Talent Management and Employees' Retention in the Nigeria Banking Industry: A Study of United Bank for Africa

Abstract

In recent times, organizations are faced with the challenges of employees leaving for better offer. This has left most organizations coming up with talent management strategy that can retain their employees. Talent management is the activities done by the management to keep their employees updated, engaged and compensated. The paper therefore investigates the effect of talent management on employees' retention: to examine the effect of training and development programs on employees' retention, to determine the effect of compensation policies on employees' retention and to ascertain the effect of employees' engagement on employee' retention. A primary source of data was used where a survey was conducted on the staff of UBA Plc. Marina branch, Lagos State. Data was analyzed using linear regression method of inferential statistics which was applied to test the significant of the hypotheses using t-statistic of co-efficient of the linear regression model with the aid of Statistical Package for Social Sciences (SPSS). The findings show that training and development, compensation policies and employees' engagement have significant effect on employees' retention at 0.000, 0.000 and 0.000 respectively and the variables having strong positive relationship at 0.75 percent. The paper concluded that organization with effective retention system reduces operational cost via reduction in training newly recruited employees. The study therefore, recommended that management should make training and re-training of all staff compulsory, give suitable compensation to employees for work performance without any form of business politics and create a flexible culture of decentralized technique whereby employees at lower level of the organization can also be part of the decision-making processes.