IMPACT OF MOTIVATION ON EMPLOYEE RETENTION: A CASE STUDY OF STANDARD CHARTERED BANK GHANA LIMITED BY NYAMEKYE
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IMPACT OF MOTIVATION ON EMPLOYEE
RETENTION: A CASE STUDY OF STANDARD
CHARTERED BANK GHANA LIMITED
BY
NYAMEKYE, FAUSTINA
(PG 4131110)
A Thesis submitted to the Institute Of Distance Learning, Kwame
Nkrumah University of Science and Technology in partial fulfillment
of the requirements for the degree of
COMMONWEALTH EXECUTIVE MASTERS OF BUSINESS
ADMINISTRATION
SEPTEMBER 2012
RETENTION: A CASE STUDY OF STANDARD
CHARTERED BANK GHANA LIMITED
BY
NYAMEKYE, FAUSTINA
(PG 4131110)
A Thesis submitted to the Institute Of Distance Learning, Kwame
Nkrumah University of Science and Technology in partial fulfillment
of the requirements for the degree of
COMMONWEALTH EXECUTIVE MASTERS OF BUSINESS
ADMINISTRATION
SEPTEMBER 2012
ii
DECLARATION
I hereby declare that this submission is my own work towards the Executive Masters
of Business Administration and that, to the best to my knowledge, it contains no
material previously published by another person nor material which has been accepted
for the award of any other degree of the University, except where due
acknowledgement has been made in the text.
..................... ............................ .....................
Student Name & ID Signature Date
Certified by:
....................... .......................... ....................
Supervisor Name Signature Date
Certified by:
Prof. I. K. Dontwi .......................... ....................
Dean, IDL Signature Date
DECLARATION
I hereby declare that this submission is my own work towards the Executive Masters
of Business Administration and that, to the best to my knowledge, it contains no
material previously published by another person nor material which has been accepted
for the award of any other degree of the University, except where due
acknowledgement has been made in the text.
..................... ............................ .....................
Student Name & ID Signature Date
Certified by:
....................... .......................... ....................
Supervisor Name Signature Date
Certified by:
Prof. I. K. Dontwi .......................... ....................
Dean, IDL Signature Date
i
ABSTRACT
The retention of human resources has been shown to be momentous to the
development and the accomplishment of the organization‘s goals and objectives.
Retention of employees can be a vital source of competitive advantage for any
organization. Employee departures can have a significant effect on the execution of
business plans and may eventually cause a parallel decline in productivity.
The primary aim of this study was to discover the impact of motivation on the
retention of employees. A total of 180 respondents were selected for this study using
the simple random sampling method. The survey questionnaire was designed to
collect data from respondents. The result of the study shows that motivational factors
such as salary and fringe benefits were rated as most important to the workforce of the
bank followed by job security and relationship with co-workers. The three strategies
rated most important to the workforce are recognition, training opportunities,
openness and trust, promotional opportunities, and effective communication.
Considering the major findings from the research, it is recommended that
management put in place structures that will bring about an improvement in the
salaries of workers. Fringe benefits such as free medical care, transportation, canteen
services etc should be provided. Furthermore, it is suggested that management
encourages their employees to take courses such as distance learning, correspondence
courses etc, to help improve job satisfaction.
It is envisaged, that this study will lead to increased awareness of retention processes
among managers and the need for further research in the subject area.
ABSTRACT
The retention of human resources has been shown to be momentous to the
development and the accomplishment of the organization‘s goals and objectives.
Retention of employees can be a vital source of competitive advantage for any
organization. Employee departures can have a significant effect on the execution of
business plans and may eventually cause a parallel decline in productivity.
The primary aim of this study was to discover the impact of motivation on the
retention of employees. A total of 180 respondents were selected for this study using
the simple random sampling method. The survey questionnaire was designed to
collect data from respondents. The result of the study shows that motivational factors
such as salary and fringe benefits were rated as most important to the workforce of the
bank followed by job security and relationship with co-workers. The three strategies
rated most important to the workforce are recognition, training opportunities,
openness and trust, promotional opportunities, and effective communication.
