Exploring The Benefits Of Staff Retention Strategies And Performance In The Nigerian Brewery Industry
AbstractGrowth in the Nigerian brewery industry has thrown-up challenges on how to
retain scarce and competent workforce for the realization of organizational goals. This study empirically explores the benefits of staff retention strategies for organizational performance. To achieve the objectives of the study, 120 copies of questionnaires were administered to respondents and structured interview carried out with members of staff of the Nigerian Breweries Plc located at Abebe village, Iganmu – Lagos. The study adopted the chi-square analytical technique to analyze the variables. The findings showed that there is a significant relationship between staff retention strategies (rewards) and organizational performance. Further findings showed that there is a significant relationship between staff participation in decision making, frequent staff turnover and organizational performance. Furthermore, the study found that organizations have a lot to benefit from proper implementation of staff retention strategies in
the area of competent employee retention, job satisfaction amongst staff, highly motivated workforce and enhanced organizational performance. These strategies include good and regular monthly remuneration packages, workers participation in decision-making, policies that bothered on job security and provision of appropriate incentives that favoured welfare of employees’ families. The study recommended that for organizations to have in their employment highly motivated workforce and retention of competent employees for performance there is the need for proper implementation of staff retention strategies.