Organizational Incentives and Workforce Retention in Innoson Vehicles Manufacturing Co. Ltd (IVM), Nigeria

Abstract

As organisations strive to maintain a competitive edge, the effective implementation of incentives plays a crucial role in attracting, engaging, and retaining talented employees. Purposefully, this study examines the relationship between organisational incentives and workforce retention in Innoson Vehicles Manufacturing Co Limited (IVM), Nnewi, Anambra State, Nigeria. The study adopted a Descriptive Survey Research Design. The sample size of 183 was determined using the Taro Yamane Formula from a population of 336. Hypotheses were tested using Correlation Analysis. Findings revealed a significant relationship between organisational incentives and workforce retention. The study concluded that by prioritising initiatives that promote employee well-being, engagement, and professional growth, organisations can enhance their competitiveness, foster a culture of excellence, and drive sustainable organisational success in an ever-evolving landscape of a modern workplace. The study recommended that INNOSON prioritises the implementation of comprehensive employee recognition programs. Also, INNOSON can demonstrate its commitment to supporting employees' financial security and personal well-being, fostering greater employee loyalty. Lastly, organisations should invest in leadership development programs and managerial training initiatives to cultivate empowering leadership styles within the organisation.