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

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.

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