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This study was aimed to investigate to what extent reward management affect staff
retention: A case of Standard Charted bank, branches located in Dar es Salaam. It
was observed that, at Standard charted bank, staffs were employed and others were
resigned for seeking other employment elsewhere, due to the number of factors
including the payment or salary, bonus, allowances, the Management of Standard
Charted bank tries its level best to create and provide benefits to employees but still
problem on labor turnover exist and it might be increased as the time goes.
The detailed information needed in this study was to determine which type of reward
has greater influence on staff retention at Standard charted bank , the financial type
of reward seems to have a greater influence on staff retention since large percent of
employee are youth though non financial rewards observed to have influence of
retention especially for old ones.
The research was conducted from the sample of employee’s population working in
branches and head office of the chosen bank, the researcher sampled 50 of them as
respondents. Data was collected using questionnaires and analyzed with the help of
the Statistical Package for Social Sciences (SPSS) computer program which involved
computation of descriptive statistics, also unstructured interview were used. A sixlikert
scale was used to determine the extent of relationship between variables.
The findings showed that, salary to be the most retention factors. Factors such as
bonus, allowances, Management Style and Leadership style, Employee expectations
seems to add a advantage on staff retention too, while others factors like professional
development have little influence on staff retention.
This paper provides practical guidelines as to how the organizational Management
can cope with the Labor Turnover caused by rewards factors. |
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