Considering the major findings from the research, it is recommended that
management put in place structures that will bring about an improvement in the
salaries of workers. Fringe benefits such as free medical care, transportation, canteen
services etc should be provided. Furthermore, it is suggested that management
encourages their employees to take courses such as distance learning, correspondence
courses etc, to help improve job satisfaction.
It is envisaged, that this study will lead to increased awareness of retention processes
among managers and the need for further research in the subject area.
ii
DEDICATION
I dedicate this work to Samuel Tuffour Boadu who supported me every step of the
way. God bless you.
DEDICATION
I dedicate this work to Samuel Tuffour Boadu who supported me every step of the
way. God bless you.
iii
ACKNOWLEDGEMENT
I am immensely grateful to the Omnipotent Father for sustaining me in my quest for
higher education. The preparation and submission of this project work would not have
been possible without the support of certain personalities who deserve my gratitude. I
wish to offer my profound appreciation to my supervisor Dr.Kofi Osei Akuoko, for
his valuable suggestions and constructive criticisms of the content, structure and
preparation of this work.
Secondly, this thesis is dedicated to my parents, Dr. and Mrs. Nyamekye, who have
invested in my education and their advice from childhood till now. Also to my
siblings, Mrs. Dorcas Tenkorang and Josephine Nyamekye, for their prayers and
support for me.
Thirdly, my appreciation goes to Mr. James Awapoayi, of the University of Ghana
(Sociology Department) for his encouragement and support.
Finally, a big thank you to all my study group mates, for the support we have given
each other throughout our period of study.
ACKNOWLEDGEMENT
I am immensely grateful to the Omnipotent Father for sustaining me in my quest for
higher education. The preparation and submission of this project work would not have
been possible without the support of certain personalities who deserve my gratitude. I
wish to offer my profound appreciation to my supervisor Dr.Kofi Osei Akuoko, for
his valuable suggestions and constructive criticisms of the content, structure and
preparation of this work.
Secondly, this thesis is dedicated to my parents, Dr. and Mrs. Nyamekye, who have
invested in my education and their advice from childhood till now. Also to my
siblings, Mrs. Dorcas Tenkorang and Josephine Nyamekye, for their prayers and
support for me.
Thirdly, my appreciation goes to Mr. James Awapoayi, of the University of Ghana
(Sociology Department) for his encouragement and support.
Finally, a big thank you to all my study group mates, for the support we have given
each other throughout our period of study.
iv
TABLE OF CONTENT
DECLARATION ............................................................................................................ i
ABSTRACT .................................................................................................................... i
DEDICATION ............................................................................................................. iii
ACKNOWLEDGEMENT ........................................... Error! Bookmark not defined.
TABLE OF CONTENT ................................................................................................ iv
LIST OF TABLES ........................................................................................................ vi
LIST OF FIGURE .....................................................................................................VII
CHAPTER ONE .......................................................................................................... 1
INTRODUCTION.....................................................................................................................1
1.1 BACKGROUND TO THE STUDY ........................................................................ 1
1.2 STATEMENT OF THE PROBLEM ..................... Error! Bookmark not defined.
1.3 OBJECTIVES OF THE STUDY ........................... Error! Bookmark not defined.
1.4 RESEARCH QUESTIONS ..................................................................................... 5
1.5 SIGNIFICANCE OF THE STUDY.........................................................................5
1.6 ORGANISATION OF THE STUDY......................................................................7
CHAPTER TWO ......................................................................................................... 8
LITERATURE REVIEW ........................................................................................... 8
2.1 THEORETICAL BACKGROUND.........................................................................8
2.2 THEORETICAL FRAMEWORK.........................................................................21
CHAPTER THREE ................................................................................................... 23
RESEARCH METHODOLOGY ............................................................................. 23
3.1INTRODUCTION...................................................................................................23
3.2 THE STUDY AREA.............................................................................................. 26
3.3 POPULATION AND SAMPLING TECHNIQUES.............................................24
3.4 DATA COLLECTION PROCEDURE.................................................................25
3.5 PRE-TESTING.......................................................................................................25
3.6 RELIABILTY AND VALIDITY OF INSTRUMENT.........................................26
TABLE OF CONTENT
DECLARATION ............................................................................................................ i
ABSTRACT .................................................................................................................... i
DEDICATION ............................................................................................................. iii
ACKNOWLEDGEMENT ........................................... Error! Bookmark not defined.
