The Contribution of Compensation in the Employee Retention of the Banking Institutions in Dar es Salaam, Tanzania
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Date
2020
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
European Journal of Business and Management Research
Abstract
This paper explores the influence of compensation on employee retention in the banking institutions in Tanzania. The stratified sampling technique was used to ensure the representativeness of each bank category. Eleven banks were purposely selected and simple random sampling was applied to draw a sample of 370 employees. The quantitative data were collected using a questionnaire and analyzed using Binary logistic
regression. The results indicated that compensation is significantly influencing employee retention with a ‘p-value of 0.001. It was further revealed that the compensation attribute (fair salary) has a significant influence on employee retention. The study recommends to the bank managers develop and implement retention policies that contemplate fair salaries as this is a most valued compensation attribute. Furthermore, the bank managers need to pay great attention to the right retention policies in order to improve the retention of employees.
Description
Keywords
Employee retention, Compensation, Bank institutions
Citation
Hanai, A. E., & Pallangyo, W. A. (2020). The Contribution Of Compensation In The Employee Retention Of The Banking Institutions In Dar Es Salaam, Tanzania. European Journal of Business and Management Research, 5(4).