CORPORATE CULTURE AND EMPLOYEES’ RETENTION: A STUDY OF FIRST BANK PLC, OSOGBO, OSUN STATE, NIGERIA

Abstract

Corporate culture plays a critical role in shaping employees’ retention, particularly in the competitive banking sector where turnover rates are notably high. Despite existing studies, the specific influence of corporate cultural dimensions on employees’ retention within Nigerian banks remains underexplored, especially in Osogbo Metropolis, creating a need for research focused on these variables. In light of this, this study examined the effect of corporate culture on employees’ retention at First Bank Plc in Osogbo Metropolis, Osun State, Nigeria. The study assessed how organizational values, recognition practices, and reward systems influence employees' decisions to remain with the bank. Primary data were collected through a structured questionnaire distributed to the entire population of 105 permanent employees across three First Bank branches in Osogbo. A census approach was used due to the manageable population size, capturing comprehensive responses, and data were analyzed using descriptive and multiple regression techniques. Findings revealed that among the corporate cultural dimensions, reward systems had the strongest positive impact on employees’ retention, followed by recognition practices, while organizational values had a lesser, non-significant influence. Overall, corporate culture was found to significantly influence employees’ retention, with fair reward systems emerging as the most critical factor. In conclusion, the study underscores the importance of aligning corporate culture with employee needs to reduce turnover. To enhance employees’ retention, it is recommended that First Bank Plc should prioritise a transparent reward system, implement consistent recognition practices, and better align organizational values with employees’ personal values.