ECONOMIC IMPACT OF MOTIVATION ON LABOUR TURNOVER (A CASE STUDY OF BOWEN UNIVERSITY, IWO OSUN STATE, NIGERIA.)

Abstract

This study examines the "economic impact of motivation on labor turnover" using Bowen University in Iwo, Osun State, Nigeria as a case study. The study's goals are to determine the employee's perception of the motivation strategies used at Bowen University, the impact of these strategies on employees' performance there, the different motivational options available there, the frequency of voluntary resignations among Bowen University employees, and the suitability or otherwise of these motivational variables with a view to minimize this. Questionnaires were utilized as the data collecting tool, descriptive analysis was performed to evaluate the study's main premise, and chi-square was employed. The study's findings indicate that motivation has an effect on labor turnover, which means that more motivation will lower the rate or cost of labor turnover at Bowen University. Based on the results of this study, we therefore advise creating an equal empowerment platform for all employees in order to increase productivity and decrease labor turnover. We also advise putting in place employee development programs, such as in-service training and further education, in order to motivate employees and boost productivity. Finally, we advise giving promotions to employees as soon as they are due and praising them for a job well done, all of which will help reduce the rate of labor turnover