TABLE OF CONTENT ................................................................................................ iv
LIST OF TABLES ........................................................................................................ vi
LIST OF FIGURE .....................................................................................................VII
CHAPTER ONE .......................................................................................................... 1
INTRODUCTION.....................................................................................................................1
1.1 BACKGROUND TO THE STUDY ........................................................................ 1
1.2 STATEMENT OF THE PROBLEM ..................... Error! Bookmark not defined.
1.3 OBJECTIVES OF THE STUDY ........................... Error! Bookmark not defined.
1.4 RESEARCH QUESTIONS ..................................................................................... 5
1.5 SIGNIFICANCE OF THE STUDY.........................................................................5
1.6 ORGANISATION OF THE STUDY......................................................................7
CHAPTER TWO ......................................................................................................... 8
LITERATURE REVIEW ........................................................................................... 8
2.1 THEORETICAL BACKGROUND.........................................................................8
2.2 THEORETICAL FRAMEWORK.........................................................................21
CHAPTER THREE ................................................................................................... 23
RESEARCH METHODOLOGY ............................................................................. 23
3.1INTRODUCTION...................................................................................................23
3.2 THE STUDY AREA.............................................................................................. 26
3.3 POPULATION AND SAMPLING TECHNIQUES.............................................24
3.4 DATA COLLECTION PROCEDURE.................................................................25
3.5 PRE-TESTING.......................................................................................................25
3.6 RELIABILTY AND VALIDITY OF INSTRUMENT.........................................26
v
3.7 RESEARCH DESIGN...........................................................................................26
3.8 DATA SOURCE .................................................... Error! Bookmark not defined.
3.9 DATA ANALYSIS................................................................................................27
3.10 LIMITATIONS OF THE STUDY.......................................................................27
3.11 ETHICAL CONSIDERATIONS.........................................................................28
CHAPTER FOUR ...................................................................................................... 29
DATA ANALYSIS AND DISCUSSION OF RESULTS ........................................ 29
4.1 INTRODUCTION ................................................................................................. 29
4.2 SOCIO-DEMOGRAPHIC CHARACTERISTICS OF RESPONDENTS ............ 29
4.2.1 AGE DISTRIBUTION OF RESPONDENTS .................................................... 30
4.2.2 SEX OF RESPONDENTS .................................................................................. 31
4.2.3 EDUCATIONAL BACKGROUND OF RESPONDENTS ............................... 32
4.2.4 LENGTH OF SERVICE ..................................................................................... 33
4.3 FACTORS WHICH MOTIVATE WORKERS..................................................... 35
4.4 MAIN RETENTION FACTORS .......................................................................... 39
4.5 ENVIRONMENT THAT BREEDS TURNOVER ............................................... 49
4.6 ATTITUDE OF MANAGEMENT TOWARDS WORKERS .............................. 49
4.7 STYLE OF SUPERVISION .................................................................................. 50
4.8 DISCUSSION OF FINDINGS .............................................................................. 53
CHAPTER FIVE ....................................................................................................... 61
SUMMARY OF FINDINGS, CONCLUSIONS AND RECOMMENDATIONS 61
5.0 INTRODUCTION ................................................................................................. 61
5.1 SUMMARY OF FINDINGS.................................................................................61
5.2 CONCLUSION......................................................................................................64
5.3 RECOMMENDATIONS.......................................................................................66
REFERENCES............................................................................................................68
QUESTIONNAIRE.....................................................................................................73
3.7 RESEARCH DESIGN...........................................................................................26
3.8 DATA SOURCE .................................................... Error! Bookmark not defined.
3.9 DATA ANALYSIS................................................................................................27
3.10 LIMITATIONS OF THE STUDY.......................................................................27
3.11 ETHICAL CONSIDERATIONS.........................................................................28
