International Journal of Trend in Scientific Research and Development (IJTSRD)

Volume 6 Issue 5, July-August 2022 Available Online: www.ijtsrd.com e-ISSN: 2456 – 6470

Perceived Organizational Prestige and Employee

Retention in Microfinance Banks in Anambra State
Onyekwelu Njideka Phina1, Nwosu Kanayo Chike2, Okeke Patrick Anene1
1
Department of Business Administration, Faculty of Management Sciences,
2
Department of Marketing, Faculty of Management Sciences,
1,2
Nnamdi Azikiwe University Awka, Anambra State, Nigeria

ABSTRACT How to cite this paper: Onyekwelu

Retention of employees is one of the success determining factors of Njideka Phina | Nwosu Kanayo Chike |
organizations, however, this seems to be difficult for microfinance Okeke Patrick Anene "Perceived
banks to achieve in Anambra State, thereby necessitating this study to Organizational Prestige and Employee
examine the role perceived organizational prestige (POP) plays in Retention in Microfinance Banks in
Anambra State"
their retention dynamics. The work is anchored on the Herzberg
Published in
Two-Factor Theory. The study adopted a survey research design and International Journal
the population consisted of 398 employees of the selected of Trend in
microfinance banks and the census method was used. The method of Scientific Research
data collection was primary, using Likert structured question, A and Development
combination of descriptive and inferential statistics were used for (ijtsrd), ISSN: 2456- IJTSRD50531
data analysis, and the hypotheses were tested at a 5% level of 6470, Volume-6 |
significance. Findings revealed that training and development has a Issue-5, August 2022, pp.800-807, URL:
statistically significant influence on employee retention (r = 941; p- www.ijtsrd.com/papers/ijtsrd50531.pdf
value < 0.05) and that compensation has a statistically significant
influence on employee retention (r = .948; p-value < 0.05) in Copyright © 2022 by author (s) and
International Journal of Trend in
microfinance banks in Anambra State. Sequel to this, it was
Scientific Research and Development
concluded that perception of people plays a crucial role in the choice Journal. This is an
of employees to either stay or quit an organization. Hence, it was Open Access article
recommended among others that to retain employees, training and distributed under the
development need to be given a pride of place in the organizations. terms of the Creative Commons
Attribution License (CC BY 4.0)
KEYWORDS: Perceived Organizational Prestige, Employee (http://creativecommons.org/licenses/by/4.0)
retention, Microfinance banks, Training and Development,
Compensation and Employee Retention
INTRODUCTION
Microfinance banks are aimed at encouraging the banks are engaging in the utilization of new
persistent growth of small businesses in an economy technologies and revolutions, making it possible to
by providing financial assistance to them. retain their competent employees. These employees
Microfinance banks like other commercial banking are regarded as the backbone and integral part of any
institutions perform monetary functions such as organization’s prospect to achieve its objectives,
money deposit banks and also transfer money thereby making their retention paramount. Employee
deposits from the informal sector to the formal sector retention has to do the capacity of a firm to keep their
(Okpara, 2019). Ojo (2017) opines that they are stock of workers for a long time. Zareen, Razzaq and
small-scale financial services providers to the rural Ramzan (2020) regard employee retention as the
and informal small-scale operators for farming, ability of a firm to retain its employees. Sagwe (2019)
fishing, trading and building of houses and engage in explicates that it is the obligation of an individual or
any other productive and distributive activities. persons to ceaselessly engage in business with an
Microfinance banks are playing important roles in the organization on an ongoing basis. One of the key
growth and development of the economy which is determining factors as to whether an employee will
becoming more comprehensive in the society today as stay or leave is the way the employees perceive
compared with the past (Wat & Shaffer, 2015). Most outsiders to regard the firm where they work, which is
recently, all microfinance banks appear to be making formally referred to as Perceived Organizational
their banking practices better and more reliable. The Prestige (POP).

