EXPLORING COMPENSATION PACKAGES AND EMPLOYEES’ RETENTION: EVIDENCE FROM NIGERIAN BREWERIES, ILESHA, OSUN STATE, NIGERIA

Abstract

The study examined the influence of compensation packages on employee retention in International Breweries, Ilesha, Osun State. Specifically, the study's objectives were to investigate the influence of salary, bonus, allowances, and rewards on employee retention in International Breweries, Ilesha, Osun State. The sample selection method adopted for this study was the purposive sampling technique. A structured questionnaire was used to gather data from a sample size of two hundred and fifteen respondents. Responses from 83.7% of the respondents were found useful for the study and were the ones that were used for analysis. The data gathered were collated and analysed using descriptive and regression analysis. Findings revealed that there is a significant relationship between salary and employee retention, a significant relationship between bonuses and employee retention, a significant relationship between rewards and employee retention, and a significant relationship between allowances and employee retention. Thus, it was concluded that compensation packages play a crucial role in employee retention. Therefore, the study recommended that compensation packages based on realistic and reliable standards should be made available to employees. Additionally, the rules for achieving the standards and rewards should be communicated to all employees. Furthermore, the study recommended that the human resource department at International Breweries Ilesha in Osun State should consider developing clear policies and rules on compensation packages.