EFFECTS OF TOTAL REWARDS ON EMPLOYEE RETENTION; A CASE STUDY OF KENYA VISION 2030 DELIVERY SECRETARIAT
Abstract
Today’s business world is very competitive, thanks to advances in technology, increased globalization, changing customer expectations and preferences, increased consumer protection legislation, high levels of employee awareness, among others. This competitive environment requires employers to retain key employees for their long-term health and survival. Most organisations have realized the importance of embracing total rewards as a strategy to retain best talents. However, it appears that despite having a reward strategy in place, organizations are still having retention challenges.The purpose of this study was to establish the effect of total reward management on employee retention. The study was a descriptive survey. A census survey was conducted on the entire population of the Kenya Vision 2030 Delivery Secretariat. The census method was preferred as the researcher was interested in each and every member of the population of the Secretariat. Data was collected from respondents using questionnaires and Cronbach’s alpha co-efficient was used to test reliability. Data was analyzed using Statistical Package for Social Sciences and Microsoft Excel. The study found that compensation, work-life balance, training and career growth have positive impact in employees’ decision to stay or leave an organization. However, a poor compensation structure and lack of career growth were seen to be the components that have the most profound impact on employee retention at Kenya Vision 2030 Delivery Secretariat. Inferential statstics further revealed that among other factors, compensation, work-life balance, training and development and career growth are key determinants of employee retention from a human resource management perspective.
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