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Perceived Organizational Prestige (POP) refers to (2016) defined POP as employees’ behaviour that
how people at a firm feel they are regarded by others, significantly influences their commitment to work
both inside and outside the organisation. That is the efficiently to raise the level of the firm. The more an
view of a company's importance among its organization is viewed in a positive light by its
stakeholders. Over time, POP has become a crucial stakeholders, the more employees are inclined to
influencer of employee behaviour and their enjoy staying and putting in their best to the course of
motivation to stay and give it their all, or to leave and the firm. Thus, the researcher defines POP as the
seek better chances. POP has had a significant level of treatment accorded to employees and the
influence on employee behaviour, particularly in organization itself as a result of the progress recorded
terms of their level of loyalty to the organisation by the organization, and the corporate social
(Roberts & Dowling, 2016). Evidence suggests that it responsibility carried out by the firm.
has a significant influence on employee retention in
Employee Retention
the workplace (Šulentic, Žnidar & Pavicic, 2017), and Msengeti and Obwogi (2015) opine that employee
thus, needs to be taken seriously. retention is developing initiatives and strategies that
Carmeli and Freund (2014) state that the reputation enhance and support workers to remain in a firm
employees believe an organization holds is perceived through concerted efforts from the business
as the prestige of an organization. POP entails factors employers in the organization. According to Sagwe
of training and development, compensation and (2019), employee retention is a continuous endeavour
working environment that influence employee of an employee to obligatorily engage in working for
retention in an organization. Bernard and Koerte an organization. Sagwe describes the various
(2017) opine that a component of organizational employee retention techniques of occupational groups
prestige and employee retention are formal activities to include; human resource policies, a healthy
undertaken by an organization to help employees working environment, advancement opportunities and
acquire the skills and experiences needed to better competitive pay. Gayathri, Kyndt, Dochy and Baert
perform in current or future jobs. These activities (2012) on their part, define employee retention as a
contain essential indicators of training and process of engaging and encouraging employees to
development that make employees function stay with the organization for a defined maximum
effectively in the industry. period or until the completion of a project. The
researchers define employee retention as intentional
Retention of employees helps stabilize organizations
efforts business owners put in place to retain quality
to remain competitive in the industry. In a bid to earn
employees to function efficaciously in an
in green pastures, qualified employees keep changing
organization.
jobs from one organization to the other which has in
turn made human capital to be such a competitive According to Gberebie (2018), employee retention
factor in the business environment. Firms generally implementation strategies are critical. These strategies
retain their human resource for a given period so that refer to the means, as well as a set of decision-making
they can utilize the employee’s competency and skills behaviours, developed by organizations to retain their
in order to complete tasks or projects, however, competent workforce for performance. The Action
retention of employees seem to be a major issue in and Golden (2016) states that employee retention is
microfinance banks. It is against this background that important, but retention of valued skills is even more
the study intends to examine the relationship between important.
POP and employee retention in microfinance banks in The human resource department plays a pivotal role
Anambra State as a major objective. The specific in employee retention. Employees will undoubtedly
objectives however are to: stay and work for the flourishing and achievement of
A. Examine the influence of training and organizational goals if appropriate employee retention
development on employee retention in strategies are adopted and implemented by
microfinance banks in Anambra State. organizations ( Taplin, Winterton & Winterton, 2015;
B. Determine the influence of compensation on Gberebie, 2018). Freyermuth (2017) opines that
employee retention in microfinance banks in retention begins with recruiting the right people and
Anambra State. continues with implementing programs to keep them
REVIEW OF RELATED LITERATURE engaged and committed to the organization; it is
Conceptual Review regarded as a multifaceted component of an
Perceived Organizational Prestige (POP) organization's resource policies. Baker (2016) states
Perceived organizational prestige (POP) has been that it is critical because hiring new employees is far
defined by several authors. Roberts and Dowling

