The Effect of Motivational Strategies on Employee Retention: A Case Study of Commercial Bank of Africa, Kenya

Abstract

Employee motivation is crucial to the overall success of the organization and an important factor that would make employees be retained in the organization. Organizations should design effective ways that will motivate employees and provide them with opportunities to demonstrate their skills. The study set out to determine the effect of motivational strategies on employee retention. The study targeted the employees of Commercial Bank of Africa headquarters. The researcher used descriptive type of research and stratified sampling used to divide the departments into strata and proportionate sampling used to select 62 employees to participate in the study. To analyze data Statistical Package for Social Sciences, (SPSS) was used and frequency tables, percentages and pie charts helped the researcher to interpret the data and draw inferences. The study found out that CBA has invested in a number of motivational strategies and those that have contributed to employee retention include; competitive pay, 10% annual salary increment, availability of opportunity for career, opportunities for training and development. The study also found out that motivational strategies have an effect on employee retention thus increasing the morale of employees to work for the organization and also providing a favorable environment to perform one’s duties. The researcher recommended that CBA maintain a competitive pay and explore other ways of improving motivational strategies to retain employees such as create open communication channels and provide equitable opportunities for career advancement within the organization