Abstract:
This study delved into the impact of financial and non-financial incentives on the retention of academic staff in the University of Cape Coast. Specifically, the research objectives investigated were to: identify the financial and non-financial incentives that affect academic staff retention in the University of Cape Coast; investigate the factors leading to academic staff turnover in the University of Cape Coast; and to identify the type of incentive that has a greater impact on the retention of academic staff at the Cape Coast University. The study is rooted in the quantitative research approach and it employed a descriptive correlational design, using a questionnaire completed by 174 lecturers who were conveniently sampled from the University of Cape Coast. Data analysis involved both descriptive (percentage, mean, and standard deviation) and inferential (correlation and regression) statistics. The study revealed that financial incentives, encompassing salary and fringe benefits, were identified as significant contributors to staff retention. However, the study also recognized the importance of non-financial incentives, though their impact was comparatively less pronounced. The study identified poor working conditions, lack of opportunities for continuous professional development, and dissatisfaction with salary as specific factors contributing to staff turnover. The study recommended that management of the University of Cape Coast should consider enhancing its incentives strategies, both financial and non-fiancial to attract and retain its academic staff.
