LAYOFFS AND EMPLOYEE RETENTION OF OIL AND GAS COMPANIES IN PORT HARCOURT
Keywords:Layoff, voluntary layoff, involuntary layoff, employee retention, salary and incentives.
This work examined the relationship between layoff and employee retention of oil and gas companies in Port Harcourt. Objectives of the study were to examine how dimensions of layoff such as voluntary layoff and involuntary layoff relate with measures of employee retention such as salary and incentive. The survey research design was adopted. The target population for this study comprised of 232 employees from 5 oil and gas companies in Port Harcourt. The sample size was 148 which were obtained using the Krejcie and Morgan Sample Size Determination Table of 1970. Bowley’s formula was adopted in the number of questionnaires distributed in each of the hotel. Data were collected through primary (questionnaire). A structured questionnaire designed in four point likert rating scale format was adopted for the collection of data. Out of 148 questionnaires administered, the researcher was able to retrieve 123 copies. Spearman Ranking (r) was used for the test of hypotheses via SPSS Version 23.0. The findings revealed that voluntary layoff and involuntary layoff are significantly related with employee retention (salary and incentives) of oil and gas companies in Port Harcourt. The study concluded that there is a significant relationship between layoff and employee retention of oil and gas companies in Port Harcourt. The study recommended among others management of oil and gas firms in Port Harcourt should promptly communicate their voluntary layoff plan to employees so as to avoid panic in the workplace likewise ensure the remaining ones of prompt payment of salary; managers of oil and gas companies in Port Harcourt should intend and establish a strong incentive with the surviving employees to maintain and enhance their work performance after the execution of involuntary layoff.