman Rural Bank regarding employee

turnover.

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 H1: There is a statistically significant difference between male and

female employees at the Assinman Rural Bank regarding employee

turnover.

Significance of Study

The significance of the study would have immense benefits to a

number of stakeholders of Assinman Rural Bank in many ways. In the first

place, the study would provide insight to managers and Chief Executive

Officers of various organizations as well as influence decision-making.

Institutions including banks will be guided to put in place appropriate

retention strategies that would reduce the rate of turnovers in their

organizations. Also, Employees would benefit from the study because when

appropriate strategies are implemented, their job satisfaction level would

increase leading to high productivity. Once more, the study would help close a

research gap and provide as a manual for researchers in the future who might

like to carry out a similar investigation. Lastly, the study would contribute to

the body of knowledge regarding the topic.

Delimitation

The purpose of this research project is to better understand the unique

dynamics of employee turnover within the setting of Assinman Rural Bank.

The study aims to provide valuable insights into the factors that impact

employee turnover and the effectiveness of retention strategies in this unique

setting; nevertheless, in order to maintain focus and feasibility, it is imperative

to establish clear boundaries and limitations. This study focuses particularly

on Assinman Rural Bank, which is situated in Cape Coast, Assin Manso, Assin

Fosu, Ajumako, Pedu, Asikuma, Twifo Praso, and Kotokuraba. The

11
conclusions may not be directly transferable to other banks or financial

organizations in various contexts or environments. The study makes the

assumption that Assinman Rural Bank's rural setting may have unique features

that affect employee turnover.

Limitations of the Study

The use of descriptive research design in this survey is due to

efficiency in data collection, the ability to survey a large representative sample

of employees, and offers potential generalizability by providing insights

applicable to the broader employee population. However, it is limited in

establishing causal relationships and possible inaccuracies in participant

responses due to recall difficulties. Additionally, Closed-ended questionnaires

in banking surveys are expected due to time constraints and ease of response.

While this limits respondents to a few choices, it also ensures a higher

response rate. Probability sampling methods, like Simple Random, also offer

every member of the population an equal chance of being chosen. However,

there is still a possibility of a sample not accurately representing the

population which can lead to an unrepresentative sample, especially when

dealing with small sample sizes. Generalizations were appropriate because the

study's conclusions were carefully drawn in accordance with the study

population and the validity and reliability of the instrument utilized were

guaranteed.

Organization of the Study

There are five chapters in the study. In addition to the introduction,

Chapter One covers a number of subjects, including the study's background,

12
problem statement, aims, questions, and hypothesis, as well as its significance

and organizational structure. The review of relevant literature is the focus of

Chapter Two, which is organized under the following five primary headings:

conceptual framework, theoretical review, empirical review, theoretical

review, and summary. The methodology for obtaining, evaluating, and

presenting primary data for this study is covered in Chapter 3. The study

region, population, sample and sampling process, data collection instrument,

data collection process, data processing, and data analysis will all be covered.

The results and discussion of the study are the main topics of Chapter 4.

Finally, Chapter Five summarizes the findings, conclusions and

recommendations.

Chapter Summary

This chapter provides essential background information about the

study and the research problem. The chapter also covers the research

questions, objectives, scope, significance, and study organization.

13
14
 CHAPTER TWO

LITERATURE REVIEW
Introduction

The literature review holds significance because it furnishes a context

that underpins the research and establishes a basis for comprehending the

study. This section of the research examines relevant literature to accomplish

these objectives. The literature review focuses on theoretical and conceptual

studies. Herzberg’s Two Factor, Equity, Social Exchange, and Expectancy

Theories are reviewed to serve as the underpinning theories. To provide a

comprehensive knowledge of the conceptual methods, the ideas of job

retention and employee turnover are addressed. The chapter also reviews

relationship between job retention strategies and employee turnover and

gender and employee turnover.

Theoretical Review

Herzberg’s Two Factor Theory

The Herzberg Two-Factor Theory was developed by Frederick

Herzberg in the 1950s. It is also known as the Dual-Factor Theory or the

Motivation-Hygiene Theory. This theory aims to shed light on the factors

influencing both job satisfaction and dissatisfaction. In the context of this

study, the Herzberg Two-Factor Theory is applied to provide insight into the

potential impact of retention strategies on employee turnover.

Motivational Factors (Satisfiers)

Herzberg identified a set of factors that, when present, can motivate

employees and contribute to job satisfaction. These factors are often referred

to as satisfiers or motivators. They include:

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Achievement: When workers feel accomplished and reach their work-related

goals, they become more driven. In the context of Assinman rural bank, this

could mean recognizing and rewarding employees for meeting targets or

achieving success in their roles.

Recognition: When employees receive recognition and appreciation for their

contributions, it can boost their job satisfaction. Retention strategies that

involve recognizing and acknowledging Assinman’s employees' efforts can be

effective in reducing turnover.

Work itself: Meaningful and challenging work can be a source of motivation.

Retention strategies might involve job enrichment or task rotation to make

employees' roles more engaging and fulfilling at the Bank.

Responsibility: Giving employees more responsibility and autonomy can be

motivating. Retention strategies could include promoting from within or

providing opportunities for career advancement within the Assinman rural

bank.

Advancement: Clear paths for career growth and development can keep

employees engaged and committed to the organization.

Hygiene Factors (Dissatisfiers):

Herzberg also identified a set of factors that, when lacking or inadequate, can

lead to job dissatisfaction. These elements are frequently referred to as

maintenance or hygiene aspects. They consist of:

Salary and Benefits: Adequate compensation and benefits are essential to

meet employees' basic needs. If retention strategies include competitive

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salaries, bonuses, and benefits, it can prevent dissatisfaction due to inadequate

compensation.

Working Conditions: Providing a comfortable and safe working environment

is crucial. Retention strategies may involve addressing issues related to

workplace conditions to prevent employee dissatisfaction at Assinman rural

bank.

Company Policies: Fair and equitable company policies are necessary to

avoid dissatisfaction. Effective retention strategies should ensure that policies

are transparent, consistent, and supportive of employees.

Supervision: Competent and supportive management is essential. Reducing

employee turnover can be achieved by giving supervisors the training and

tools they need to effectively lead and inspire their teams.

Interpersonal Relationships: Positive relationships with colleagues and

supervisors can contribute to job satisfaction. Retention strategies might

include team-building activities or conflict resolution training.

On the flip side, specific elements lead to dissatisfying situations for

employees. These elements are mostly a consequence of factors external to the

job (extrinsic). Herzberg termed these external factors as "hygiene" factors.

While these factors may not actively motivate employees, their presence is

essential in the work environment for employee contentment. These hygiene

variables, which have more to do with the work environment than the duties

themselves, include things like fair corporate policies, pleasant and safe

working conditions, good compensation, and employment stability (Van

Herpen, Pennings, & Meulenberg, 2003). According to Bassett-Jones and

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Lloyd (2005), other factors that contribute to employee discontent include

corporate policies, wages, relationships with coworkers, and management

styles. Salary and work stability, which are related to the hygienic variables

identified by Herzberg, have been found to be in accordance with meeting the

demands for safety and physiology in Abraham Maslow's theory of hierarchy

of needs (Sarpong & Maclean, 2015). According to Herzberg (1959), treating

the causes of unhappiness (by means of hygiene factors) would not result in a

contented state but rather in a neutral one. True motivation, according to him,

could only arise through the application of intrinsic factors (Bassett‐Jones &

Lloyd, 2005). However, research conducted by Kinnear and Sutherland (2001)

as well as Maertz Jr and Griffeth (2004) has shown that external elements like

competitive pay, positive interpersonal connections, a welcoming work

atmosphere, and job stability were identified by employees as significant

motivating factors affecting their decision to remain employed within the

organizations.

Hence, when employees experience higher motivation, they tend to

remain within the organization instead of seeking alternative employment due

to improved working conditions and other motivating factors. This theory

serves as the foundational framework for this study.

Social Exchange Theory

The idea that social acts are the result of an exchange process that

maximizes benefits while reducing downsides forms the basis of the social

exchange theory. This exchange can be comprehended through tangible and

intangible assets, encompassing both physical items and abstract elements like

symbols of endorsement or status (Homans, 1961). As per this theory, people

18
evaluate the possible benefits and drawbacks of social connections. Moreover,

it suggests that every human relationship is molded through a personal

assessment of rewards and costs, along with a comparison of available

options.

The relationship between employees and organizations is explained by

the social exchange hypothesis. According to Loi, Hang-Yue, and Foley

(2006), the perspective of social exchange is frequently defined as a reciprocal

connection built on reciprocity of satisfaction, consisting of two people who

have a common moral norm and feel that it should be upheld and exchanged.

This reciprocity principle will therefore help maintain a stable social

framework by fostering a shared feeling of satisfaction. By emphasizing the

differences in perspective from economic transactions, the idea of social

exchange was further clarified (Liu, Min, Zhai, & Smyth, 2016).

Additionally, the social exchange theory was utilized by Karatepe and

Shahriari (2014) to examine its relationship to the intention to quit a job.

According to their research, this hypothesis sheds light on the relationship that

develops over time to promote mutual commitment, trust, and loyalty between

organizational fairness and the inclination to depart. This becomes important

when every team member is committed to particular interaction norms,

regardless of their role—managerial, supervisory, or employee. In fact, social

exchanges are associated with a heightened sense of psychological agreement

and operate in conjunction with a distinct sense of personal connection,

coupled with enduring obligations.

