Recruitment retention strategies and employees’ performance in the Nigerian banking sector
This study investigated the recruitment and retention strategies available in the post-consolidated banks in Nigeria; and assessed the current challenges associated with the recruitment and retention of workers in the banks. It also examined the influence of recruitment and retention strategies on employees’ performance in these banks. These were with a view to providing information on the best recruitment and retention strategies for high productivity of employees in the post-consolidated banks in Nigeria. The study used primary data obtained from the post-consolidated banks in Lagos Nigeria. Lagos is the headquarter of the sampled banks. The population size constituted the 21 post-consolidated banks in Nigeria. Data on recruitment, retention strategies and employees’ performance were obtained through interviews of the Human resource officers and the senior staff; and administration of questionnaires on the junior staff of the sampled banks. Purposive sampling technique was used to select 8 out of these 21 post consolidated banks in Nigeria as at 2014. These 8 banks were the most recent consolidated banks in Nigeria. 4 top officers, 1 human resource officer and 20 junior employeeswere chosen from each bank as the sample, therefore making a total of 200 sample size. The Data were analysed using frequency distribution tables, Spearman Rho’s correlation coefficient, Pearson Partial Correlation test and Chi-square test. The results revealed that promotion (71.3%) and outsourcing (80.51%) were the most available internal and external recruitment strategies respectively, while career opportunity (59.74%) and superior support (16%) were the most available retention strategies in the Post-consolidated banks in Nigeria. The results also showed that the cost of recruitment and retention (63%), job insecurity and instability (58%) and labour turnover rate (61%) were the most prevalent recruitment and retention challenges in the post consolidated banks in Nigerian. Finally, the results showed that recruitment and retention strategies had positive and significant influence on employees’ performanceat 0.05 level of significance. The study concluded that promotion, outsourcing, career opportunities, superior support, job security and stability were the best recruitment and retention strategies for the employees’ positive and high performance in the post-consolidated banks in Nigeria.