EMPLOYEES’ RETENTION AND COMPENSATION PACKAGES OF RESEARCH INSTITUTIONS IN OYO STATE, NIGERIA
Abstract:This
study examined the employees’ retention and compensation packages of Research
Institutions in Oyo State, Nigeria. The two selected Research Institutions
selected were National Centre for Genetic Resources and Biotechnology (NACGRAB)
and Forestry Research Institute of Nigeria (FRIN). A multistage sampling technique
was used to select 109 respondents in NACGRAB and 126 respondents in FRIN for
the study. Primary data were obtained on respondents' characteristics, level of
employees’ retention and accessibility of compensation packages through the use
of a structured questionnaire. Descriptive statistics, One-Way Analysis of
Variance and Linear Regression were used for data analysis. The results showed
that employees entitlement to sick leave/maternity leave/casual leave ( =
2.48), provision of incentives before jobs are performed ( = 1.85) and provision of retirement
plans/pension made available for staff by the organisation for quality service
years ( = 1.78) were the major
incentives and compensations accessible to the respondents. Employees’ were
happy with their job ( = 3.13) and that
their job is meaningful / satisfying ( =
3.08). There was a significant difference between employees’ retention across
the selected research Institutions (F=4.418; p<0.05). There was a
significant effect of compensation packages (β = 6.59; p<0.05) on employees’
retention. It was recommended that the research institutions should revise,
update and adopt comprehensive compensation package scales in order to
motivate, retain and improve the productivity of the research environment vis-à-vis
employees’ retention enhancement.