The Effect of Professional Training Development Opportunities on Employee Retention in the Banking Industry of Nigeria

The retention of key employees holds paramount significance for the survival, growth, and advancement of organizations, as they are widely recognized as the bedrock upon which organizational destiny is shaped. Amidst the competitive and dynamic landscape, employee retention emerges as a compelling concern. The era of globalization has remarkably intensified the mobility of talents, consequently accelerating the pace of employee turnover. This study aims to address pivotal issues pertaining to employee retention within the banking sector of Nigeria. Specifically, it seeks to ascertain the positivity of employee responses towards retention factors and employee retention itself, investigate potential relationships between demographic characteristics and employee retention, explore the correlation between retention factors and employee retention within the Nigerian banking industry, assess the influence of retention practices prevalent in Nigerian banks on employee retention, and gauge employee contentment with extant retention strategies within the banking sector of Nigeria. The study is based on a quantitative research design and data was procured through a meticulously structured questionnaire. The data collection process employed a simple random sampling technique. Analysis of the amassed data was conducted using SPSS Statistics Version 25 for Windows. To ascertain the questionnaire's reliability, Cronbach's alpha was employed. Furthermore, interviews were conducted with Chief Executives, Human Resource Managers, and employees, augmenting the quantitative findings with qualitative insights that remained elusive in the survey questionnaire. The findings unveiled a compelling correlation between employee retention and certain demographic attributes, including age, marital status, experience, post, and job status. Conversely, no significant relationships were established between employee retention and demographic factors such as gender, mother tongue, and educational background. Similarly, there was a positive relationship between employee retention and each of the seven distinct retention factors encompassing employee benefits, recruitment and selection, job assignment and advancement opportunities, performance appraisals, training and development initiatives, work environment, and leadership support. Notably, the study underscored the predictive capacity of these retention factors, with the exception of recruitment and selection, in anticipating employee retention. Furthermore, it came to light that employees within the Nigerian banking industry expressed contentment with the existing retention endeavours. This research augments the existing body of knowledge by providing empirical insights into employee retention practices for key personnel within Nigeria's banking sector. Consequently, the study's outcomes hold implications for managerial decisions and policy formulation, offering valuable guidance to industry stakeholders.