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 Based on the social exchange theory, it can be deduced that when

companies actively support their employees through multiple channels, the

likelihood of an employee quitting will go down. This reciprocal process

involves employees willingly committing themselves, leading to reduced

intentions of turnover. However, although the social exchange theory holds

valuable conceptual significance, it faces criticism for its limited empirical

basis. The theory simplifies human interactions into a strictly rational process

aligned with economic theory. Additionally, the theory promotes transparency,

aligning with the preferences of the 1970s era emphasizing freedom and

openness. However, there may be circumstances in which being open isn't the

best course of action in a relationship. Moreover, the theory makes the

assumption that closeness is the main goal of a relationship, even if this may

not always be the case. In addition, the idea forces a linear framework on

partnerships, ignoring the chance that some may skip steps or become less

intimate than others.

Conceptual Review

The Concept of Job Retention Strategies

Organizations now need to focus on their workforce and ensure that

they stay in the workplace due to the intense competition in a variety of

marketplaces (Hanaysha, 2016). According to Chaminade (2007), retention is

the intentional endeavor of an organization to create a work environment that

engages staff members for a prolonged period of time. According to Sue

(2001), employee retention refers to the company's effort to keep valuable

employees on board and stop them from leaving, especially to work for

competitors, for whatever reason. According to Samuel and Chipunza (2009),

20
the main goal of any retention strategy is to keep talented workers from

leaving because doing so could negatively impact the output and financial

results of the business. In every organizational context, staff retention

symbolizes a deliberate effort to motivate employees to continue their

affiliation with the organization for the longest possible duration.

The main objective of retention, according to Samuel and Chipunza

(2009), is to keep talented workers from leaving the company because their

departure could have a detrimental effect on output and financial results. In

this case, management must determine the underlying causes of the high staff

attrition. Once these reasons are identified, management can then formulate

retention strategies aimed at retaining valuable employees for an extended

duration. Sue (2001) also made the similar conclusion that employee

motivation and retention are the same. A motivated employee tends to be

content, thus boosting productivity and increasing the likelihood of long-term

commitment to the organization. Therefore, a pivotal aspect to address when

aiming to retain employees is to offer both intrinsic and extrinsic rewards.

As per Smith (2004) prosperous companies recognize that maintaining

employee retention and effectively managing talent are crucial for upholding

their leadership and expansion. In today's competitive employment market,

Smith notes, attracting, hiring, and keeping competent workers is essential to

building an attractive employer brand. This presents a big problem for firms in

terms of managing talent and expertise across all organizational tiers. This

holds true for both private enterprises and public institutions, necessitating the

attraction of skilled personnel, their proficient utilization, and provision of

suitable incentives to maintain the desired workforce. Even if it costs money

21
to keep staff on board, skipping over this part of employee management could

have an effect on service quality and bottom line results. Particularly in the

case of public organizations functioning as service providers, a lack of

attention to employee retention could erode trust in the institution and

undermine its integrity.

Ladzagla (2017) contended that rewards represent what employees

gain in return for their contributions to the company. These rewards might

encompass salary, promotions, bonuses, and various incentives. When

properly administered, a well-managed reward system helps the company

achieve its goals and is essential to keeping its employees engaged and

productive. In instances where employees perceive their rewards as

insufficient, the likelihood of them departing increases, which can result in

costly replacements that are often not readily attainable.

Employee Retention Strategies in the Public Sector

Training and career enhancement

In any organization, each employee aspires for professional growth

during their tenure. To ensure employee retention, departments need to

provide chances for career progression. Departments that neglect to furnish

employees with prospects for career development, upward mobility, and skill

and knowledge enhancement might encounter challenges in retaining

competent staff members (Taylor, 1997). In general, internal promotions are a

well-established approach to retaining employees. When an employee

perceives advancement and growth in their selected career path, it creates

room for skill enhancement and personal development (Ladzagla, 2017).

22
 Employees receive significant reassurance that the organization is

preparing them for more significant responsibilities. Individual employees'

motivation to stick with the company is fueled by their perception of future

career growth and promotions (International Research Survey, 2005). The

crucial element in this situation is that staff members must be open to

receiving training and possibilities for professional growth inside the

company. Providing training to employees demonstrates the organization's

regard for them and its desire to foster their growth for more demanding roles.

Human resources departments should invest in employees by providing

training opportunities.

By providing opportunities for professional growth, businesses can

help workers become more marketable in the internal and external labor

markets and develop their unique competitive advantage (Gunsolley, Yeung,

Butler, & Waldrop, 2001). Employers that support career advancement

through training and skill-building programs are highly sought after by their

workforce. When given the chance, employees are more likely to show their

dedication to the company. For example, Horwitz (2011) states that the lack of

skilled labor in Asia, especially in China and Japan, is a significant and

imminent danger and is often mentioned as the main reason why high-

achieving individuals are thinking about leaving their organizations in the

future.

Recognition and rewards

D’Amour (2012) suggests that a crucial factor in preventing turnover is

ensuring the effectiveness of rewards. These rewards should be timely,

suitable, and tailored to the individual. Everyone has distinct motivations for

23
choosing a specific organization for employment. While personal reasons vary,

the fundamental truth is that financial compensation is a primary driving force

for nearly all workers. In both public and private sectors, certain employees

are incentivized by tangible rewards they will receive, while others are

motivated by intangible rewards. The nature of the promised reward serves as

a communication of the organization's appreciation for their contributions.

In an ideal scenario, employees should receive acknowledgment for

their achievements within the workplace. In many organizations, a prevailing

sentiment of being inadequately acknowledged is widespread. It is advisable

to offer extensive individual and team recognition (Carney, 1998).

Memoranda, staff meetings, newspaper articles, and other forms of

acknowledgment can be used to highlight achievements (Rosenstreich, et al.,

1997). While high pay may not be crucial, Higginbotham and Romero (1997)

claimed that incomes that are viewed as "good" and "fair" have a substantial

correlation with the intention to stay, suggesting that financial incentives are

not the main element in retention as long as compensation stays competitive.

This standpoint is further supported by Kochanski and Ledford (2001), who

affirm that the actual pay level holds less significance than perceptions about

salary increases, and the procedures used for their allocation.

Private organizations are becoming progressively inventive and less

traditional in devising perks and services to allure and maintain their

workforce. Nonetheless, despite the array of innovative approaches accessible

for enhancing employee retention, it remains imperative for institutions not to

overlook fundamental elements. It is crucial to seek employees' input

24
regarding their preferred methods of recognition, and to incorporate their

feedback into the design of rewards for performance (Ladzagla, 2017).

Work-family support
Finding a work-life balance has become a major concern in the

workplace, especially in a society where conflicting responsibilities and

engagements between work and home duties are common (Lockwood, 2003).

One consistent theme in the research on retention is the effort that any

organization makes to support a positive balance between work and personal

life (Anderson, Coffey & Byerly, 2002). Numerous companies have

implemented hotlines, initiatives, or software solutions to prevent these

clashes from compromising the excellence and efficiency of employees' work

(Lockwood, 2003). There is a growing need for greater adaptability in work

arrangements, which could contribute to alleviating work-family conflicts and

enhancing overall employee contentment (Anderson, Coffey & Byerly, 2002).

While conventional perks like vacation time and healthcare remain

significant, contemporary employees are also seeking unconventional

advantages. Flexible work schedules, access to childcare, educational support,

and service discounts have become increasingly desirable benefits. Relying

solely on job satisfaction might not guarantee sustained dedication to an

organization. It's crucial to extend the focus beyond satisfaction and consider

other factors, such as conviction and trust, which bolster retention (Ladzagla,

2017).

Policies promoting a balance between work and personal life aid

employees in minimizing the influence of work on their family

responsibilities, frequently leading to decreased stress levels. Simultaneously,

25
these policies enhance concentration and drive at work, as employees are

assured that both family and professional obligations are being addressed.

From an employer's perspective, these policies often foster heightened

allegiance and dedication among staff members, culminating in reduced

turnover rates and elevated levels of appeal.

Concept of Employee Turnover

Employee turnover holds significance within human resource

management and is consistently regarded as an ongoing challenge within

organizations. According to Armstrong (2010), employee turnover is

calculated by dividing the percentage of departing employees from an

organization over a certain period of time by the average number of employees

who were there during that time. Baker (2007) asserts that employee turnover

denotes the count of permanent employees who exit the company within a

defined interval, relative to the total workforce on the last day of that period.

Breaugh (2010) further defines employee turnover to encompass instances of

layoffs, voluntary resignations, and dismissals.

Miller (2016) also argues that employee turnover can be segmented

into two distinct forms: internal turnover and external turnover. Internal

turnover involves transitions like promotions that elevate employees to higher

tiers and the recruitment of entry-level staff due to company expansion. In

contrast, external employee turnover pertains to employees who depart from

26
the company in search of new employment opportunities. In addition, Griffeth

and Hom (2001) distinguish between two types of employee turnover:

involuntary and voluntary. They define voluntary turnover as an employee's

choice to resign from their position, while involuntary turnover involves an

organization terminating an employee's tenure through layoff or discharge.

Izzack (2010) characterizes employee turnover as a cyclical process of

replacement each time a position is vacated, whether voluntarily or

involuntarily.

