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Factors Influencing Employee Retention in the Financial Sector in Kenya: a Case Study of Sidian Bank

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Factors Influencing Employee Retention in the Financial Sector in Kenya: a Case Study of Sidian Bank FACTORS INFLUENCING EMPLOYEE RETENTION IN THE FINANCIAL SECTOR IN KENYA: A CASE STUDY OF SIDIAN BANK NJERI GRACE MWERU A RESEARCH PROJECTSUBMITTED TO SCHOOL OF MANAGEMENTAND LEADERSHIPIN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF DEGREE OF BACHELOR OF MANAGEMENT AND LEADERSHIP OF THE MANAGEMENT UNIVERSITY OF AFRICA AUGUST 2018 DECLARATION Declaration by the Student This project is my original work and has not been presented for a degree in any other University Signature…………………………… Date ……………………… Njeri Grace Mweru BML/15/00585/3/2016 Declaration by the Supervisor This project has been submitted for examination with my approval as University Supervisor Signature…………………………… Date ……………………… Mr.David Kanyanjua ii DEDICATION This project is dedicated to my family members especially my daughter Foiness and my brother Patrick who have always been there for me. May God accord them good health, joy, peace, long life and above all, God‟s everlasting love. iii ACKNOWLEDGEMENT This research projectis a result of support from several sources; first I would like to give praise and honour to the almighty God for giving me sufficient grace and power to write this project. I would also like to thank my supervisor Mr. David Kanyanjua whose comments and advice have been very useful to me. Lastly I would like to acknowledge the entity Management University of Africa or the good and conducive learning environment during my study period thanks a lot and God bless you. iv ABSTRACT The purpose of the study was to assess the factors influencing employee retention in the financial sector in Kenya. The specific objectives of this study wereto find out the effect of career development on employee retention at SidianBank. To establish the effect of employee mentoring on employee retention at Sidian Bank, to analyze the effect of working condition on employee retention at Sidian Bank. To find out the effect of remuneration on employee retention at SidianBank.The significance of the study is to the management of Sidian bank, The Government, Other financial institutions and Other Researchers.The study adopted a cross-sectional survey design: The investigation target a population of fouty three employee of sidian bank, for this study, the researcher selected census as the sampling design. Primary data was collected using a self administered questionnaire. The questionnaire was piloted in order to check for validity and reliability. Questionnaires wereadministered through drop and pick method. The data collected was analyzed using various statistical tools and instruments correlation and multiple regression analysisfrom the findings majorityof the respondents agreed that career development influence the employee retention at Sidian Bank. From findings the respondents agreed that employee mentoring influence the employee retention at Sidian Bank. From the findings the respondents agreed that working condition influence the employee retention at Sidian.It was noted that remuneration influence the employee retention at Sidian Bankand as indicated by the majority.The study recommends that the management of Sidian bank should put in place training and development programs for middle level managers. The organization should put up a staff benefits scheme that the managers feel are of greater value to them.The study recommends that the management of Sidian bank creates and cultivates a culture/ work environment where everyone loves to be part of. The management need to ensure the employee work place is conducive, and the management should put its employee interest at heart the management of the banks v TABLE OF CONTENTS DECLARATION ........................................................................................................ ii DEDICATION ........................................................................................................... iii ACKNOWLEDGEMENT .......................................................................................... iv ABSTRACT ................................................................................................................ v LIST OF TABLES ................................................................................................... viii LIST OF FIGURES ................................................................................................... ix LIST OF ACRONYMS AND ABBREVIATIONS ...................................................... x OPERATIONAL DEFINITION OF TERMS ............................................................ xi CHAPTER ONE ......................................................................................................... 1 INTRODUCTION....................................................................................................... 1 1.0Introduction ....................................................................................................................... 1 1.1 Background of the Study ................................................................................................. 1 1.2 Statement of the Problem ................................................................................................. 4 1.3 Objectives of the Study .................................................................................................... 4 1.4 Research Questions .......................................................................................................... 4 1.5 Significance of the Study ................................................................................................. 5 1.6 Scope of the Study ........................................................................................................... 5 1.7Chapter Summary ............................................................................................................. 6 CHAPTER TWO ....................................................................................................... 7 LITERATURE REVIEW ........................................................................................... 7 2.0: Introduction .................................................................................................................... 7 2.2 Empirical Literature Review .......................................................................................... 10 2.3 Summary and Research Gap .......................................................................................... 20 2.4 Conceptual Framework .................................................................................................. 21 2.5 Operationalization of Variables ..................................................................................... 22 2.6 Chapter Summary .......................................................................................................... 22 CHAPTER THREE .................................................................................................. 23 RESEARCH DESIGN AND METHODOLOGY ...................................................... 23 3.0 Introduction .................................................................................................................... 23 3.1 Research Design............................................................................................................. 23 vi 3.2 Target Population ........................................................................................................... 23 3.3 Sample and Sampling Technique ................................................................................... 24 3.4 Instruments ..................................................................................................................... 25 3.5 Pilot Study ...................................................................................................................... 25 3.6 Data Collection Procedure ............................................................................................. 26 3.7 Data Analysis and Presentation...................................................................................... 27 3.8 Ethical Considerations ................................................................................................... 27 3.9 Chapter Summary .......................................................................................................... 28 CHAPTER FOUR .............................................................................................................. 30 RESEARCH FINDINGS AND DISCUSSION ................................................................ 30 4.0. Introduction ................................................................................................................... 30 4.1 Presentations of Findings ............................................................................................... 30 4.2 Limitations of Study ...................................................................................................... 40 4.3 Chapter Summary .......................................................................................................... 40 CHAPTER FIVE ...................................................................................................... 42 SUMMARY, RECOMMENDATIONS AND CONCLUSIONS ................................ 42 5.0 Introduction .................................................................................................................... 42 5.1 Summary of Findings ..................................................................................................... 42 5.2 Conclusion ....................................................................................................................
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