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IMPACT OF
RETENTION OF EMPLOYEE ON ORGANISATIONAL SUCCESS
ABSTRACT
The study
was motivated by the need to investigate the impact of retention of employee on
organisational success in Lagos state Ministry of education. Forty staff were
randomly selected for the study. Data on the impact of retention of employee on
organisational success were collected from the sampled staff with questionnaire
instrument designed to elicit relevant responses. The analysis of data was
based on frequency count with simple percentages and Chi-square (X2)
statistical method. Descriptive survey design was employed for the study. The findings of the study revealed retention
of employee has a great influence on the organizational success. It was also
found that condusive working environment has a strong on the performance of an
organization. Organisations with highly motivated employee, better human
related, moderate hours of work, access to loanable funds, cordial relationship
between the superior officers and subordinates tends to perform better in
productivity than in organizations where these are lacking. On the basis of the
findings, it was recommended that policy makers provide a process of
encouraging, planning, and investing in employees’ professional development.
Organisational investment in employees was associated with higher level of
employee affective commitment to the organisation. This process will indicate
that management is committed to establishing a long term relationship with
employees. These educational investments could make employees more committed to
their profession and put in their best in achieving organisational growth and
development.
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Retaining
employees whose knowledge has high competitive value is becoming a critical and
well-recognized challenge (Taylor, 2004 and Williamson, 2008). Such employees
are known as knowledged workers in that they “have high degrees of expertise,
education, or experience, and the primary purpose of their jobs involves the
creation, distribution or application of knowledge” (Davenport, 2005).
The
retention of employees has been shown to be significant 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.
Today,
changes in technology, global economics, trade agreements, and the likes are
directly affecting employee/employer relationships. “Until recently, loyalty
was the cornerstone of that relationship. The loss of talented employees may be
very detrimental to the company’s future success. Outstanding employees may
leave an organization because they become dissatisfied, under paid or
unmotivated (Adeniran 2005). While trying to retain employees within the
organization, the organisation may face other challenges such as demand for
higher wages by skilled employees, not complying with organization practices,
and inadequate good interaction with their co-workers.
Besides
these problems, lack of information about the employees’ performance may
complicate an organization’s endeavour to retain productive employees. Without
adequate information an organization may not be able to distinguish productive
workers from non-productive ones. Employees often may take credit for the
successes and deflect failures to other employees. Insufficient information
about employees’ performance may result in adverse selection by them (Grossman
and Hart 1999). The better employees may move to other organizations for better
opportunities. The co-workers who cannot improve their positions are more
likely to stay. This is especially possible when due to inadequate information
outstanding performance is not rewarded i.e, lack of motivation for outstanding
performance. Non productive and productive workers end up receiving the same or
nearly the same compensation and package of perks because of management’s in
ability to distinguish talented employees from the rest of the labour force in
the organization.
The problem
of attempting to keep talented members of the work force may be further
complicated because of superiority complex of these talented employees to
organisational success (Simon, 1996). It is another result of asymmetric
information where both the manager does not know the information for which to
ask from the employee and the employee does not know what to provide.
Therefore, productive workers cannot distinguish themselves from non-productive
co-workers. Even if an organization is fortunate enough to retain talented
employees, the company may still have to cope with agency costs resulting from
them and their colleagues. When information about an employee’s activities is
difficult to gather, the employee may be motivated to act in his own interest
which may diverge from the interest of the organization. This divergence of
interests results in costs to the organization in the form of excessive
prerequisite consumption, shirking of job responsibilities and poor investment
decision making. (Jensen and Meckling, 1996) explained that it is in an
employee’s interest to over consume perks and shirk job responsibilities of the
firm if they are not sole owners of the organization.
Employees
may also be enticed to make suboptimal investment decisions for the firm. Since
most company employees have their wealth tied up in the organization for which
they work, employees may attempt to make investment decisions which are less
risky than the stock holders of the firm would prefer. This is done to reduce
the risk of failure by the company, which protects the no diversified employee
from loss of wealth. This investment strategy may also reduce the return on
investment that the diversified owners of the firm desire. (Mark, 2000).
The
employees or agents of the organization may also use a short sighted approach
in investment selection to enhance their own career chances (Narayanan 1985).
The employee can signal the labour market his superiority through the selection
of a fast starting project, which may fizzle out later for the firm. This
strategy may cause the firm to miss profitable long-term projects or much
needed research and development. Employees may also attempt to increase the
size of the firm through acquisitions and project selection regardless of the
effect on company profitability in order to increase their own power base
within the organisation.