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 International Journal of Trend in Scientific Research and Development @ www.ijtsrd.com eISSN: 2456-6470
more difficult and costly than staying with current descriptive, correlation, and regression tests. The
employees in the organization. survey received a 73 percent response rate from the
sample participants. The study found out that apart
Training and Development
from marketing capabilities, the other three predictor
Training and development are activities in an
variables had a positive and significant effect on the
organization formally undertaken by an organization.
perceived performance of microfinance institutions,
Francis (2014) opines that motivated employees
and managerial, technology, and resource capabilities
possess the required expertise, skills and experiences
were satisfactory determinants of microfinance
needed to function efficaciously in their duties which
institutions' perceived performance.
come from training and development. Roberts and
Dowling (2016) state that it is aimed at improving Dibua, Onyekwelu and Nwagbala (2021) did a study
current work ethics, skills and work behaviours, that investigated POP and organizational
improving the abilities related to future positions. identification in the banking sector perspective in
Thirupathy and Dhayalan (2016) on their part Nigeria. The descriptive survey research design was
describe it as a determinant of POP and employee used for the study with a total population of 1278
retention as the systematic development of skills, commercial bank employees in five South-Eastern
knowledge and attitudes required by employees to States in Nigeria. 292 employees were sampled using
perform given tasks or jobs. Employees essentially of Krejcie and Morgan 1970 formula. As a result, the
need to acquire the skills, knowledge, attitudes and study revealed that POP is a significant predictor of
behaviours to increase their abilities for current and or employee commitment and loyalty to a firm's
future jobs to develop in their formal working direction.
organization. Yıldızi (2018) carried out a study that ascertained the
Compensation nexus existing between organizational prestige and
Anis, Van Riel and Pruyn (2011) defines organizational identification perceptions of primary
compensation as a determinant of POP and employee school teachers in Bolu central province. The study
retention in an organization as cash and non-cash group of teachers in primary working in 34 primary
remuneration which includes; benefits, bonuses, schools located in Bolu central province. 258 teachers
salary and wages, vacations, etc. provided by an in primary school formed the total sample of the
employer for services rendered in an organization. It study. The data were collected using a structured
is the total welfare package entailing salaries and questionnaire. The study analysis was done using a
other benefits that an employee gets in exchange for combination of descriptive and inferential statistics
the services rendered to the employer in an and the findings showed that there is a significant
organization (Kajungu & Mugisha, 2015). Francis relationship existing between organizational prestige
(2014) defines it as the cumulative financial and non- and organizational identification perceptions.
financial rewards payable to employees in return for Hasan and Hussain (2015) conducted research in
their services. They are rewards of cash and non-cash Pakistan on the influence of perceived external
from the employer payable to an employee such as prestige and organisational fairness on employees'
bonuses, salary, allowances, benefits, etc. in return for organisational affiliation. Data was gathered using a
services rendered (Carmeli & Freund, 2014). This questionnaire approach and analysed using
determinant of POP and employee retention provides correlation and regression techniques. The findings
the study with important attributes of compensation revealed a strong link between organisational identity
that are commonly used in microfinance banks in and perceived external status.
Anambra State.
In Turkey, Yilmaz and Ovunc (2015) conducted
Empirical Studies on Organizational Prestige research on the link between organisational reputation
Mbithe (2021) researched the impact of and organisational identity with turnover intention, as
organizational capabilities on the perceived mediated by psychological empowerment. The study
performance of Kenyan microfinance institutions. used a total of 332 organisational personnel as a
The study's target population consisted of three sample. The data was evaluated using structural
senior-level managers from Kenya's 52 registered equation modelling, which revealed a substantial link
microfinance institutions. The 156 respondents were between organisational identification/organizational
sampled using a census method. To collect data, the prestige and hotel employees' intention to leave.
survey relied on a structured research questionnaire.
The study instrument was pretested with 13 people Empirical Studies on Employee Retention
who were not included in the final survey sample. Hanai (2020) research examined factors influencing
The collected data were analyzed quantitatively using employee retention in the banking institutions in the

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 International Journal of Trend in Scientific Research and Development @ www.ijtsrd.com eISSN: 2456-6470
Dar es Salaam Region in Tanzania. The descriptive employee retention remains high and plays an
survey design was used for the study. Bank categories important role in the achievement of the Ghana
in Tanzania were sampled with the stratified sampling Commercial Bank, Kumasi's organizational goals.
technique. To ensure representation of each category
Theoretical Framework
11 banks were selected purposely and simple random
Herzberg Two-Factor Theory by Frederick
sampling was applied to draw a sample of 370
Herzberg in 1959
employees. Quantitative data were analyzed using The Two-Factor Theory, developed by Frederick
binary logistic regression and were collected by using Herzberg in 1959, is similar to Maslow's hierarchy of
questionnaires. The study showed that employee requirements, but it adds extra aspects to assess how
retention at banks is significantly influenced by
people are motivated at work. Frederick Herzberg
training and development in terms of career planning was one of the first scholars to look at the
and growth opportunities, compensation in terms of motivational impacts of employee retention
fair salary and work environment in terms of (Herzberg, Mausner & Synderman, 1959). The
responsibility for the job, and bank reputation.
Herzberg Two-Factor Theory believes that addressing
Khan, Atif, Idrees, Ali and Roman (2020) published a an individual's extrinsic considerations will not
research on the factors that influence staff retention in inspire them to invest effort, but will just keep them
Pakistan's banking sector. To detect several elements from being unhappy. Employees must be provided
that impact employee retention, a research design with intrinsic or motivational elements to be retained
using survey methods was used. Employees from and motivated.
various banks made up 130 of the attendees. The data The theory's implications for perceived organisation
were analysed with SPSS 16.0. Closed-ended prestige usage include that addressing workers'
questions were devised to collect data. The study extrinsic variables will simply keep them from being
findings indicated that compensation & benefits, actively unhappy, not drive them to put in extra effort
training and development and growth opportunities toward higher performance. The objective should be
have a relationship with employee retention and with to provide intrinsic or motivational reasons that
the help of the effect size table, the strength of enhance the perceived prestige of the firm in order to
variables is defined. retain personnel.
In Bauchi State Metropolis Banks, Abba (2018)
METHODS
studied the influence of training and development on The study adopted a survey research design, with
staff retention. A descriptive-casual survey approach Anambra State being the area of the study. The
was used for qualitative research. Data was gathered population consists of employees of middle and lower
by the delivery of a questionnaire, and multiple cadre in the selected microfinance banks, which was
regression analysis was used to examine the results. 398. A complete enumeration method was used,
Findings showed that employee retention had a good meaning that no sample was drawn. The method of
association with training and development, according data collection was primary, using a Likert structured
to the data. question, which was subjected to both content validity
The drivers of staff retention in Ghana Commercial and Cronbach alpha reliability test that returned a
Bank (GCB) in Kumasi were explored by Enu-Kwesi, coefficient alpha of .809. A total of 380 copies of the
Koomson, Segbenya, and Annan-Prah (2014). For questionnaire were analyzed, because, out of the 398
this study, correlational research was used. The copies distributed, only 385 were retrieved, and 5 of
sampled population of 98 employees, which included the retrieved copies were not usable as a result of
both senior and junior employees, was gathered incomplete responses from the respondents. A
through the use of questionnaire administration. combination of descriptive (frequency and mean) and
Statistical Product and Service Solutions' Spearman inferential (correlation analysis) statistics were used
correlation and step-wise regression tools were used for data analysis, and the hypotheses for the study
to generate the results. The study's findings concluded were tested at a 5% level of significance.
that certain actions must be taken to ensure that

