Abstract:
This study is on the evaluation of factors motivating employee retention and employee loyalty in deposit money banks in Nigeria. The areas identified are the qualities to assess the employee loyalty based on bank staff perception, the factors of employee loyalty and employee retention, the relationship between employee loyalty and employee retention factors, also the perception of different levels of management. The study used descriptive survey research design, by selecting four deposit money banks with dominance in Akure which are First Bank of Nigeria Plc, United Bank for Africa, Guaranty Trust Bank and First City Monument Bank. The sample size for the study consists of 190 staff. Data were collected using structured questionnaire. Percentages, frequencies and mean were used to analyse the data collected while Pearson Correlation and one way ANOVA were used to test for the hypotheses. The result showed that to assess the employee loyalty the employee should belief in the objective and culture of the company which has a mean value of 3.93 and is the first on the ranking. Based on factors motivating employee loyalty, the result revealed training and development with mean value of 3.95 and promotion 3.86 were first and second respectively. On employee retention, the factors motivating employee were training and development (4.01), job security (3.90) and reward and recognition (3.52). Given that the variables were strong significant (r = 0.83) in relationship between employee retention and loyalty factors in deposit money banks. However, on the perception of different levels of management on employee loyalty factors and retention factors shows that they were statistical significant differences which indicate that their perceptions varies at different levels of management. In summary the motivating factors were ascertained and hence the recommendation is the need for management to pay attention to such factors.