McClelland (2011) notes that employee turnover can yield both

favorable and unfavorable effects. Positive turnover encompasses the

generation of fresh job opportunities attributed to a company's expansion and

progress, while negative turnover signifies a reduction in a company's

financial standing during challenging periods. He proceeds to illustrate that

positive turnover entails individualized discussions to discreetly convey

promotions, salary increases, and additional duties to employees. Such

measures are aimed at preserving the confidentiality of personnel changes and

alleviating frustration among those not promoted. In contrast, adverse

employee turnover occurs on a larger scale, involving widespread layoffs and

terminations within organizations.

Suifan et al. (2016) report that during their investigation into the

relationship between work-life balance and turnover intention in private

hospitals, the researchers found that workers who felt they had a better work-

life balance reported lower levels of work-related stress and burnout—two

factors that are frequently associated with employee turnover. According to the

study, a lack of WLB practices can impede employee motivation, resulting in

27
absenteeism and turnover. It is increasingly difficult for employees to balance

work and personal lives, resulting in them quitting their jobs when conflict

arises. The study also suggested that flexible work arrangements result in

direct financial benefits and lower turnover ratios as well as a higher chance of

attracting highly skilled employees. WLB practices that affect medical staff

turnover intentions are more effective than those that are less effective,

according to the study. Manager support in particular was linked directly to

turnover intentions, whereas job autonomy was indirectly associated with

turnover intentions, and schedule flexibility was unrelated. As a result,

informal WLB practices are more influential than formal WLB practices when

it comes to reducing turnover intentions. Encouraging workers to strike a

balance between work and personal obligations increases their loyalty and

sense of satisfaction with their companies, which lowers turnover. Staff

turnover is influenced by these and a few additional factors.

Oregon (2014) suggests that regardless of whether employee turnover

is perceived as advantageous or detrimental, it can exert an influence on an

organization due to employee relocations or departures. To mitigate significant

effects on employee performance, meticulous planning of promotions and

layoffs becomes essential. Robbins (2013) similarly contends that mishandling

employee turnover may result in decreased morale spanning across the

workforce hierarchy. This observation prompted Donald (2011) to illustrate

that a company renowned for frequent employee turnover encounters

challenges in recruiting entry-level personnel.

Hence, Armstrong (2014) emphasizes the importance of identifying the

root causes and devising remedies by scrutinizing the organization's policies

28
and procedures. He further indicates that neglecting this step could lead to

employees seeking better compensation elsewhere, and when they perceive

exploitation, undervaluation, or neglect, they might opt to depart. Allen and

Griffith (2001) underscore that employee turnover incurs costs, even though

quantifying these expenses is challenging, prompting company managers to

treat the matter of employee turnover with greater concern.

Gender Turnover

There is also the issue of Gender turnover. Numerous studies have

consistently revealed notable disparities in employee turnover rates between

male and female employees. While there were no differences in the intention

to leave, other research found that women had higher actual turnover rates

than males. These findings supported the notion that women did in fact have a

higher total turnover hazard rate than men. Additionally, a different study

highlighted the significant differences between male and female employees'

characteristics that impact their intention to leave, especially when it comes to

work-family dynamics. Additionally, a study revealed that male employees

working part-time exhibited higher levels of turnover intention and actual

employee turnover compared to their female counterparts. Taken together,

these studies collectively indicate significant disparities in employee turnover

patterns based on gender.

Relationship between Job Retention Strategies and Employee Turnover

Retaining employees holds significance beyond merely mitigating

turnover expenses or the recruitment and training outlays incurred by a

company. Its importance lies in safeguarding talented personnel from being

lured away. Numerous factors underscore the value of employee retention.

29
Benefits from staff retention include increased market share, better customer

satisfaction, higher-quality services, lower expenses, less price sensitivity,

positive word-of-mouth, and increased productivity (Ladzagla, 2017).

While strong performers stay and underperformers leave the company

to create a functional turnover that helps offset poor organizational

performance, too much turnover can be harmful to the productivity of the

entire organization (Stovel & Bontis, 2002). When an employee departs, they

carry valuable insights about the organization, ongoing projects, and

competitive history to their new employer. However, transferring critical

organizational information comes with inherent risks.

Conversely, Abassi and Hollman (2000) contend that dysfunctional

turnover, characterized by the departure of high performers and the retention

of underperformers, inflicts harm on the organization by diminishing

innovation, causing service delays, hindering the successful execution of new

initiatives, and eroding overall productivity. These consequences have the

potential to severely hinder an organization's ability to prosper in the

contemporary competitive business environment, making even the most

ambitious businesses unable to succeed since they are unable to retain the best

candidates for employment (Stovel & Bontis, 2002).

The continuity of client services is interrupted when an employee

leaves the company. The sudden exit of an employee can negatively impact the

relationships they have cultivated on behalf of the organization, potentially

leading to the loss of valuable connections with potential customers and

clients. Furthermore, turnover undermines patronage and business

30
connections, and it may even put the accomplishment of organizational goals

in jeopardy. Particularly within the context of public institutions in Ghana, a

single instance of employee turnover tends to trigger a cascade of effects,

magnified by subsequent turnovers. This is due to the ripple effect caused by

the departure of an employee, which necessitates that colleagues assume

additional responsibilities. The implicit negativity resulting from the departure

of one employee can further compound for the remaining staff members

(Ladzagla, 2017).

Through sustaining elevated levels of employee retention, the

employer can incentivize the attraction of promising and skilled individuals to

become part of the organization, fostering a sense of security. The process of

recruiting and onboarding a new employee consumes a significant amount of

valuable time, and the associated training period leads to direct losses for the

company, often escaping immediate notice.

The Factors Contributing to Employee Turnover

Kilumile (2011) highlighted that, from an employer's perspective,

employee turnover incurs higher expenses. The primary reason for the

heightened attention on employee turnover is the substantial impact it exerts

on the organization. Various reasons contribute to employees choosing to

transition from one organization to another. Overall, numerous factors

influence employees' decisions to either stay in their current job or explore

other opportunities within organizations. These factors encompass a mix of

economic, demographic, psychological, and occasionally organizational

elements that contribute to employee turnover.

Inadequate compensation and benefits

31
 Compensation or remuneration establishes a significant connection

between employees and employers, playing a crucial role in facilitating

organizational decision-making to achieve strategic objectives. Employee

payment is commonly categorized into two main aspects: both internal and

external equity. Equal pay for equal work is known as external equality, and it

applies to people who work for different organizations but nevertheless have

identical tasks. This concept holds significance as it aids in employee retention

and attraction for the organization. On the other hand, internal equity involves

employees within the same pay scale receiving comparable compensation for

equivalent roles. Absence of internal equity can lead to feelings of injustice

among employees within the organizational context, ultimately resulting in a

heightened rate of employee turnover (Augustine, 2011).

Absence of acknowledgment and promotion

It was noted that workers frequently leave their current company

because they don't see enough chances for advancement or recognition, which

might be the result of management oversight or a lack of prospects for growth

inside the company. This situation prompts employees to seek employment

elsewhere, driven by the perception of being undervalued, unappreciated, and

unnoticed by their employers (Augustine, 2011). The Bureau of Labour

Statistics (2018) reported that employees transition between organizations for

various reasons, including instances of job termination. This can occur when

an employer decides to dismiss an employee due to inadequate job

performance, violation of organizational rules or codes of conduct, or even in

cases of redundancy, which is communicated openly to prevent the spread of

false rumors.

32
Inadequate training and career development
Effective guidance and direction are essential for all members of an

organization to enhance their skills and knowledge. Newly recruited

employees particularly require additional support to learn and adapt to their

roles. Insufficient training programs lead to decreased employee performance

(Shamsuzzoha & Shumon, 2007). When it comes to influencing employees'

decisions to stick with the company, employee training is crucial. Job

unhappiness and staff turnover rates are directly related in an organization.

Employees who are happy in their jobs and have received proper training tend

to hold them for longer periods of time. The strong relationship between job

satisfaction and employee turnover is demonstrated by this correlation.

Employee turnover can be successfully decreased by offering training to staff

members and keeping qualified workers on staff (Manento, 2020).

Poor working environment

As highlighted by Ton and Huckman (2008), this situation arises when

an employee decides to leave their current position due to various factors such

as inadequate compensation, absence of additional benefits, unfavorable work

environment, ineffective communication between employers and employees,

unjust treatment by organizational managers, strained relationships with

colleagues, and prolonged working hours without corresponding pay or

bonuses. Ton and Huckman (2008) further pinpointed that insufficient growth

prospects, monotony, ineffective supervision, and limited employee

engagement are key contributors to employee resignations.

Ton and Huckman (2008) suggests that individuals with high job

satisfaction exhibit positive sentiments towards their work, whereas those

33
dissatisfied with their workplace conditions begin searching for alternative

employment opportunities that better suit their needs. Kilumile (2011)

additionally recognizes that personal circumstances contribute to employee

turnover, factors that lie beyond management control. These circumstances

encompass situations like employee illness, accidents leading to physical

disabilities, transportation challenges, housing difficulties, instances of

employee death, and voluntary retirements.

Empirical Review

Al-Suraihi, Samikon, Al-Suraihi, and Ibrahim (2021) looked into the

causes of employee turnover and retention tactics in a recent study that was

published in the European Journal of Business and Management Research.