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DATA PRESENTATION AND ANALYSIS
Data Analysis
Table 1: Distributions of responses of respondents
SA A UD D SD
S/N Questionnaire Items Mean Remark
(5) (4) (3) (2) (1)
Training and Development
1 I have been trained in my firm 69 98 - 108 105 2.78 Reject
2 I go for workshops in my organization 45 114 - 100 121 2.64 Reject
My organization take the issue of staff development
3 15 132 - 53 180 2.34 Reject
serious
My organization encourages us to participate in
4 90 108 - 111 71 3.05 Accept
various seminars.
Compensation
5 My pay is good in my firm - 147 2 131 100 2.52 Reject
6 People fill I get enough compensation in my firm 89 93 30 88 80 3.06 Accept
I am being looked down on because of my salary
7 110 76 45 149 - 3.39 Accept
outside my workplace
8 My salary compares well with others in my industry. - 101 39 114 126 2.30 Reject
Employee Retention
9 I will stay long in my firm. - 89 12 179 100 2.24 Reject
10 I feel good working for my organization. 14 114 - 98 154 2.31 Reject
11 My organization is my dream working place. - 60 - 130 190 1.82 Reject
12 I see myself retiring in this firm 10 73 27 98 172 2.08 Reject
Source: Field Survey, 2022
Table 1 shows the responses of respondents on training and development, compensation and employee retention.
The analysis is done using descriptive statistics of frequencies and mean. The benchmark for acceptance of the
mean is 3, meaning that any questionnaire item with a mean of 3 and above will be rejected, otherwise, it will be
accepted. From the Table, it is seen that questionnaire items 4, 6 and 7 are accepted because they have means
more than 3 while the rest of the questionnaire items are rejected because their respective mean are less than 3.
Test of Hypothesis
Hypothesis One
Training and development have a significant influence on employee retention in microfinance banks in Anambra
State
Table 2: Correlation Result for hypothesis one
T&D RETENTION
Pearson Correlation 1 .941**
T&D Sig. (2-tailed) .000
N 380 380
**
Pearson Correlation .941 1
RETENTION Sig. (2-tailed) .000
N 380 380
**. Correlation is significant at the 0.01 level (2-tailed).
Source: Field Survey, 2022
Table 2 shows the correlation analysis done to test hypothesis one. From the Table, it is seen that the correlation
coefficient (r) is .941 while the probability value (p-value) is .000. Going by the decision rule which is that a
hypothesis should be accepted if the p-value is less than the level of significance used, the alternative hypothesis
is, therefore, accepted in favour of the null hypothesis.
Hypothesis Two
Compensation has a significant influence on employee retention in microfinance banks in Anambra State.

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Table 3: Correlation Result for hypothesis two
COM RETENTION
Pearson Correlation 1 .948**
COM Sig. (2-tailed) .000
N 380 380
Pearson Correlation .948** 1
RETENTION Sig. (2-tailed) .000
N 380 380
**. Correlation is significant at the 0.01 level (2-tailed).
Source: Field Survey, 2022
Table 3 reveals the correlation analysis done to test hypothesis two. From the Table, it is evident that the r is
.948 while the p-value is .000. Going by this, the alternative hypothesis is accepted in favour of the null
hypothesis.
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@ IJTSRD | Unique Paper ID – IJTSRD50531 | Volume – 6 | Issue – 5 | July-August 2022 Page 807