Assessing the Impact of Competency Based Pay On Retention of Employees In National Microfinance Bank (NMB): A Case of Ilala Branch
This research was aiming at assessing the impacts of competency based pay on the retention of employees in national Micro Finance Bank in Ilala municipality. The methodology used to collect data from respondents included tools such as questionnaires, interviews, observation and documentation. Then findings of the study were analyzed and presented differently depending on the nature of the data analysed. The researcher used tables and pie charts to present the discussed findings. The study found that NMB (T) Ltd, at large uses a number of methods to retain its employees. Moreover, based on the results for the standardized values, the study concludes that work conditions, fairness, promotion, and pay, are key factors contributing to employees’ job retention. Despite the fact that money is a good motivator, actually all employees’ work for money, employees need money, good salary and good compensations are key factors in satisfying them to work hard. Concisely, the study recommends that despite the fact that about, 33 respondents considered working environment to be compulsory, the study recommends that it is compulsory for NMB (T) Ltd to ensure there is a good working environment that employees have access to the right equipment and clean, spacious work spaces that can make employees to be happy as they spend a lot of time in workspace. The study recommends that, so it's important to have a setting that's as free of problems as possible.
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