They found that many organizations know the negative impact of high

turnover rates, including inadequate training, lack of feedback, work-related

issues, low job satisfaction, poor working conditions, low wages, and

ineffective leadership. As a result, these organizations recognize the

importance of implementing strategies to address these issues. The researchers

emphasized the significance of understanding employee needs as a means to

adopt strategies that improve employee performance and reduce turnover,

implying that organizations should tailor their retention strategies to meet their

employees' specific needs and concerns. The experts suggested a number of

strategies to keep workers, such as efficient management systems, training,

fostering a positive work environment, rewarding and benefiting employees,

fostering high levels of job engagement, and encouraging employee

participation. These strategies were identified to address the causes of turnover

and improve employee performance. They concluded that implementing

34
effective retention strategies ensures improved performance of individual

employees and organizations as a whole, and by addressing the underlying

causes of turnover and meeting employee needs, organizations can create a

supportive and engaging work environment that promotes sustainable

employee performance.

In today's competitive business landscape, organizations, including

those in the banking sector, recognize the critical importance of retaining

talented employees to maintain a sustainable workforce. From a global

perspective, extensive research has emphasized the significance of effective

retention strategies in reducing turnover and improving organizational

outcomes. Work-life balance initiatives, professional development

opportunities, competitive pay and benefits packages, and encouraging

workplace cultures are a few examples of these tactics. The ultimate goal of

these tactics is to lower employee intention to leave by improving work

satisfaction and organizational commitment. Nyanjom (2013) asserts that

performance evaluation, staff commitment, empowerment, training and career

development, and fair compensation are critical elements in enhancing

employee retention. The implementation of retention strategies, which

comprise diverse initiatives and practices aimed at fostering employee

engagement, motivation, and retention, is crucial in mitigating employee

turnover.

Nusratova and Khadjieva (2020) did a study in Asia with the goal of

determining the causes of staff turnover and how it affects the productivity of

the banking industry in Uzbekistan. The study found that the four primary

elements that were most important in influencing employee turnover were

35
remuneration, job stress, work environment, and career progression. As a

result, it undoubtedly affected the productivity levels of the sector through its

workforce. The data was obtained by an analysis of the questionnaire replies.

The study concluded that the given factors significantly affect employee

turnover and have a notable impact on the productivity of the banking sector.

The researcher recommended analyzing and improving compensation systems,

social packages, corporate culture, and turnover monitoring, as well as

conducting more extensive and empirical research to address employee

turnover and enhance productivity in the banking sector.

Henry Ongori (2007), in the African Journal of Business Management,

published the importance of implementing strategies to treat employees as

valuable assets and ensure their motivation and retention within the

organization. By doing so, businesses can thrive in a dynamic environment

and remain globally competitive by providing quality products and services.

They suggested various strategies, such as job redesign, task autonomy,

empowerment of employees, scientific recruitment and selection, and

addressing the sources of employee turnover, and highlighted that employees

should be considered the organization's most valuable and monitored assets to

withstand the challenges of globalization. Reduced employee turnover is

largely dependent on providing adequate compensation, which includes

performance-based pay as well as incentives like profit-sharing and bonuses.

By implementing these strategies, organizations can enhance their

competitiveness and achieve long-term returns on their employee investment.

The banking sector in Ghana encounters similar challenges,

particularly in employee retention, which has persistently been a concern

36
(Nkrumah, 2019). Several studies have addressed the importance of mitigating

employee turnover and implementing effective retention strategies (Alhassan,

2018; Ofori-Dankwa & Agyapong, 2020). In the highly competitive banking

industry, organizations like Assinman Rural Bank must prioritize employee

retention to maintain their competitive edge. Job insecurity among employees

has increasingly become a severe and widespread issue in the Ghanaian

banking sector (Dwomoh & Frempong, 2017). According to Nkrumah (2019),

a number of factors have been found to have an impact on staff turnover in

Ghana's banking sector, including work satisfaction, training. Recognizing the

significance of retaining skilled employees and reducing turnover, Ghana's

banking sector aims to excel in a competitive market. It is the diverse

perspectives on this topic that have motivated the undertaking of this study.

Conceptual Framework

A conceptual framework, according to Amin (2005), is an organization

and compilation of related concepts that provides a coherent language and a

guiding structure for forming research inquiries. These frameworks serve to

elucidate a specific field of study and offer a backdrop against which existing

evidence can be interpreted.

Figure 1 shows the conceptual framework for the research. The graphic

illustrates how providing pay/wage/salary, allowances, and fringe benefits—

all of which are categorized as financial rewards—as well as job security,

promotion, and training and development—all of which are categorized as

non-financial rewards—will increase employee motivation. The main tools

that employees use to gauge how well their jobs can meet their basic

requirements are a sufficient wage, benefits, and allowances. Lawler (1971)

37
suggested that having a high salary could lead to job retention and be a source

of satisfaction. Barton and Lubbock (2001) discovered that retention is largely

influenced by financial incentives.

The term "job security" describes an employee's level of safety at

work. An employee's likelihood of wanting to leave an organization increases

with length of service (Robbins et al. 2003). According to Crossman (2003),

long-serving employees have a tendency to adapt their work values to the

workplace environment, which leads to higher retention rates. Longer tenured

employees are more likely to be satisfied with their positions than those with

shorter tenure, according to Johnson & Johnson (2000). Opportunities for

career advancement and promotion can significantly influence employee

motivation. Employee commitment and motivation are more likely to persist

when they perceive a clear path for advancement inside the company. On the

other hand, if promotions are rare, unclear, or favoritism is perceived,

employees might become demotivated and seek better prospects in other

companies.

38
 Source: Author’s own construct

Figure 1: Conceptual Framework

The framework highlights that motivated employee will result in

employee retention. The core of motivation occurs when staff members are

able to offer the precise incentives that will give workers a sense of

accomplishment in their professional lives. It is clear that rewards, both

monetary and non-monetary, that operate as motivators have a big impact on

staff retention, which in turn affects the turnover rate.

39
Chapter Summary

The literature examines job retention strategies and their impact on

organizations. It defines retention as creating an appealing environment to

retain skilled employees, preventing turnover's negative effects on

productivity. Factors driving turnover include inadequate compensation, lack

of recognition, poor training, and unfavorable work conditions. Strategies like

training, recognition, and work-family support aim to retain employees. While

some turnover can be beneficial, excessive turnover harms innovation and

productivity. Retaining skilled employees is vital for stable customer service

and overall success.

40
 CHAPTER THREE

RESEARCH METHODS
Introduction

This section focuses on the methods used to collect, analyze, and

display original data. It includes a number of important components, including

the target population, study site, sampling strategy, data collection technology,

data gathering procedure, data processing and analysis, and ethical

considerations.

Research Design

In order to illustrate the traits or behaviors of a population, this study

will make use of a cross-sectional descriptive survey research design, which

entails gathering data at a specific point in time (Thomas, 2022). The primary

objective is to present a snapshot of the variables under investigation within a

specific population or sample. This design offers the advantage of efficiently

gathering data from a large number of participants in a relatively short

timeframe, making it a cost-effective approach (Thomas, 2022). Furthermore,

the results obtained from this methodology can frequently be extrapolated to a

broader population by surveying a representative sample of the community.

Finally, the design gives researchers useful descriptive insights by enabling

them to characterize the distribution, prevalence, and correlations between the

variables of interest.

Nevertheless, the cross-sectional descriptive survey research design

comes with certain limitations, one of which is limited causal inference. As a

primarily descriptive design, it does not establish causality between variables,

making it unable to determine the direction of relationships or definitively

41
identify cause-and-effect connections (Thomas, 2022). Furthermore,

participants may encounter difficulties accurately recalling past events or

experiences, which could potentially introduce inaccuracies in their responses.

Given the short time span of one semester, this design will be deemed

appropriate for the subject because it provides an effective means of data

collection that enables the researcher to obtain information from a large

number of employees relatively quickly, making it possible to survey a

representative sample of the workforce. It will enable the researcher to

efficiently examine the prevalence and effectiveness of different retention

strategies, identify factors contributing to turnover, and explore potential

relationships between retention strategies and turnover rates. Additionally, this

design will be considered because it provides the researcher with the

opportunity of potential generalizability. By surveying a diverse range of

employees, the findings can provide valuable insights that can be generalized

to the broader employee population in the organization or similar industries.

This will help in understanding the broader implications and relevance of

different retention strategies for reducing turnover. Lastly, this research design

will offer descriptive insights. It will allow the researcher to describe the

prevalence, usage, and perceived effectiveness of various retention strategies

implemented within the organization alongside providing an opportunity to

explore employee attitudes, satisfaction levels, and their perceived effect on

turnover. With the use of such descriptive data, companies may pinpoint areas

in need of development and develop a thorough grasp of the present condition

of their retention strategy.

42
Study Area

The study will be carried out at the Assinman Rural Bank, which is

situated in Ghana's Central Region. There are 144 rural and community banks

located around the country, including Assinman Rural Bank Limited. Ghana,

dedicated to providing financial services, particularly to rural individuals who

previously had limited access to such services, resulting in their exclusion

from rural financial inclusion efforts. Assinman Rural Bank was incorporated

on February 27, 1981, as a limited liability company under the Companies

Code, 1963 (Act 179). On October 12, 1981, the bank was granted a

Certificate to Commence Business. It obtained its banking license from the

Bank of Ghana on November 18, 1982. The bank's vision is to emerge as a

prominent rural and community bank in Ghana, actively contributing to

developing the communities within its designated areas. By implementing

effective management practices, fostering a motivated workforce, and offering

innovative, customized products, the bank aims to establish itself as a leading

rural bank in Ghana, striving to capture a significant portion of the market.

