FLEXIBLE WORK PRACTICES AND EMPLOYEE RETENTION OF INSURANCE FIRMS IN RIVERS STATE

Abstract

This study examined the relationship between flexible work practices and employee retention of insurance firms in Rivers State. The study specifically examined the relationships between flexible work practices and measures of employee retention such as intention to stay and loyalty. A cross-sectional survey design was adopted, with a population of 120 employees from 12 selected insurance firms in Rivers State. A sample size of 92 was determined using the Krejcie and Morgan formula, while 81 copies of the structured questionnaire were successfully retrieved and analysed. Data were collected using a four-point Likert-scale questionnaire, with instrument reliability established through Cronbach’s alpha coefficient of 0.74. The hypotheses were tested using Spearman Rank Order Correlation at the 0.01 level of significance. The findings revealed a significant positive relationship between flexible work practices and intention to stay (r = .771, p < .01). The study also established a significant positive relationship between flexible work practices and employee loyalty (r = .593, p < .01). The study concluded that flexible work practices significantly enhance employee retention among insurance firms in Rivers State by strengthening employees’ intention to stay and loyalty. It recommended that insurance firms strengthen flexible working hours, remote work and hybrid work arrangements while providing adequate digital resources, managerial support and fair implementation to enhance employee retention.