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Compensation packages: a strategic tool for employees' performance and retention

Osibanjo, Adewale Omotayo and Adeniji, A. A. and Falola , Hezekiah Olubusayo and Heirsmac, P. T. (2014) Compensation packages: a strategic tool for employees' performance and retention. Leonardo Journal of Sciences (25). pp. 65-84. ISSN 1558-0233

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The rate at which employees in private universities in Nigeria jump from one university to the other is becoming more disturbing and this could be as a result of compensation packages of different universities to attract competent employees. The aim of this study was to examine the effect of compensation packages on employees' job performance and retention in a selected private University in Ogun State, South-West Nigeria. A model was developed and tested using one hundred and eleven valid questionnaires which were completed by academics and non-academic staff of the university. The collected data were carefully analyzed using simple percentage supported by structural equation modelling to test the hypotheses and relationships that may exist among the variables under consideration. The results showed strong relationship between compensation packages and employees' performance and retention. The summary of the findings indicates that there is strong correlation between the tested dependent and independent variables (salary, bonus, incentives, allowances, and fringe benefits). However, management and decision makers should endeavour to review compensation packages at various levels in order to earn employees' satisfaction and prevention of high labour turnover among the members of staff.

Item Type: Article
Uncontrolled Keywords: Compensation; Performance; Retention; Incentives; Salary; Employee; Bonus
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User: Mrs Patricia Nwokealisi
Date Deposited: 18 May 2015 14:19
Last Modified: 18 May 2015 14:19

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