The bank's core values in its operations are respect, integrity, commitment, and

humility.

Assinman Rural Bank engages in banking activities such as deposit

acceptance on terms and demand, with or without interest rates. It provides

credit facilities, account opening, and management services and handles

functions related to the safekeeping, cashing, and transportation of money and

valuables. The bank also offers banking card issuance and money transfer

43
services and operates within the securities market through its treasury

department, based on contractual agreements. Currently, the bank's head office

is located in Assin Manso, with branches in six districts in the central region:

Assin Manso, Assin Foso, Ajumako, Cape Coast (Pedu and Kotokuraba),

Breman Asikuma, and Twifo Praso. Additionally, the bank has three

mobilization centers in Assin Ngresi, Ajumako Bisease, and Twifo Hemang.

The choice of the study area was driven by the researcher's firsthand

experience as a staff member at the bank, which revealed a significant issue of

high staff turnover across all branches. Although other banks could have been

considered, Assinman Rural Bank was selected due to its status as an

emerging banking institution, which necessitates proactive measures to

address the significant problem of turnover prevalent in the banking sector.

Additionally, the decision was influenced by the unique context of rural banks

compared to commercial banks, including distinct dynamics in retention

strategies and employee turnover within the banking sector. This context-

specific research approach will enable meaningful comparisons of findings

and provide valuable insights into the issues mentioned above.

Population

The term "population" describes the whole set of people, things, or

occasions that the researcher is interested in and that have certain qualities in

common (Bell, 2017). It represents the larger target or set of study from which

a sample is chosen. The researcher wants to extrapolate the results to the entire

group or make inferences from them. All management and staff at Assinman

Rural Bank in Ghana's Central Region make up the study's population. The

bank comprises six branches (Assin Manso, Assin Fosu, Ajumako, Pedu,

44
Twifo Praso, and Kotokuraba) with 62 employees and 11 managers in the

Central Region (Assinman Human Resource, 2023).

Sample and Sampling Procedure

The whole Assinman Rural Banks network in Ghana's Central Region

will be covered by the study. Using the Krejcie and Morgan (1970) table for

selection (as cited in Kimani & Mose, 2023), a sample size of 62 employees

and all 11 managers will be involved in the study, totaling 73 respondents. The

employees will be selected through the lottery approach, while supervisors

will be selected through the census technique. The respondents will be

selected using a basic random sample method. Every employee will have an

equal chance of being chosen using the basic random sampling (lottery

method), producing a representative sample that fairly represents the

workforce and enabling the generalization of results. In using this technique,

the researcher will obtain a list of all the employees of the Assinman Rural

Bank in all of its 6 branches in the Central Region. The researcher will assign

numbers to each of the employees obtained. Afterwards the researcher will

write these numbers assign to each of the employees on pieces of papers, fold

them, and put them into a container. The researcher will mix the folded papers

in the container and will pick one of the folders papers at a time. After that the

researcher will record the employee with that assigned number who has been

selected, fold the paper and put it back into the container again.

On the other hand, the census technique will be used to involve all

managers in the study due to their small population size. With a relatively

small number of managers compared to the overall employee population,

45
conducting a census ensures that all managers are included, providing

comprehensive coverage of this group. Since managers play a critical role in

retention strategies and have decision-making authority, including all

managers in the study allows for a detailed understanding of their perceptions,

experiences, and strategies related to employee retention. Their perspectives

can be fully captured, providing valuable insights into the effectiveness and

implementation of retention strategies from a managerial standpoint.

Data Collection Instrument

This study will employ the use of a questionnaire for data collection.

Two sets of questionnaires (for employees and managers) will be used for data

collection. The study will make use of the questionnaire for data collection

because it will ensure consistency and allow for easy administering,

comparison, and analysis of responses across the participants since they are all

literates working in the bank. Additionally, it will be feasible to gather data

from a large and diverse sample such as the size mentioned, providing a more

comprehensive understanding of the research topic or target population.

Validity and Reliability of the Instrument

How accurately an instrument assesses the specific notion it is intended

to measure is referred to as its validity (Taherdoost, 2016). It shows how well

the reality study was captured by the research data collecting and processing.

Taherdoost (2016) went on to say that an instrument cannot be legitimate until

it is dependable, which implies that it must be consistently repeatable. After

this is accomplished, the instrument may be carefully examined to determine if

it is what it claims to be. I will distribute the questionnaire to my MBA

program colleagues in order to verify its validity and have any unclear

46
questions reworded. Before being distributed to the respondents, the prepared

questionnaire will also be sent to an expert (the researcher's project supervisor)

for review, approval, and revision to ensure that it satisfies the requirements

for face and content validity. To guarantee that the questionnaire can gather

important data for the study, the supervisor's recommendations will be taken

into consideration.

According to Taber (2018), an instrument is considered to have high

reliability if it can be relied upon to provide an accurate and consistent

measurement of a constant value. Reliability is also related to the consistency

of the instrument. Prior to a primary survey, a pre-test is necessary to make

sure that the instructions, questions, and scale items are understandable to

potential respondents and that they can accurately answer the questions

(Redmiles, Acar, Fahl & Mazurek, 2017). It will assist the investigator in

recognizing and removing inquiries that might offend possible participants.

Subsequently, the completed questionnaires will be collected, and the

responses will be entered into the SPSS(version 23) software for further

analysis, including the computation of the Cronbach Alpha. Internal

consistency will be ensured by utilizing the Cronbach's Alpha value; a cut-off

of 0.7 and above will be employed, as this is generally thought to produce

better results (Redmiles et al., 2017). By doing this, the validity of the research

tool will be guaranteed, and the questions will be improved to make them

easier for real respondents to respond to.

Data Collection Procedure

The University of Cape Coast's Head of the Department of Human

Resource Management will provide an introductory letter to help ensure a

47
seamless data collection procedure. The introductory letter will be presented to

the managers and employees of Assinman Rural Bank for the researcher to

obtain permission for data collection. The researcher will also establish a

rapport with the respondents (Managers and Employees). The researcher

intends to use a period of 4 weeks for the entire data collection. In order to

ensure quick responses and maximum participation, the researcher will

schedule time for data collection considering the respondent's free time

availability. As a result, data will be collected at different times among the 9

business outfits of the Assinman Rural Bank but within the intended scheduled

time. To guarantee a high return rate, questionnaires will be self-administered

and retrieved the same day. The researcher will hand out the questionnaires

and provide the respondents instructions on how to fill them out on the day of

data collection. In addition, the researcher will help those who might need

assistance with specific questionnaire items and will explain the goals of the

study.

Data Processing and Analysis

The purpose of this study is to investigate and assess how employee

turnover is affected by retention methods. Both descriptive and inferential

statistics would be used in the data analysis process in order to address the

three research questions and hypotheses that were developed to direct the

study. In particular, descriptive statistics (frequency counts, percentages,

means, and standard deviation) will be used to assess research questions 1-3.

Hypothesis one will be analyzed using the inferential statistics (Pearson

Moment Product Correlation Coefficient) and hypothesis 2 will be analyzed

using inferential statistics (Independent samples t-test). All these will be done

48
with the use of the SPPS version 23 in order to process the data that will be

gathered from the respondent.

Ethical Considerations

This kind of research has to be conducted with ethics very seriously.

According to Saeed and Asohar (2012), researchers have a responsibility to

protect study participants, establish trust with respondents, maintain the

integrity of their work, and keep an eye out for any inappropriate behavior that

might reflect adversely on their institution or organization. The study's

questionnaire would not ask for the respondent's name in accordance with

these guidelines. Additionally, the responder will receive the guarantee that the

data they submit will only be utilized for this research. Consequently, the

research will ensure the respondent's privacy and anonymity. Again, if

respondents did not want to engage in the survey, the researcher would not

force them to.

Chapter Summary

A thorough explanation of every step of the study's execution

procedure has been given in this chapter. Numerous topics, including research

design, data, methodology, model specification, variable descriptions, and

measurement, are covered in this chapter. The procedure for collecting and

evaluating data has been clearly explained, and all the sources of measurement

devices have been adequately addressed. The analysis and discussion of the

survey results will be presented in the subsequent chapter.

49
50
 CHAPTER FOUR

RESULTS AND DISCUSSION

Introduction

This chapter discusses the findings and analysis of information

gathered about the Assinman Rural Bank's management and employees.

Frequency tables, percentages, cross tabulations, and diagrams were among

the descriptive and inferential techniques used to provide a visual depiction of

the results. Issues covered include factors that contribute to employee

turnover, the retention strategies currently employed and the effectiveness of

the retention strategies employed by Assinman Rural Bank in reducing

employee turnover.

Demographic Characteristics of Respondents

The study places great importance on the personal details of the

respondents who were sampled. Data on the attributes of the participants were

acquired from a variety of sources, including gender, age, level of education,

department of employment, and years of work experience. Figures and

diagrams will be used here to highlight these points.

