Emerging Trends in Employee Retention Strategies in a Globalizing Economy: Nigeria in Focus

Abstract

This study explores the emerging trends in employee retention strategies in a globalizing economy, with a focus on Nigeria. The paper argues that globalization has enhanced the mobility of labor, and has also accelerated the rate of employee turnover in organizations in Nigeria. The paper identifies some of the reasons for turnover to include inequity in the compensation packages of organizations, employees’ dissatisfaction and autocratic managerial pattern in most organizations in Nigeria. It further identifies the effects of turnover to include disruption in production, cost of training new employees, the recruitment and selection cost and knowledge lost. As a panacea to minimize the rate of employee turnover and catch up with the current demands of global economic needs and organizational performance, the study proposes that organizations in Nigeria should adopt critical sustainable retention trends such as establishing a strategic plan, involving employees in decision-making process, initiating personalized compensation plan, installing mechanisms for career planning, training and development and building flexible work programs especially for critical knowledge - employees. These will help to retain core employees that will competitively drive the production wheel in the organizations in Nigeria in this era of globalization.