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The impact of total rewards [TR] on employee retention: a case of first aluminum of Nigeria (FAN) organisation

Author

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  • Oluwasegun A. Ojediran

    (Durban University of Technology, South Africa)

  • Rufus O. Adebayo

    (Durban University of Technology, South Africa)

Abstract

This study investigates the total rewards (TR) and employee retention (ER) to understand whether better remuneration leads to retention among the employees of First Aluminum of Nigeria. It further emphasizes and reviews the findings of previous articles and journals conducted by various researchers to establish rewards' efficacy in attracting and retaining employees in any given organisation. The study aimed to explore the total reward instruments to attract and retain employees in an organisation. A quantitative design using a sample of 270 employees working in the First Aluminum of Nigeria is adopted. Self-administered questionnaires were administered to employees as respondents for data collection. Data were analysed using Statistical Package for Social Sciences (SPSS) and tables and figures were used to present data. Arising from the empirical findings and comparison with the concept of this study, a discussion on the differences and similarities is made. This study reveals weight and ascertains various kinds of rewards, such as extrinsic, intrinsic, and total rewards, to attract and retain employees at the organization. Thus, this study summarised the results of existing literature on the factors influencing ER at FAN, such as salary; benefits package; compensation; developmental opportunities and quality supervision; compensation and appreciation of work done; promotion, and development opportunities. It is, therefore, contextualized that growth and advancement opportunities do not influence the ER as a monetary reward does. Key Words:Employee, retention, rewards, total rewards, organisation

Suggested Citation

  • Oluwasegun A. Ojediran & Rufus O. Adebayo, 2023. "The impact of total rewards [TR] on employee retention: a case of first aluminum of Nigeria (FAN) organisation," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 12(3), pages 122-130, April.
    • Handle: RePEc:rbs:ijbrss:v:12:y:2023:i:3:p:122-130
    DOI: 10.20525/ijrbs.v12i3.2279
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