Table 1: Gender of Respondents

Gender Frequency Percent (%)

Female 42 57.5

Male 31 42.5

Total 73 100

Source: (Field Survey, 2023)

From Table 1, of the total respondents in the survey, 41 were men

(57.5%), making up the majority of the sample. The remaining 31 respondents

(42.5%) were women. A decent representation of the gender would have been

51
acceptable, but the gender-related statistics won't significantly alter the

outcome. Every respondent disclosed their gender.

Table 2: Age of Respondents

Age Frequency Percent (%)

25 – 30 years 11 15.1

31 - 35 years 18 24.7

36 – 40 years 24 32.9

41 – 50 years 15 20.5

51 – 55 years 3 4.1

56 – 60 years 2 2.7

Source: (Field Survey, 2023)

Table 2 indicates that Assinman Rural Bank has quite a young aged

work force. Out of the 73 respondents 24.7 % had obtained age between 31

and 35 years. While 32.9 % of the respondents were within the age range of

36-40. It is therefore evident that the bulk of staff were above 30 years.

Table 3: Level of Education of Respondents

Level Frequency Percent (%)

Masters/Postgraduate 31 42.5

First degree 25 34.2

HND 17 23.3

SHS 0 0.0

JHS 0 0.0

Source: (Field Survey, 2023)

From table 3, 25.8 % of the respondents had a masters or postgraduate

degree qualification. First degree holders were 34.2% while 23.3 % had HND.

This information obtained from the Assinman Rural Bank tells that they

52
employ as qualified people as possible with a master’s degree being the most

preferred qualification. This tells the knowledge of their workforce in the field

of accounting and banking.

Higher education, according to Herman and Cameron (2000), is post-

secondary education. Thus, those with less education than a post-secondary

degree are categorized as having low levels of education. According to data

provided by Walker and Zhu (2003), individuals with greater levels of

education have better employment chances and are more likely to be put in

higher positions in the labour market. Higher education has been shown to

have a direct and positive association with higher work positions. They

provide evidence that shows firms around the world are requiring job

placements to have other academic qualifications in addition to first degrees.

Therefore, the study's findings support the idea that a college education helps

people get jobs.

Table 4: Level of Work Experience of Respondents

Years Frequency Percent (%)

Under 5 years 11 15.1

6 – 10 years 25 34.2

11 – 15 years 21 28.8

Above 15 years 16 21.9

Source: (Field Survey, 2023)

The relationship between work experience and job satisfaction is well-

documented. A meta-analysis by Judge, Weiss, Kammeyer-Mueller, and Hulin

(2017) revealed a positive association, suggesting that as individuals

accumulate work experience, they are more likely to find greater satisfaction

53
in their roles. Table 4 indicates that majority of the respondents as many as

34.2% have worked at the Assinman Rural Bank from 6-10 years, 15.1% of

the respondents have worked under 5 years, 28.8% has worked from 11-15

years. And only 21.9% of the respondents have worked for more than 15

years. The researcher insisted that those who were included should have gone

through an appraisal and so should have been in the university for at least one

year.

Factors that Contribute to Employee Turnover

Table 5: Factors that Contribute to Employee Turnover

SD D N A SA

Lack of career growth. 8 31 15 12 7

Inadequate compensation and benefits. 2 19 5 35 12
Poor work-life balance. 9 33 14 15 5
High workload and stress levels. 6 14 7 31 15
Ineffective management and leadership. 7 29 17 13 6
Workplace culture and employee 2 34 5 20 12
relationships.
Limited opportunities for skill 4 18 14 30 10
development and training.
Insufficient recognition and appreciation 6 9 7 36 15
Source: (Field Survey, 2023) (SD=strongly disagree, D= disagree, N=Neutral

A=agree SA = strongly agree)

54
Table 6: Factors that Contribute to Employee Turnover

SD D N A SA

Lack of career growth. 10.9% 42.5% 20.5 16.4% 9.6%

Inadequate compensation and 2.7% 26.0% 6.8% 47.9% 16.4%

benefits.

Poor work-life balance. 12.3% 45.2% 19.2 20.5% 6.8%

High workload and stress levels. 8.2% 19.2% 9.6% 42.5% 20.5%

Ineffective management and 9.6% 39.7% 23.3 17.8% 8.2%

leadership. %

Workplace culture and employee 2.7% 46.6% 6.8% 27.4% 16.4%

relationships.

Limited opportunities for skill 5.5% 24.7% 19.2 41.1% 13.7%

development and training. %

Insufficient recognition and 8.2% 12.3% 9.6% 49.3% 20.5%

appreciation

Source: (Field survey, 2023) (SD=strongly disagree, D= disagree, N=Neutral

A=agree SA = Strongly agree)

The first objective to this study was to identify the factors that

contribute to employee turnover at Assinman Rural Bank. The structured

questionnaires were deployed to get some information from the employees

regarding some of the factors that strongly contribute to employee turnover.

Below are the discussions regarding the data collected.

55
 A dearth of career development opportunities is a common factor

leading to turnover. Arthur, Hall, and Lawrence (1989) argue that employees

who perceive a lack of growth prospects are more likely to leave their current

positions. From table 6, 42.5% of the respondents perceive that the lack of

career growth does not contribute to employee turnover in the bank. They

disagreed with the assertion that employees will stay if there are career growth

opportunities. Meanwhile 16.4% of them responded that the lack of career

growth opportunities is a factor that contributes to employee turnover. Also,

9.6% of them strongly agreed to the assertion. From table 6, 47.9% of the

respondents agreed inadequate compensations and benefits are contributing

factors leading to employee turnover. They believe that employees have the

right to certain compensations and benefits from the bank and the inability of

the bank to pay such benefits will render employee’s exit from the firm.

However, 26.0% of the respondents disagreed that inadequate compensations

and benefits lead to employee turnover. According to the 26.0% respondents,

employee can still stay in the firm even without all those benefits given to

them.

Imbalances between work and personal life contribute to turnover.

Kossek et al. (2011) found that employees experiencing challenges in

maintaining work-life balance are more prone to turnover. Organizations

promoting work-life balance report lower turnover rates (Allen, Armstrong, &

Reid, 2013). From table 6, the respondents also expressed their view on the

influence of poor work-life balance and high workload and stress level on

employee turnover. 45.2% of the respondents expressed that poor work-life

balance is not a factor that contributes to employee turnover. Meanwhile,

56
42.5% of the respondents perceived that high workload and stress levels is a

factor that contributes employee turnover. This means that employee tend to

leave the organization when they are burdened with numerous works and also

when they feel some sense of stress in their work life.

Leadership styles and management practices impact turnover rates.

Bass and Avolio (1994) argue that transformational leadership, characterized

by inspiration and motivation, is associated with lower turnover. Effective

management practices contribute to employee retention (Griffin, Patterson, &

West, 2001). From table 6, 39.7% of the respondents perceived that ineffective

management and leadership is not a factor that contributes to employee

turnover. They think that there are other factors that duly contribute to

employee turnover rather than how the management and leadership is. Also

46.6% of the respondents expressed that workplace culture and employee

relationships do not contribute to employee turnover. They think that

employees can adapt to whatever they come across so that cannot be a factor

that leads to employee turnover.

From table 6, 41.1% of employees perceived that they will leave the

workplace if there are limited opportunities for skill development and training

at the workplace. They believe that an environment full of more opportunities

will encourage them to work hard and reduce their intention of leaving the

firm. Meanwhile, 49.3% of the respondents perceived that insufficient

recognition and appreciation leads to employee turnover.

57
Table 7: Retention Strategies at Assinman Rural Bank

D(%) N(%) A(%)

Competitive salary and benefits 34(46.6) 25(34.2) 14(19.2)

packages.

Opportunities for career advancement 32(43.8) 20(27.4) 21(28.8)

within the organization.

Employee recognition and rewards 13(17.8) 19(26.0) 41(56.2)

programs.

Work-life balance initiatives. 18(24.7) 21(28.8) 34(46.6)

Training and development programs. 21(28.8) 15(20.5) 37(50.7)

Employee engagement and feedback 11(15.1) 18(24.7) 44(60.3)

mechanisms.

Source:(Field Survey, 2023) (D= disagree, N=Not sure, A= Agree)

The second objective of this study was to examine the retention

strategies currently employed by Assinman Rural Bank to reduce employee

turnover and so, questionnaires were deployed to allow respondents to rate the

existence of the retention strategies currently employed by Assinman Rural

Bank in reducing employee turnover. The existence of the strategies is

discussed below.

From table 7, 46.6% of the respondents believe that the bank does not

provide competitive salaries and benefit packages to its employees. There is

58
little or no benefit packages to employees to motive their performances.

Also,43.8% of the respondents confirmed that there is little or no opportunity

for career advancement within the organization. The absence of these elements

in the bank could a cause of high turnover depending on the need of

employees.

Employee recognition and rewards programs are elements which the

respondents firmly asserted that they are present. About 56.2% of the

respondents said that there are recognition and rewards programs at Assinman

Rural Bank. Also, about 50.7% of the respondents said that there are training

and development programs to help equip them of necessary skills to work in

the organization. However, 60.3% of the respondents said that there is high

employee engagement and feedback mechanisms. But 15.1% of them

disagreed to that.

Table 8: Effectiveness of the Retention Strategies

SD D N A SA

The bank's retention strategies in retaining employees 16 19 24 10 4

have been effective.

