IDEAS home Printed from https://ideas.repec.org/a/ers/ijebaa/vxiy2023i4p73-90.html
   My bibliography  Save this article

Promotion and Employee Retention in the Ghanaian Life Insurance Subsector: Ascertaining Relationship and Effect

Author

Listed:
  • Moses Segbenya

Abstract

Purpose: The study examines outcomes of promotions and how they relate to and affect the retention of employees in the insurance sector of Ghana. The four constructs of outcomes of promotions studied were rewards, training, commitment, and communication. Design/Methodology/Approach: The study adopted a cross-sectional survey design of the positivist approach and the quantitative paradigm. A sample of 719 employees were drawn from a study population of 6412 employees in the insurance industry of Ghana. Data were collected with a self-administered questionnaire and data was analysed with mean, standard deviation, Pearson correction coefficient, and standard multiple standard regressing. Findings: The study found that promotion practices in the insurance sector were based on educational qualifications, skills and competencies, and job performance. Furthermore, employee retention had a statistically positive and significant relationship with promotion outcomes communication, training, commitment, and rewards. The study also found that the independent variables of the study- communication, rewards, commitment, and training have a statistically significant effect on the retention of employees in the insurance sector of Ghana. Communication and rewards came out as the highest contributors to explaining the variance in employee retention. Practical Implications: It was recommended that managers of insurance companies provide rewards as well as training to enhance communication and commitment, which will lead to the retention of employees in the sector. Originality/Value:

Suggested Citation

  • Moses Segbenya, 2023. "Promotion and Employee Retention in the Ghanaian Life Insurance Subsector: Ascertaining Relationship and Effect," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 73-90.
    • Handle: RePEc:ers:ijebaa:v:xi:y:2023:i:4:p:73-90
    as

