Non-Financial Incentives and Employee Retention in Bank of Kigali Plc, Rwanda
DOI:
https://doi.org/10.53819/81018102t2262Abstract
The general objective of this research examined effect of non-financial incentives on workers retention in banking sector using a case of the Bank of Kigali Plc in Kigali City. The specific objectives were to assess effect of flexible working arrangement, career development, employee recognition, and job promotion on employee performance in the bank of Kigali. The study targeted 370 persons from which a sample of 193. The research tools were a questionnaire, and interview guide. The researcher used descriptive statistics to generate frequencies, percentage, mean, and standard deviation for dependent and independent variables. The study used inferential statistics to produce correlation between variables and to establish a regression size effect based on specific research objectives. Qualitative information was assessed through the use of content analysis in term of items developed from interview transcript. Results show that 40.7% strongly agree that the use of shift work in the bank of Kigali, 50.9% strongly agreed the application of part time. Results on flexi time demonstrated a negative and insignificant correlation between flexi time and team work (r=0.976, p-value =0.002). To the second objective, 37.0% strongly agree that they have received training after its design and planning, 42. 8% strongly disagree that it was very important to have scholarship. Results for the correlation between the scholarship and team work (r=-0.134, p-value= 0.041) was negatively statistically significant. Thirdly, results show that 36.6%, contend that they were appreciated by the bank of Kigali, 54.9% contended an increase in responsibility. Appreciation was not associate with effectiveness (r=0.076, p-value =0.249) and appreciation and project commitment (r=0.028, p-value=0.667). The fourth objective established that 37.0% strongly agree the existence of an increase in responsibility, 42.8% strongly disagree that it was very important of change of facilities, 34.0% strongly agree that they change of positions. Results on change of facilities, demonstrated a negative and insignificant correlation between change of facilities and team work (r=0.776, p-value=0.002). The study recommends that the Bank of Kigali should offer trainings programs and comply with factors that encourage the spirit of turning over. The management should be provided training to enhance and ameliorate their managing styles. The management should involve their employees when they make decisions, once you involve people in decision making they put in more effort because they are part and parcel of decisions that have been taken and that may increase their level of commitment in the organization. Further researches should done within further domain of activities in to participate in acquiring more and accurate data related to the turnover rate and to adopt more adequate and conducive retention strategies.
Keywords: Non-Financial Incentives, Employee Retention, Bank of Kigali Plc, Rwanda
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