Workers are considered as strategic assets in any organization because the accomplishment of an organization's objectives largely depends on the employees, so employers always strive to ensure that they retain their best employees. However, such employees can only become strategic assets if they are motivated to deliver on their tasks and specific assignments. Therefore, it is important to identify factors which motivate employees for the achievement of set organisational goals. The objective of this study is to investigate the extent to which organisational reward systems impact on employee retention in the banking industry in Port Harcourt, Nigeria. To achieve this objective, this study has examined the relationship between remuneration, promotion and recognition as the dimensions of reward systems and employee retention. In terms of methodology, the survey research design was utilized, with the structured questionnaire used as the primary data collection method. The generated data was analyzed using descriptive and inferential statistics as well as the spearman's test statistics. The results revealed that there is a positive relationship between remuneration, promotion, and recognition as dimensions of reward systems and employee retention. The conclusion reached is that for banks in Port Harcourt to retain their best employees, they would need to improve their reward systems, specifically the remuneration, promotion and recognition that they offer their employees. It is recommended that there should be further empirical research to test the applicability of the findings of this study in other sectors of the Nigerian economy as well as the relationship between other dimensions of reward systems and employee retention.
The competitive landscape in many industries today is marked by intense competition among existing players and the emergence of many focused competitors targeting specific segments of the market. In addition, the macro environment is characterized by rapid technological progress in many fields resulting in current solutions to customer problems becoming obsolete. These changes have highlighted the need for companies to become more entrepreneurial. Institutionalizing entrepreneurship, therefore, is a major challenge for the companies in the current competitive scenario. This study examined the dynamics of corporate entrepreneurship. From the review of extant literature, it was indicated that there was improved firm performance which was linked to corporate entrepreneurship. For companies that initiated actions to which competitors responded to, the firms had a tendency to be ahead of other competitors in introducing novel ideas or products and the companies strived in identifying new markets to sell products. Also, risk taking, innovativeness, competitive aggressiveness and organizational factors were key determinants of firm performance. It is recommended that empirical studies should be carried out using various criterion variables within different industrial sectors in Nigeria so as to test the validity of the concepts reviewed in this paper.
This paper conceptually examined revitalizing strategic agility in a turbulent environment. In the current turbulent and highly competitive environment of today, agility, that is the ability of organizations to quickly sense and respond to environmental changes, is an important determinant of organizational success. With the advancement of information technologies, company strategy focuses nowadays on sustainable competitive advantage, and gives importance to short-term advantages of flexibility and fast response. In the unpredictable and competitive world of today, organizations must have different competitive features to compete; otherwise, they will move towards annihilation. One of the capabilities that organizations need in the turbulent environments of today is agility. Strategic agility is the ability to continuously and adequately adjust and adapt in appropriate time the strategic direction in core business in relation to changing circumstances. Agility provides the organization with the possibility of quick response and compatibility with environment and allows the organization to improve its efficiency. The paper is largely conceptual in nature and adopts a desk research methodology in reviewing extant literature. This study concludes that firms operating in dynamic environments must realize the need for change and adaptation and thereby stimulate their in developing agility that can better respond to a dynamic environment.
This study investigated the impact of entrepreneurial determinants on ease of doing business in the five English. Speaking West African Countries (ESWACs) of Nigeria, Ghana, Sierra Leone, Liberia and The Gambia. It used secondary data sourced from the OECD and the World Bank. The independent variables were the Entrepreneurial Determinants (ED) of regulatory framework peroxide by Small and Medium Enterprise Sale Tax (SSTR); access to finance proxied by both Interest Rate Spread (INTR) and Domestic Credit to Private Sector (DCPS). The dependent variable was the Ease of Doing Business Ranking (EDBR). Five research objective and five hypotheses based on the Keynesian, Monetary and Schumpeter theoretical inferences guided the study. The study used ex-post factor research design and descriptive statistical, correlation matrix, Panel-ARDL, Granger causality, and impulse response methods for the analyses. The results revealed that SSTR is positively and weakly correlated with EDBR, but has negative and weak correlation with INTR and DCPS. Long run relationship was found not to exist between SSTR, INTR and DCPS, and EDBR, but the dynamic short run ARDL regression reveals high levels of coefficient of determination. On country-specific analysis, the cross-sectional result showed SSTR, INTR and DCPS positively impacted on ease of doing business in Nigeria and Sierra Leone but had a negative impact in Ghana, Liberia and The Gambia. It was further revealed that zero Granger causality existed among SSTR, INTR, DCPS and EDBR; and mixed impulse responses were revealed from the impulse response result. It was also recommended that governments of ESWACs should ensure the continuous use of mixed expansionary policies to ensure that Entrepreneurial determinants positively impact the ease of doing business in the area.
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