    Download full text from publisher

    File URL: https://ijeba.com/journal/825/download
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. C. Christopher Lee & Hyoun Sook Lim & Donghwi (Josh) Seo & Dong-Heon Austin Kwak, 2022. "Examining employee retention and motivation: the moderating effect of employee generation," Evidence-based HRM, Emerald Group Publishing Limited, vol. 10(4), pages 385-402, April.
    2. Syed Muhammad Fazal‐e‐Hasan & Hormoz Ahmadi & Harjit Sekhon & Gary Mortimer & Mohd Sadiq & Husni Kharouf & Muhammad Abid, 2023. "The role of green innovation and hope in employee retention," Business Strategy and the Environment, Wiley Blackwell, vol. 32(1), pages 220-239, January.
    3. Zubair Hassan, 2022. "Employee retention through effective human resource management practices in Maldives: Mediation effects of compensation and rewards system," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 18(2), pages 137-173.
    4. Gratiela Georgiana Noja & Eleftherios Thalassinos & Mirela Cristea & Irina Maria Grecu, 2021. "The Interplay between Board Characteristics, Financial Performance, and Risk Management Disclosure in the Financial Services Sector: New Empirical Evidence from Europe," JRFM, MDPI, vol. 14(2), pages 1-20, February.
    5. Odunayo Salau & Rowland Worlu & Adewale Osibanjo & Anthonia Adeniji & Hezekiah Falola & Maxwell Olokundun & Stephen Ibidunni & Tolulope Atolagbe & Joy Dirisu & Opeyemi Ogueyungbo, 2020. "The Impact of Workplace Environments on Retention Outcomes of Public Universities in Southern Nigeria," SAGE Open, , vol. 10(2), pages 21582440209, June.
    6. Alka Rai & Piyali Ghosh & Ragini Chauhan & Richa Singh, 2018. "Improving in-role and extra-role performances with rewards and recognition," Management Research Review, Emerald Group Publishing Limited, vol. 41(8), pages 902-919, June.
    7. Diego Norena-Chavez & Eleftherios I. Thalassinos, 2022. "Transactional Leadership and Innovative Behavior as Factors Explaining Emotional Intelligence: A Mediating Effect," JRFM, MDPI, vol. 15(12), pages 1-9, November.
    8. Bilqees Ghani & Muhammad Zada & Khalid Rasheed Memon & Rezwan Ullah & Afraseyab Khattak & Heesup Han & Antonio Ariza-Montes & Luis Araya-Castillo, 2022. "Challenges and Strategies for Employee Retention in the Hospitality Industry: A Review," Sustainability, MDPI, vol. 14(5), pages 1-26, March.
    9. Dimitrios Chatzoudes & Prodromos Chatzoglou, 2022. "Factors Affecting Employee Retention: Proposing an Original Conceptual Framework," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(1), pages 49-76.
    10. Alka Rai & Piyali Ghosh & Ragini Chauhan & Richa Singh, 2018. "Improving in-role and extra-role performances with rewards and recognition," Management Research Review, Emerald Group Publishing Limited, vol. 41(8), pages 902-919, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Valerie Good & Douglas E. Hughes & Ahmet H. Kirca & Sean McGrath, 2022. "A self-determination theory-based meta-analysis on the differential effects of intrinsic and extrinsic motivation on salesperson performance," Journal of the Academy of Marketing Science, Springer, vol. 50(3), pages 586-614, May.
    2. Do Uyen Tam & Nguyen Thi Mai Trang, 2024. "Customer and supervisor incivility, psychological distress, and job performance among airport frontline employees: the moderating role of mindfulness," Service Business, Springer;Pan-Pacific Business Association, vol. 18(3), pages 395-416, December.
    3. Zaneta Kielanowicz & Tomasz Wnuk-Pel, 2023. "Financial Processes Automations’ Impact on the Work of Management Accountants," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 61-77.
    4. Magdalena Majchrzak, 2023. "Innovation of Enterprises in the Business Services Sub-Sector in Poland: Adaptation of the VUCA Concept," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 813-825.
    5. Wang, Zongrun & Zhang, Taiyu & Ren, Xiaohang & Shi, Yukun, 2024. "AI adoption rate and corporate green innovation efficiency: Evidence from Chinese energy companies," Energy Economics, Elsevier, vol. 132(C).
    6. Walaa J. Alharthi, 2021. "Using Blockchain in WAQF, Wills and Inheritance Solutions in the Islamic System," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 101-116.
    7. Unsal, Omer, 2024. "Employee lawsuits and business downsizing: Evidence from labor unions," Journal of Financial Stability, Elsevier, vol. 74(C).
    8. repec:ers:journl:v:xxiv:y:2021:i:2:p:1134-1148 is not listed on IDEAS
    9. Hiba Khan & Amber & Shaikh Maria Tabassum & Urooj Saghir, 2024. "Optimizing Employee Well-Being through Occupational Therapy Interventions: Assessing the Role of Work Environment Adaptation," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 13(3), pages 178-183.
    10. Anna Walczyna & Anna Arent, 2024. "The Impact of Selected Attitudes on Students' Entrepreneurial Intentions," European Research Studies Journal, European Research Studies Journal, vol. 0(Special B), pages 261-271.
    11. Margarida Saraiva & Teresa Nogueiro, 2025. "Perspectives and Realities of Disengagement Among Younger Generation Y and Z Workers in Contemporary Work Dynamics," Administrative Sciences, MDPI, vol. 15(4), pages 1-39, April.
    12. Rentia van Heerden & Visvanathan Naicker, 2023. "The mitigating consequences of perceived organisational support on the influence of worker morale in a distributed work landscape," Technology audit and production reserves, PC TECHNOLOGY CENTER, vol. 6(4(74)), pages 51-57, December.
    13. Hazem Ali & Min Li & Xunmin Qiu, 2024. "Examination of HRM practices in relation to the retention of Chinese Gen Z employees," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-12, December.
    14. Kamelia Chaichi & Dahlia Zawawi & Yuhanis Abdul Aziz & Mei Kei Leong, 2024. "Uncovering the Hidden Intangible Factors of Hotel Employees’ Turnover Intention During COVID Phenomenon," Management and Labour Studies, XLRI Jamshedpur, School of Business Management & Human Resources, vol. 49(4), pages 590-614, November.
    15. Sheikh Raheel Manzoor & Atif Ullah & Rezwan Ullah & Afraseyab Khattak & Heesup Han & Sunghoon Yoo, 2023. "Micro CSR intervention towards employee behavioral and attitudinal outcomes: a parallel mediation model," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-14, December.
    16. Nicholas Torsabo, 2021. "Effect of work environment on employees’ retention in Adamawa state University Mubi – Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 5(10), pages 350-357, October.
    17. Peggy M. L. Ng & Cherry T. Y. Cheung & Kam Kong Lit & Calvin Wan & Ellesmere T. K. Choy, 2024. "Green consumption and sustainable development: The effects of perceived values and motivation types on green purchase intention," Business Strategy and the Environment, Wiley Blackwell, vol. 33(2), pages 1024-1039, February.
    18. Llesh Lleshaj & Dorina Kripa, 2021. "The Effect of Financial Leasing Threshold in the Financial Development and Economic Growth: Evidence from Albania," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 165-177.
    19. Catherine Fuseini & Ellen Olu Fagbemi & Joshua Awuni, 2024. "Influence On Turnover In The Housekeeping Department: A Case Of Some Selected Hotels In Bolgatanga Municipality," Cactus - The tourism journal for research, education, culture and soul, Bucharest University of Economic Studies, vol. 6(2), pages 73-92.
    20. Kristian Pultz Schlosser & Aivars Spilbergs & Tatjana Volkova, 2023. "The Effect of Ambidextrous Strategic Leadership on Creating Shared Value," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 22-43.
    21. Mateusz Grzesiak & Olimpia Grabiec & Katarzyna Bilinska, 2024. "The Impact of Employee Motivation on the Performanceof Organisations," European Research Studies Journal, European Research Studies Journal, vol. 0(Special B), pages 197-210.

    More about this item

    Keywords

    Rewards; training; commitment; communication; retention; promotion outcomes.;
    All these keywords.

    JEL classification:

    • M53 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Training

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ers:ijebaa:v:xi:y:2023:i:4:p:73-90. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Marios Agiomavritis (email available below). General contact details of provider: https://ijeba.com/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.