IMPACT OF COMPENSATION ON TURNOVER INTENTION AND RETENTION OF MEDICAL PERSONNEL IN OYO STATE, NIGERIA

Understanding the factors that influence the intent to stay of the staff is one of the strategies to keep any personnel in the same work environment. This study evaluated the relationship between compensation, turnover intention, and retention among medical personnel in hospitals in Oyo State, Nigeria. A total of three hundred and twenty-seven medical personnel were sampled from a population of two thousand two hundred medical personnel across five government hospitals. The technique used in the selection of respondents is the simple random sampling method. Data were gathered through questionnaires and retrieved data were analyzed using Pearson Product Moment Correlation. The study revealed that compensations are negatively related to turnover intention. It was deduced that when compensating stimulations are given, such stimulates the psychological state of the medical personnel, which may then lower their turnover intention. It was recommended amongst others that the compensation given to the doctors must be high enough for them to have good standard of living as compared with their counterpart overseas thereby enhancing their retention and reducing their turnover.