Comparison of Factors Motivating Different Levels of Management on Employee Loyalty and Retention in Nigerian Deposit Money Banks

Abstract

The Nigerian banking industry is rapidly becoming highly competitive, and employee loyalty and retention have come to the fore of organisational sustainability. This study employed a descriptive survey research design. The population of the study comprised the top level management staff (Managers and above), middle level management staff (Assistant Banking Officers to Deputy Manager) and low level management staff (Senior Executive Trainees and below) of four banks.  The banks are FCMB, UBA, FBN and GTB which are quoted on the Nigerian Stock Exchange. A sample size of 190 was chosen from the population (360) based on Yamane’s Statistical Distribution Formula [26]. The respondents were selected through purposive sampling technique. 118 copies of questionnaire that were correctly completed out of 190 copies were used. Data were analysed using percentages, mean, one way ANOVA and Tukey HSD at 0.05 level of significance. The result revealed a statistically significant difference on factors motivating different levels of management on employee loyalty (0.000) and employee retention (0.000). When employee loyalty factors are compared among pairs of levels, low/middle level and low/high show significant difference while middle/high level did not indicate significant difference (0.206). The result further shows that employee retention factors at low/high level (0.000) and middle/high level (0.037) are significantly different but significantly indifferent for low/middle level (0.066). These results reveal that loyalty and retention factors vary between levels of management. Based on these findings, it is recommended that management should provide level preferred motivating factors to promote employee loyalty and ensure their retention.