Strategic Human Resource Management and Employee Retention in Nigerian Banking Sector: A Study of First Bank Operations in Nsukka

The intensification of talent competition in Nigeria's banking industry has rendered strategic human resource management (SHRM) a decisive factor in determining which institutions retain high-performing employees and which suffer chronic talent attrition. This study examines the relationship between strategic human resource management practices and employee retention in the Nigerian banking sector, with specific focus on First Bank of Nigeria's operations in Nsukka. The study is theoretically framed by the Resource-Based View (RBV) of the firm, which posits that superior human capital, effectively managed, constitutes an inimitable competitive advantage. A cross-sectional survey research design was adopted. The population comprised 94 banking staff across First Bank branches in Nsukka LGA. A census approach was adopted given the manageable population size, and all 94 staff members were surveyed. Data were collected via a validated structured questionnaire and analysed using Pearson correlation and multiple regression techniques. Findings indicate that performance-based compensation, training and development opportunities, employee engagement initiatives, and career growth clarity are the SHRM practices most significantly associated with higher employee retention rates. The study further reveals that perceived organisational support mediates the relationship between SHRM practices and retention intentions. It is concluded that banks that align HR strategy with broader corporate objectives achieve significantly lower staff turnover and higher institutional knowledge retention. The study recommends that bank HR departments in Nsukka develop tailored retention frameworks that address both financial and non-financial drivers of employee commitment, particularly for younger staff cohorts.

Keywords: Strategic HRM, employee retention, banking sector, Resource-Based View, First Bank