EFFECT OF COMPENSATION PACKAGES AND WORK LIFE BALANCEON EMPLOYEERETENTION OF SELECTED PRIVATE UNIVERSITIES IN OGUN STATE, NIGERIA

Abstract

Employee retention has become an issue of concern to employers and employees. Private universities in Ogun State, Nigeria and their employees are not exceptions, and this is due to the lack of effective compensation packages and work life balance practices which have led to increased employees’ intention to quit and reduce employee retention. In light of these, this study examined the effect of compensation packages and work life balance on employee retention of selected private universities in Ogun State, Nigeria. Survey research design was adopted. The population of the study was 1550 academic staff of five selected private universities in Ogun State, Nigeria. The sample size was 647. Data were analysed using descriptive and inferential statistics. The findings revealed that there was a significant positive effect of compensation packages on employee retention (β = .954; R2 = 0.251, p<0.05). Also, there was a significant positive relationship between work life balance and employee retention of selected private universities in Ogun state, Nigeria (R = 0.707, p<0.05). The study concluded that compensation packages and work life balance have significant effect on employee retention. The study recommended that the management of the selected private universities should adopt and improve their compensation packages and work life balance to ensure effective and optimum employee retention