ABSTRACT

This study evaluates the relationship between employee benefit packages and turnover intentions at Ecobank Buea, Cameroon. Employee benefits are crucial for job satisfaction and retention. This research aims to identify how the quality of benefit packages influences employees’ intentions to leave the organization.

A mixed-methods approach was utilized, combining quantitative surveys and qualitative interviews. Data were collected from a sample of Ecobank employees using structured questionnaires. These surveys assessed various aspects of the employee benefit package, including health insurance, retirement plans, bonuses, and other perks. Interviews with select employees provided deeper insights into how these benefits affect their job satisfaction and turnover intentions.

The study found that employee benefits significantly impact turnover intentions. Health insurance and retirement plans were highly valued by employees. Comprehensive health coverage and a robust retirement plan were positively correlated with lower turnover intentions. Employees who felt well-supported by their benefit packages were less likely to consider leaving the bank. However, dissatisfaction with certain benefits, such as insufficient bonuses and limited career development opportunities, was linked to higher turnover intentions.

Employees expressed that while the basic benefits package was satisfactory, additional perks and opportunities for career growth were lacking. Bonuses were perceived as insufficient, which impacted motivation and satisfaction levels. Career development opportunities were also a concern, with many employees feeling that their career advancement was not adequately supported.

The qualitative data highlighted that employees’ decisions to stay with or leave the organization were influenced by the perceived value of their benefits relative to those offered by competitors. Employees who felt that their benefits package was below industry standards were more likely to explore opportunities elsewhere.

In conclusion, the findings suggest that enhancing employee benefit packages could reduce turnover intentions at Ecobank Buea. Improving areas such as bonuses and career development opportunities may lead to higher job satisfaction and lower turnover rates. Organizations should regularly review and adjust their benefit offerings to remain competitive and retain talented employees. Future research could explore the impact of specific benefit improvements on employee retention and job satisfaction across different sectors.

Keywords: employee benefits, turnover intention, Ecobank Buea, job satisfaction, health insurance, retirement plans, bonuses, career development.