EMPLOYEE RETENTION TECHNIQUES AND PERFORMANCE OF FAMILY-OWNED BUSINESSES IN ENUGU METROPOLIS, ENUGU, NIGERIA.

The study focused on employee retention techniques and performance of family-owned businesses in Enugu metropolis, Enugu State, Nigeria. Specifically, the objectives were to determine the nature of the relationship between training and development opportunities and sales growth, as well as, ascertain the nature of the relationship between good pay package and profit of family-owned businesses in Enugu metropolis, Enugu State, Nigeria. The study had a population of 1,850 owners of family-owned businesses in Enugu metropolis, Enugu State, Nigeria. A sample-size of 329 owners of family-owned businesses studied was determined through Taro Yamane’s formula. Instruments used for data collection were primarily, the questionnaire and interviews. A total of 329 copies of the questionnaire were distributed, while 309 copies were properly filled/returned, leaving 20 copies not properly filled. Survey research design was adopted for the study. Two hypotheses were tested and analyzed, using Pearson Product Moment Correlation Coefficient and Simple linear regression tool. The findings indicated that there was a significant positive relationship between training and development opportunities and sales growth of family-owned businesses in Enugu metropolis, Enugu State, Nigeria (r = .907; F =198.730; t = 14.097; p < 0.05). There was also a significant positive relationship between good pay package and profit of family-owned businesses in Enugu metropolis, Enugu State, Nigeria (r = .901, p<.05). The study concluded that both training and development opportunities and good pay package had significant positive relationship with sales growth and profit of family-owned businesses, respectively in Enugu metropolis, Enugu State, Nigeria. The study, therefore, recommended among other things, that owners of family-owned businesses be encouraged to set up training and development opportunities programs that would improve skills and enhance career growth opportunities of the employees. Similarly, owners of family-owned businesses were equally encouraged to use good pay package as a motivation tool to enhance job satisfaction and commitment that would improve performance, to retain their talented employees