The Effect of Work-Life Balance Policies on Employee Retention in Sterling Bank Plc, Borno State
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Background of the Study
Work-life balance policies are essential for employee well-being, job satisfaction, and retention. In the banking sector, where employees often face high workloads, stress, and extended work hours, organizations must implement effective work-life balance policies to enhance retention and productivity (Nwachukwu & Hassan, 2024).
Sterling Bank Plc, a major Nigerian financial institution, has introduced several initiatives to promote work-life balance, such as flexible working arrangements, wellness programs, and parental leave policies. However, the extent to which these policies contribute to employee retention in the bank’s Borno State branches remains unclear (Adegbite & Yusuf, 2023).
This study seeks to analyze the impact of work-life balance policies on employee retention in Sterling Bank, examining their effectiveness and areas for improvement.
Statement of the Problem
Despite the implementation of work-life balance policies, employee turnover remains a challenge in many Nigerian banks, including Sterling Bank (Obi & Adeola, 2023). Factors such as excessive workload, lack of flexibility, and inadequate support systems continue to affect employee retention rates.
While past studies have explored work-life balance in Nigerian organizations, few have specifically examined its impact on employee retention in Sterling Bank, Borno State. This study aims to fill this research gap.
Objectives of the Study
1. To assess the effectiveness of work-life balance policies in Sterling Bank.
2. To examine the impact of these policies on employee retention.
3. To identify challenges affecting the implementation of work-life balance policies.
Research Questions
1. How effective are work-life balance policies in Sterling Bank?
2. What is the impact of work-life balance policies on employee retention?
3. What challenges hinder the successful implementation of these policies?
Research Hypotheses
1. Work-life balance policies have a significant impact on employee retention.
2. Flexible work arrangements reduce employee turnover.
3. Lack of managerial support negatively affects work-life balance implementation.
Scope and Limitations of the Study
The study focuses on the impact of work-life balance policies on employee retention in Sterling Bank, Borno State. Limitations include potential bias in employee responses and difficulties in obtaining confidential HR data.
Definitions of Terms
• Work-Life Balance: The equilibrium between work responsibilities and personal life.
• Employee Retention: The ability of an organization to retain its workforce over time.
• Flexible Work Arrangements: Work schedules that allow employees to balance professional and personal commitments.
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