IMPACT OF SUCCESSION PLANNING ON EMPLOYEE RETENTION IN SELECTED MONEY DEPOSIT BANKS IN PORT HARCOURT

This study examined the relationship between the impact of succession planning on employee retention of selected money banks in Port Harcourt. Leadership legacy and Employee performance were the dimensions of succession planning. Recognition/reward and training was used as measures of employee retention, not forgetting the moderating variable Career development. The study adopted a cross-sectional survey in its investigation of the variables. Primary data was generated through structured, self- administered questionnaire. The population was 355 employees of forty branches of selected money deposit banks in Port Harcourt. The study sample was 188 employees calculated using the Taro Yamane’s formula for sample size determination. The research instrument was validated through the supervisor’s vetting and approval while the reliability of the instrument was also endorsed by my supervisor. Data generated were analyzed and presented using both descriptive and inferential statistical techniques. The hypotheses were tested using the Spearman rank order correlation Coefficient. The tests were carried out at a 95% confidence interval and a 0.05 level of significance. Empirical findings revealed that there is a positive and significant relationship between succession planning and employee retention of selected money deposit banks in Port Harcourt. The study concludes that succession planning significantly influences employee retention of in selected money deposit banks in Port Harcourt. The study recommends that Management of Money Deposit Banks should adopt training programs to develop the careers of employees also leaving great legacies as leaders while also recognizing and rewarding employees to enable a better performance from them.