EMPLOYEE WELL-BEING AND MENTAL HEALTH INITIATIVES IN ACCESS BANK PLC AND FIRST BANK PLC

ABSTRACT This study examined the impact of employee mental health and well-being initiatives on job satisfaction, productivity, and retention in selected Nigerian financial institutions, with a focus on Access Bank Plc and First Bank Plc. The objectives were to identify available mental health initiatives, evaluate their effectiveness on productivity and job satisfaction, examine their influence on employee retention and organizational loyalty, and assess challenges faced in implementation. A quantitative descriptive survey design was adopted. Data were collected from a stratified random sample of 345 employees using a structured Likert-scale questionnaire and analyzed with descriptive statistics, correlation, and regression at a 0.05 level of significance. Findings revealed that wellness programs were widely institutionalized, with employees acknowledging the presence of mental health policies, improved job satisfaction, and increased productivity. Hypotheses testing showed that mental health initiatives significantly improved job satisfaction (R² = 0.562, p < 0.01), enhanced employee productivity (R² = 0.493, p < 0.01), and positively influenced employee retention (R² = 0.452, p < 0.01). Consequently, the null hypotheses (H1, H2, and H3) were rejected. Major challenges identified include inadequate funding, stigma, low participation, and insufficient managerial training. The study concludes that structured mental health and well-being initiatives are strategic tools for enhancing employee satisfaction, productivity, and organizational loyalty in the Nigerian banking sector. It recommends that financial institutions strengthen mental health policies, increase funding allocations, intensify awareness campaigns to reduce stigma, provide managerial training, and introduce incentives to boost employee participation. Keywords: Employee well-being, Mental health initiatives, Job satisfaction, Employee productivity, Organizational loyalty, Retention, Nigerian banking sector, Workplace wellness programs