The Effect of Motivation on Retention of Workers in the Private Sector: A Case Study of Zoomlion Company Ghana Ltd
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Date
2012-02-08
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Abstract
In today’s competitive environment Human Resource Management has become a valuable part of organizations including private sector organizations, with issues of motivation and retention being key to overall corporate performance. The main purpose of the research was to examine the effect of motivation on retention of workers in the private sector, using Zoomlion Company Ltd as case study. Data was obtained from a total of 85 staff of the company using structured questionnaires to determine the elements of motivational packages, retention strategies, organizational culture, job satisfaction and career plans. The results showed that salary and monetary compensation, job security, good safety measures, employee assistance program and health benefits are the highest motivators for employees. Similarly, salary compensation emerged as the most important retention factor, followed by health and related benefits and education and training opportunities. The findings of the study reveals that workers in the private sector are more satisfied with the general conditions of work such as hours worked each week, flexibility of schedules as well as salary and benefits. However they are more dissatisfied with the opportunities for promotion, recognition of work accomplished and job security. Also, most of the workers had plans to leave within 5 years, due to factors such as lack of opportunities for promotion, lack of job security, no recognition for work accomplished, failure to initiate an effective career development and retirement plan. The study concludes that it is only a comprehensive blend of intrinsic and extrinsic motivational variables that can enhance retention and reduce the high rate of employee turnover in our various organisations. It is recommended that management of the private sector pay much attention to the career plans as well as provide motivational packages for their workers to help retain them.
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A Thesis submitted to the Institute of Distance Learning, Kwame
Nkrumah University of Science and Technology, Kumasi in partial fulfillment of
the requirements for the degree of
Commonwealth Executive Masters of Business Administration, September-2012