Deferred Benefits and Employee Retention in Tier-One Deposit Money Banks in South-South, Nigeria

Abstract

Purpose: This study examined the relationship between deferred benefits and employee retention in tier-one deposit money banks in South-South, Nigeria. The study adopted the cross-sectional research survey design.
 Materials and Methods: Primary data was generated through structured questionnaire. The population of this study was 135 employees in the regional offices of 5 tier-one deposit money banks in located in Port Harcourt from where all the activities of the banks covering Rivers, Delta, Edo, Bayelsa, Akwa Ibom and Cross Rivers are coordinated. The sample size of 101 was determined using Taro Yamane sample size determination formula. The reliability of the instrument was achieved by the use of the Cronbach Alpha coefficient with all the items scoring above 0.70. The hypotheses were tested using the Spearman’s Rank Order Correlation Coefficient. The tests were carried out at a 0.05 significance level.
 Findings: The findings revealed that there is a significant relationship between deferred benefits and employee retention in tier-one deposit money banks in South-South, Nigeria. Thus, the study conclude deferred benefits positively enhances employee retention in tier-one deposit money banks in South-South, Nigeria.
 Implications to Theory, Practice and Policy: Therefore, it was recommended that deposit money banks should develop a comprehensive deferred benefits package that includes various components such as retirement plans, pension schemes, stock options, profit-sharing, and long-term incentives. The package should be tailored to meet the needs and preferences of employees while aligning with the bank's financial capabilities.