Importance of employee retention for attainment of organisational goals in Ghana Commercial Bank, Kumasi

Abstract

The study examined the importance of employee retention for attainment of organisational goals in Ghana Commercial Bank (GCB), Kumasi. Various factors that contributed to attainment of goals such as organisational factors, human resource factors, organisational benefits, commitment, employees retention and job satisfaction were examined.Quantitative research design, specifically a correlational study design was adopted. A study population of 98 senior and junior members of staff, and nine branch managers of GCB, Kumasi were sampled for the study. Interview guide and self administered questionnaire were the research instruments used. Statistical tools used to analyse the data included frequencies, correlation, standard multiple regression, step-wise regression and hierarchical multiple regression.The findings of the study revealed that the organisational goals of GCB were effective and employees knew and understood the goals of the bank, but they conflicted with employees’ personal goals. Employee retention was found to be high and was important for attainment of the bank’s goals. However, more than half of the employees indicated their intention to quit the bank very soon. A relationship was found between policies, job satisfaction and employee retention; and employee retention and attainment of organisational goals. It was recommended that employees and branch managers should be involved in the formulation of the bank’s goals. Reviewing banks retention policies to take care of all the spectrum of workers in the bank was also recommended.