CHAPTER FOUR ...................................................................................................... 29
DATA ANALYSIS AND DISCUSSION OF RESULTS ........................................ 29
4.1 INTRODUCTION ................................................................................................. 29
4.2 SOCIO-DEMOGRAPHIC CHARACTERISTICS OF RESPONDENTS ............ 29
4.2.1 AGE DISTRIBUTION OF RESPONDENTS .................................................... 30
4.2.2 SEX OF RESPONDENTS .................................................................................. 31
4.2.3 EDUCATIONAL BACKGROUND OF RESPONDENTS ............................... 32
4.2.4 LENGTH OF SERVICE ..................................................................................... 33
4.3 FACTORS WHICH MOTIVATE WORKERS..................................................... 35
4.4 MAIN RETENTION FACTORS .......................................................................... 39
4.5 ENVIRONMENT THAT BREEDS TURNOVER ............................................... 49
4.6 ATTITUDE OF MANAGEMENT TOWARDS WORKERS .............................. 49
4.7 STYLE OF SUPERVISION .................................................................................. 50
4.8 DISCUSSION OF FINDINGS .............................................................................. 53
CHAPTER FIVE ....................................................................................................... 61
SUMMARY OF FINDINGS, CONCLUSIONS AND RECOMMENDATIONS 61
5.0 INTRODUCTION ................................................................................................. 61
5.1 SUMMARY OF FINDINGS.................................................................................61
5.2 CONCLUSION......................................................................................................64
5.3 RECOMMENDATIONS.......................................................................................66
REFERENCES............................................................................................................68
QUESTIONNAIRE.....................................................................................................73
vi
LIST OF TABLES
TABLE PAGE
4.1: Age Distribution of Respondents..........................................................................30
4.2: Level of Education of Respondents......................................................................32
4.3: Length of Service of Respondents........................................................................34
4.4: Factors which Motivate Employees......................................................................35
4.5 Supervisors sit down with employees to discuss their development plans............39
4.6: Employees are Given Opportunity to be Part of Task and Assignments outside
Core Job................................................................................................................40
4.7 Management Communicates Effectively with Employees....................................41
4.8 There is an environment of openness and trust in the bank...................................42
4.9: Employees are treated with Fairness and Respect................................................43
4.10: Supervisors have Style that Empowers workers to take Responsibility and
Authority..............................................................................................................44
4.12: Management Spend Time Listening to Employees Ideas...................................45
4.13: Attitude towards Workers...................................................................................49
4.14: Style of Supervision in Organization..................................................................51
4.15: Satisfied with supervisory style..........................................................................52
LIST OF TABLES
TABLE PAGE
4.1: Age Distribution of Respondents..........................................................................30
4.2: Level of Education of Respondents......................................................................32
4.3: Length of Service of Respondents........................................................................34
4.4: Factors which Motivate Employees......................................................................35
4.5 Supervisors sit down with employees to discuss their development plans............39
4.6: Employees are Given Opportunity to be Part of Task and Assignments outside
Core Job................................................................................................................40
4.7 Management Communicates Effectively with Employees....................................41
4.8 There is an environment of openness and trust in the bank...................................42
4.9: Employees are treated with Fairness and Respect................................................43
4.10: Supervisors have Style that Empowers workers to take Responsibility and
Authority..............................................................................................................44
4.12: Management Spend Time Listening to Employees Ideas...................................45
4.13: Attitude towards Workers...................................................................................49
4.14: Style of Supervision in Organization..................................................................51
4.15: Satisfied with supervisory style..........................................................................52
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