Effects of Financial Rewards on Turnover Intention in Tanzania Private Organization: The Case of Bagamoyo Sugar Limited

Abstract

combination of the psychological, physiological and environmental truthful Abstract: This study explored the effects financial rewards on Turnover Intention in Tanzania Private Sector. The study was guided by the need to determine the effect of financial rewards to employees on turnover intention at Bagamoyo Sugar Limited. A case study was adopted, employees of a private company in farm Bagamoyo Sugar Limited. 35 respondents were asked using closed ended questionnaire, the results were analyzed on SPSS using cross tabulations. In respect to the effect of financial rewards to employees on turnover intention at Bagamoyo Sugar Limited it was noted that more than three quarter of respondents agrees there is effects and it was recommended that employer should ensure they improve financial rewards in order to retain their employees, The test for independence of variables used Pearson Chi Square results showed, even though statistical the results agrees there is effects of financial rewards of turnover intention, the two variables can be independent of each other, thus the study draws conclusion that private organization should continue to improve financial rewards and decision to turnover can be done by employee even when financial rewards are relatively better. The chi-square results show 20.6% where the assumption for a relationship to be there is expected alpha value to be 5% to count less than five. At the minimum there is no significant dependency of turnover intention on financial rewards at all level of responsibilities. The degree of freedom of 12 and mean value of 15.683. Likelihood ratio is 27.5% which is above 17% the minimum expected value. The responsibility level is not a deciding factor whether one would make a career change