Intrinsic rewards, job satisfaction and employee retention among employees of development finance company of Uganda bank limited (DFCU)

Abstract

The study sought to examine the relationship between intrinsic rewards, job satisfaction and employee retention among employees of Development Finance Company of Uganda Bank Limited. The study was guided by the following objectives; To examine the relationship between intrinsic rewards and job satisfaction. To examine the relationship between job satisfaction and employee retention and to examine the relationship between intrinsic rewards and employee retention. This study employed a descriptive survey research design that largely bases on a quantitative approach. The hypothesis stated that there is no significant relationship between intrinsic rewards and job satisfaction while table 7 shows that since r = .085 and p = .454 (˃0.01), the researcher retained the null hypothesis and concluded that there is no significant relationship between intrinsic rewards and job satisfaction. The hypothesis stated that there is no significant relationship between job satisfaction and employee retention. However, the table 8 shows that since r = .620 and p = .000 (˂ 0.01), the researcher rejected the null hypothesis and concluded that there is a positive significant relationship between job satisfaction and employee retention. The study hypothesis stated that there is no significant relationship between intrinsic rewards and employee retention. However, since r = .326 and p = .003 (˂ 0.01) the researcher rejected the null hypothesis and concluded that there is a positive significant relationship between intrinsic rewards and employee retention. It was recommended that; Management in order to maintain or improve employee job satisfaction through providing intrinsic rewards to the employees, it should be sure of the employee intrinsic reward motivators for satisfaction hence increasing retention of the employee. Employees are also called upon through the open window discussions held at work to air out their preferred intrinsic rewards so as to make it easy for the employer to reward them and ensure their satisfaction at work.