1.2 Statement of Problem
Organisations
are confronted with diverse problems which affect the accomplishment of their
goals and objectives. Retention of employee is one of the major problems in
most government investments in recent years. There is the general outcry in
Lagos State that her employees are not properly remunerated and incentives were
not regularly paid. Recently, Lagos state foreign doctors embarked on strike
actions which lead to mass exit of patients from Lagos state hospitals. It is
also observed that most of erudite scholars are now leaving government
educational institutions to private institutions as a result of better offer.
These poses problems for the government to retain its skilled employees so as
achieve its objectives.
It also
observed that majority of individuals leave government investments for private
investment after they have enjoyed government investment on staff investments
such as in-service training leading to failure in the output of government
investments.
It is also
discovered that privatisation of Government investments which leads to mass
unemployment of government staff have also contributed to mass outflow of
government employees to other private sector due to the fear of lack of job
security. This poses the problem of retention of employee as one of the factor
hindering the success of government establishments.
1.3 Purpose of the Study
The purpose
of this study can be summarised as follows:
1. Determine the important benefits enjoyed by
public sector workforce in Lagos state ministry of education compare to that of
the private businesses.
2. Assess the important organizational
strategies that contribute to the retention of the skilled public sector
workforce.
3. Investigate the extent to which
organizational culture contribute to the retention of the public sector
workforce.
4. Determine the extent by which staff turnover
will enhance the achievement of government objectives.
5. Determine the rate of demand for government
employment to private businesses.
6. Determine the benefits of retaining skilled
employees in public sector.
1.4 Significance of the Study
In order to
achieve high organisational success, this study helps organisations to know the
extent by which retention of skilled employee contributes to the actualization
of organisational objectives.
It also
enables organisations to cultivate the habit of retaining skilled employees by
setting up criteria for determining the productive capacity of an employee.
This study will also help government to know the extent by which skilled
manpower contributes to economic growth and development.
Also, it
will enable employees with the opportunity of negotiating for condition of
service that will ensure job security. It will also provide employee with the
knowledge of self-evaluation and upgrading from time to time, through
in-service and on-the job training so as to enhance its productivity level.
It also
enlightens the trade unions in the selection of appropriate strategies for
ensuring job security for its members. It will reveal to what extent employees’
productive capacity has been improved or the organisational objective has been
achieved as a result of retention of employee.
It will
enable the society to know the extent by which employee retention contribute to
organisational success and in turn contribute to societal growth and
development.
1.5 Research Questions
Answers were
provided for the following research questions in this study.
1. How is the public sector workforce aware of
any retention efforts in their agency?
2. What make public sector workforce think
about leaving their work?
3. How public sector workforce does feels
unique about their agency’s retention situation?
4. Does public sector organizations discuss
with the workforce specific reasons why they were leaving or not?
5. Does public sector workforce aware of
specific retention problems in their agency?
6. What type of work environment or
organizational culture e.g. supervisory style, work itself, is most appealing
to workforce?
1.6 Research Hypotheses
The research
hypotheses for this study consist of the following.
Ho1: There
is no significant relationship between the retention of employee and the
organizational success.
Ho2: There
is no significant relationship between the performance of an organisation and
its environment.
Ho3:
retention of employees has no significant impact on organisational achievement.
1.7 Scope of the Study
This study
was focused on the impact the retention of employee on the organizational
success in Public Sector with a particular concentration on Lagos State
Ministry of Education.
1.8 Limitation of the Study
The scope of
the study was limited to Lagos State Ministry of Education. The available time
and resources for study was quite limited.
1.9 Definition of Terms
Organisational
Success: An organisation’s ability to remain solvent and grow within its
market.
Talented
employee: This is the employee that has capacity to contribute to
organisational success through his natural skills.
Privatisation:
This is the act of selling government investments to private individuals or
bodies.
Career
Planning: An organizational initiative to help employees assess their skills,
defines their career goals, and creates an action plan for accomplishing those
goals. The organization is also responsible for holding employees accountable
to those goals.
Employee
Development: A system for assisting employees to develop within their current
jobs or advance to fulfil their goals for the future.
Employee
Retention: A company’s ability to keep quality employees who are contributing
to business success.
Employee
Satisfaction: The level to which employees enjoy their jobs and are willing to
put forth effort toward the success of an organization.
Goal
Setting: The process of establishing one’s plans for future jobs and careers.
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