I believe that these strategies have positively 18 22 16 11 6

impacted my job satisfaction.

I feel the bank communicates these retention 12 24 15 11 11

strategies to employees.

I believe the bank's management is committed to the 4 14 10 18 27

success of these retention efforts.

Source: (Field survey, 2023) (SD=strongly disagree, D= disagree, N=Neutral

A=agree SA = Strongly agree)

59
Table 9: Effectiveness of the Retention Strategies

SD D N A SA

The bank's retention strategies 21.9% 26.0 32.9% 13.7 5.5%

in retaining employees have % %

been effective.

I believe that these strategies 24.7% 30.1 21.9% 15.1 8.2%

have positively impacted my % %

job satisfaction.

I feel the bank communicates 16.4% 32.9 20.5% 15.1 15.1%

these retention strategies to % %

employees.

I believe the bank's 5.5% 19.2 13.7% 24.7 40.0%

management is committed to % %

the success of these retention

efforts.

Source: (Field survey, 2023) (SD=strongly disagree, D= disagree, N=Neutral

A=agree SA = Strongly agree)

From table 9, 32.9% of the respondents perceived to be neutral

regarding the whether or not the retention strategies were effective. And only

13.7% of them believed that the retention strategies are good. Also, 30.1% of

60
the respondent do not think that the retention strategies have impact on the job

satisfaction of employees. Meanwhile, 24.7% of the respondents believe that

the bank’s management is committed to the success of these retention efforts.

Relationship between Retention Strategies and Turnover

Table 10: Relationship between Retention Strategies and Turnover

Retention strategies and Turnover Correlation Significance

Coefficient

Relationship between Retention Strategies -0.89 0.031

and Turnover

Source: (Field Survey, 2023)

In the Table 10, the correlation coefficient between retention strategies

and employee turnover was -0.89. The result is negative which shows that the

relationship between retention strategies and employee turnover was negative.

This suggests that the more retention strategies are in place, the more they stay

on their job. Again, the relation had a p-value of 0.031 and was significant at p

= 0.05. This implies that retention strategies significantly influence employee

turnover at Assinman Rural Bank.

Managers’ View on Retention Strategies and Turnover

Many managers highlighted the significance of compensation as a

contributing factor to turnover. A common sentiment was that employees,

especially in leadership positions, perceived the compensation packages as not

fully competitive with industry standards (Milkovich & Newman, 1999).

Some referred to studies emphasizing the link between competitive

61
compensation and reduced turnover intentions (Becker & Huselid, 1992).

Another prevalent concern expressed by managers was the perceived lack of

clear career development paths within the organization. Employees in

leadership roles often seek opportunities for skill development and

advancement (Arthur et al., 1989). Managers pointed to research suggesting

that organizations fostering a culture of continuous learning and career growth

are more successful in retaining their talent (Meyer & Smith, 2000).

The prevailing sentiment among managers echoes the findings of Allen

and Griffeth (1999), who argue that a well-structured retention strategy

contributes significantly to reducing turnover rates. The managers emphasized

that the bank's current retention strategy incorporates elements such as

competitive compensation, professional development opportunities, and a

supportive work environment. This aligns with the research by Meyer and

Smith (2000), emphasizing the impact of career development programs on

employee loyalty. Several managers specifically pointed to the effectiveness of

the bank's efforts in aligning its retention strategy with the unique needs of its

workforce. The recognition of individual and team achievements through

performance-based incentives was highlighted, mirroring the findings of

Lawler (2003) and Kube et al. (2012) on the positive impact of employee

recognition programs on retention.

Responses from the 11 managers indicated several common challenges

faced by top-level management in implementing and overseeing retention

strategies at Assinman Rural Bank. These challenges align with broader

findings in the literature on organizational management and retention

strategies. Several managers expressed difficulties in quantifying the impact of

62
retention strategies and calculating Return on Investment (ROI). This mirrors

the broader challenge faced by organizations in measuring the effectiveness of

HR interventions (Boudreau & Ramstad, 2005). Implementing clear metrics

and assessment mechanisms can address this challenge.

In response to the question regarding innovative or unique retention

strategies, the majority of the 11 managers expressed a consensus on the

importance of tailored approaches to address employee turnover at Assinman

Rural Bank. Several managers highlighted the potential impact of personalized

development plans for employees, aligning with the findings of research by

Arthur, Hall, and Lawrence (1989). They emphasized the need to go beyond

generic training programs and instead create individualized career paths that

cater to employees' professional aspirations and growth objectives.

63
64
 CHAPTER FIVE

SUMMARY, CONCLUSIONS AND RECOMMENDATIONS

This chapter delivers a recap of the study, outlines significant findings,

deduces conclusions from these key findings, offers recommendations, and

presents ideas for potential future research.

Summary

Using a cross-sectional descriptive survey research approach, the study

quickly and effectively gathers data from a heterogeneous workforce,

providing descriptive information about the research variables and facilitating

generalizability. The study is being carried out at Assinman Rural Bank in

Ghana's Central Region, which was selected for its special setting and

significant employee turnover problem. The six Assinman Rural Bank

branches' 62 employees and 11 supervisors make up the study's population. A

census approach is used for managers and simple random sampling is used for

employees to select a sample of 73 respondents.

Data collection is conducted through questionnaires designed for both

employees and managers, ensuring consistency and ease of comparison. The

instrument's validity and reliability are confirmed through expert review and

pre-testing. Data collection procedures involve obtaining permission, building

rapport with respondents, and scheduling data collection at various times

among the bank's branches. Self-administered questionnaires are used to

maximize the return rate.

The process of analyzing data involves applying both descriptive and

inferential statistics using SPSS version 23, such as means, frequency counts,

65
percentages, means, standard deviation, Pearson Moment Product Correlation

Coefficient, and independent samples t-test.

Key Findings

Competitive compensation and benefits packages are known to

influence employee retention in the banking sector (Huselid, 1995). Studies by

Milkovich and Newman (1999) and Becker and Huselid (1992) suggest that

employees who perceive their compensation as fair and competitive are less

likely to seek alternative employment opportunities. The Assinman Rural

Bank staff turnover research looked at a number of factors. Among the notable

findings, it was revealed that inadequate compensation and benefits were a

significant concern for 47.9% of the participants. According to this set of

respondents, workers should be compensated fairly and provided with

benefits; otherwise, turnover rates may increase. Similarly, a considerable

portion of respondents (42.5%) expressed that high workload and stress levels

were also contributing factors to employee turnover. This suggests that

workers who are overworked and under stress may be more prone to quit the

company. It's crucial to remember, too, that some elements—like a dearth of

possibilities for professional advancement and poor management and

leadership—were less commonly cited as reasons for employee churn.

The research investigated the retention tactics that Assinman Rural

Bank presently uses to reduce employee attrition. There may be space for

improvement in this area as a sizable majority of respondents (46.6%) felt that

the bank did not offer its employees competitive wage and benefit packages.

Furthermore, 43.8% of respondents thought that there weren't many chances

for job progression within the company. These findings suggest that enhancing

66
career growth opportunities and benefits packages could be essential in

reducing turnover. On the other hand, the study found that employee

recognition and rewards programs were acknowledged by 56.2% of the

respondents, indicating that the bank has initiatives in place to acknowledge

and reward employee contributions. Similarly, approximately 50.7% of the

participants noted the presence of training and development programs, which

suggests that the bank invests in enhancing the skills of its employees.

Job satisfaction is a well-established factor influencing employee

turnover (Mobley, 2017). Studies by Locke (2016) and Hoppock (2019)

highlight the importance of employees' contentment with their roles, work

environment, and relationships with colleagues and supervisors. Research

specific to the banking sector, such as the study by Tett and Meyer (2013),

underscores the correlation between job satisfaction and reduced turnover

rates. The efficiency of the bank's retention strategy was revealed by the

responses. The results showed that, when it came to the effectiveness of these

techniques in keeping staff, 32.9% of respondents had no view, while just

13.7% agreed that the strategies worked. Furthermore, 24.7% of respondents

thought that these tactics had a good impact on job satisfaction. This suggests

that even if a small number of workers experienced a rise in job satisfaction as

a result of these tactics, there is still opportunity for development.

Additionally, the study showed that a sizable portion of staff members (40.0%)

thought the bank's management was dedicated to making these retention

initiatives successful. This implies that there is faith in the management's

dedication to putting into practice and upholding successful retention

measures.

67
 The results of the study demonstrated a strong inverse relationship

(correlation coefficient of -0.89) between employee turnover and retention

strategy implementation. This negative association implies that the rate of staff

turnover decreases when more retention initiatives are used. Put another way,

the study emphasizes how important retention efforts are to keeping Assinman

Rural Bank employees on staff by showing a significant correlation between

these strategies and lower employee turnover.

Conclusions

This study's main goal was to investigate how employee turnover at

Assinman Rural Bank is impacted by retention tactics. The research involved a

thorough analysis of relevant concepts concerning staff turnover and retention

techniques, which ultimately led to the development of the research problem.

In addition, the researcher developed the conceptual framework for the study

after doing a thorough analysis of the body of prior research on employee

turnover and retention tactics.

The study's key findings revolve around the factors contributing to

employee turnover and the effectiveness of the bank's retention strategies. It

was observed that inadequate compensation and benefits emerged as a

significant concern for a considerable portion of participants (47.9%),

suggesting that addressing this aspect is crucial in reducing turnover rates.

