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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 six likert 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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