Effects of Monetary and Non –Monetary Factors on Employee Retention in the Nigerian Private Universities
Keywords:
Employee Retention, Salary, Private universities, Professional Development, Retention StrategiesAbstract
This study examines the determinants of employee retention within Nigerian private universities, with a particular focus on the roles of monetary and non-monetary incentives. The research delves into how salary structures, benefits packages, recognition and awards, professional development opportunities and work environment influence staff retention. A quantitative approach was adopted, analyzing survey responses from various faculty members across a selection of Nigerian private universities. The findings suggested that factors like salary structure, benefits package and opportunities for professional development have a more influential role in employee retention, compared to work environment or recognition and rewards. The study contributes to theoretical frameworks by applying Herzberg’s Two-Factor Theory offering insights into the nuanced effects of retention strategies. The practical implications suggest that Nigerian private universities should implement comprehensive HR strategies that go beyond financial rewards to include supportive work environments and recognition systems to improve retention. These findings serve as a guide for policy formulation and the development of retention programs in the higher education sector.
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