Moreover, high workload and stress levels were identified as potential

contributors to employee turnover (42.5%), emphasizing the importance of

managing work-related stressors to retain talent. In contrast, factors such as

the lack of career growth opportunities and ineffective management and

leadership were less frequently cited as primary drivers of employee turnover.

68
 The study also delved into the bank's existing retention strategies,

revealing opportunities for enhancement. Notably, a substantial percentage of

respondents (46.6%) believed that the bank did not provide competitive salary

and benefits packages, indicating room for improvement in this regard.

Similarly, 43.8% of participants felt there were limited opportunities for career

advancement within the organization, underlining the need to foster career

growth as a retention strategy. On a positive note, the study found that

employee recognition and rewards programs were acknowledged by 56.2% of

respondents, suggesting that the bank has initiatives in place to recognize and

reward employee contributions. Approximately 50.7% of participants noted

the presence of training and development programs, indicating the bank's

investment in enhancing employee skills.

The assessment of the effectiveness of these retention strategies

revealed mixed sentiments among respondents. While 13.7% agreed that the

strategies were effective, a significant portion (32.9%) remained neutral in

their opinions, indicating room for improvement. Job satisfaction was

positively influenced for 24.7% of respondents, implying that these strategies

have had a favorable impact, but further enhancements are possible.

Importantly, a substantial portion (40.0%) expressed trust in the bank's

management, believing in their commitment to the success of these retention

efforts.

The study's data analysis also unveiled a significant negative

correlation (correlation coefficient of -0.89) between the implementation of

retention strategies and employee turnover. This indicates that the more robust

69
the retention strategies are, the lower the employee turnover rate, underscoring

the pivotal role of these strategies in retaining the workforce.

Recommendations

Recommendations for Assinman Rural Bank based on the study

findings include the need to address employee turnover factors, such as

inadequate compensation and benefits, by revising the salary and benefits

packages to align with industry standards. Additionally, implementing stress

management programs to support employees dealing with high workloads and

stress can improve well-being and job satisfaction. To enhance employee

retention, the bank should invest in creating clear career growth opportunities,

such as mentorship programs and internal promotions. Further, the bank

should strengthen existing retention strategies like recognition and rewards

programs and training initiatives, ensuring consistent implementation.

Continuous improvement and regular feedback from employees are essential.

The management's commitment to these retention efforts should be

maintained, with a focus on consistent application across all branches and

organizational levels. Future research may explore the perspectives of former

employees and investigate the long-term impact of retention strategies for a

more comprehensive understanding.

Suggestions for Future Research

Based on the findings of this study, future research avenues should

consider a more in-depth analysis of specific components within compensation

and benefits that exert the most significant influence on employee turnover.

Longitudinal studies tracking employees over extended periods would provide

insights into the long-term sustainability of stress management programs and

70
their persistent effects on employee turnover. Investigating regional or

industry-specific variations in the factors contributing to employee turnover

could offer tailored solutions to unique challenges. Furthermore, exploring the

isolated effectiveness of individual retention strategies, like employee

recognition or training programs, would allow for more precise adjustments

and prioritization of these strategies. Assessing the role of leadership and

management styles in mitigating employee turnover is also a promising area of

inquiry, given their pivotal role in shaping the work environment. Lastly,

conducting comparative studies across multiple banks in the region could

establish industry standards and innovative strategies to enhance employee

retention efforts, providing valuable benchmarks for institutions like Assinman

Rural Bank.

71
 REFERENCES

Abassi, M., & Hollman, N. (2000). Factors related to employee turnover.

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APPENDICES

Appendix A: Questionnaire for employees at Assinman Rural Bank

UNIVERSITY OF CAPE COAST

COLLEGE OF DISTANCE EDUCATION

SCHOOL OF BUSINESS

DEPARTMENT OF HUMAN RESOURCE

QUESTIONNAIRE

Research Topic: Effect of Retention Strategies on Employee Turnover at

Assinman Rural Bank

Dear Sir/Madam,

I am a student researcher from the above University pursuing an MBA

programme and a study on the topic mentioned above.

To help me accomplish the goals of the study, I would thus really

appreciate it if you could please give me a little time out of your hectic

schedule to respond to these questions. You may be sure that all information

submitted here will be handled with the highest confidentially because this is

only an academic activity.

SECTION A: BACKGROUND INFORMATION

1. Please indicate your gender.

Male [ ] Female [ ]

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 2. Indicate your age.

Under 20 years [ ] 21 – 30 years [ ] 31- 40 years [ ]

41 – 50 years [ ] 51 – 60 years [ ] Above 60 years [ ]

3. What is your level of education?

Masters/Postgraduate [ ] First Degree [ ] HND [ ]

SHS [ ] JHS [ ] Other (Specify)

4. How long have you worked at the Assinman Rural Bank?

Under 5 years [ ] 6 – 10 years [ ] 11 – 15 years [ ] Above 15

years [ ]

SECTION B: FACTORS THAT CONTRIBUTE TO EMPLOYEE

TURNOVER

Employee turnover refers to the rate at which employees leave an organization

and are replaced by new hires.

Please rate the extent to which you agree or disagree with the following

statements regarding factors contributing to employee turnover at Assinman

Rural Bank:

Where: 1- Strongly disagree; 2- Disagree; 3- Neutral; 4- Agree; and 5-

Strongly agree

No. Statement 1 2 3 4 5

1. Lack of career growth opportunities.

2. Inadequate compensation and benefits.

3. Poor work-life balance.

4. Insufficient recognition and appreciation for

employees' contributions.

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 5. High workload and stress levels.

6. Ineffective management and leadership.

7. Limited opportunities for skill development

and training.

8. Workplace culture and employee

relationships.

9. Job dissatisfaction.

10. Lack of clear communication within the

organization.

SECTION C: RETENTION STRATEGIES

Please rate the existence of the following retention strategies currently

employed by Assinman Rural Bank in reducing employee turnover:

Where: 1- Agree; 2- Not sure; 3- Disagree;

No. Statement 1 2 3

1. Competitive salary and benefits packages.

2. Opportunities for career advancement within the

organization.

3. Employee recognition and rewards programs.

4. Work-life balance initiatives.

5. Training and development programs.

6. Employee engagement and feedback mechanisms.

7. Mentorship and coaching programs.

8. Health and wellness programs.

9. Flexible work arrangements.

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 10. Transparent communication from management.

SECTION D: EFFECTIVENESS OF THE RETENTION STRATEGIES

Please rate your perception of the effectiveness of the following retention

strategies at Assinman Rural Bank in reducing employee turnover:

Where: 1- Strongly disagree; 2- Disagree; 3- Neutral; 4- Agree; and 5-

Strongly Agree

No. Statement 1 2 3 4 5

1. The bank's retention strategies in retaining

employees have been effective.

2. I believe that these strategies have positively

impacted my job satisfaction.

3. The retention strategies improved my

overall work experience.

4. I observed a reduction in employee turnover

since the implementation of these strategies.

5. I feel the bank communicates these

retention strategies to employees.

6. I believe the bank's management is

committed to the success of these retention

efforts.

7. There specific retention strategies I believe

need improvement.

8. I feel adequately supported by the bank in

terms of my professional growth and

84
 development.

9. The bank addresses my work-life balance

needs.

10. The retention strategies in place at

Assinman Rural Bank are satisfying.

Thank you

Appendix B: Questionnaire for managers

In your opinion, provide short answers to the following questions.

1. Can you describe the current employee turnover rate at Assinman

Rural Bank and any significant trends or changes observed over the

past few years?

…………………………………………………………………………………

…………………………………………………………………………………

…………………………………………………………………………………

…………………………………………………………………………………

………………………………………………………………

2. What do you believe are the primary factors contributing to employee

turnover within the bank, especially among employees in leadership

roles?

…………………………………………………………………………………

…………………………………………………………………………………

…………………………………………………………………………………

…………………………………………………………………………………

…………………………………………………………………………………
85
…………………………………………………………………………………

…………………………………………………………………………………

……………

3. In your opinion, what role does the bank's existing retention strategy

play in mitigating employee turnover, and how effective do you think it

is?

…………………………………………………………………………………

…………………………………………………………………………………

…………………………………………………………………………………

…………………………………………………………………………………

……………………………………………………………

4. Can you identify any specific challenges or obstacles that top-level

management faces in implementing and overseeing retention strategies

within the bank?

…………………………………………………………………………………

…………………………………………………………………………………

…………………………………………………………………………………

…………………………………………………………………………………

…………………………………………………………………………………

…………………………………………………………………………………

…………………………………………………………………………………

……………

86
 5. Are there any innovative or unique retention strategies that you believe

have the potential to make a significant impact on reducing employee

turnover? If so, please describe them.

…………………………………………………………………………………

…………………………………………………………………………………

…………………………………………………………………………………

…………………………………………………………………………………

…………………………………………………………………………………

…………………………………………………………………………………

…………………………………………………………………………………

……………

6. How do you perceive the relationship between employee engagement

and turnover? What steps are being taken to enhance employee

engagement among the bank's leadership team?

…………………………………………………………………………………

…………………………………………………………………………………

…………………………………………………………………………………

…………………………………………………………………………………

………………………………………………………………

Thank you

87