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Factors Influencing Remuneration policy of the HR Managers in the Kenyan Banking Sector

Author: 
Robert Ng’ang’a, Iravo Mike Amuhaya, and KephaOmbui
Subject Area: 
Social Sciences and Humanities
Abstract: 

The study purpose of the study was to investigate factors influencing remuneration policy of the HR managers in the Kenyan banking sector. The specific objectives of the study were; to investigate how talent management, financial results,technological development,market surveys and company advisers influencedremuneration policy ofthe HR managers in the Kenyan banking sector. The target population of the study was the HR Managers in the 47 registered banking institutions in Kenya. The study adopted a census and questionnaires were used to collect data from the respondents. The data collected was analyzed using Excel package and the results presented using tables and charts. The findings of the study revealed that despite improvement in remuneration packages, salaries earned scored low an indication that HR managers think that they can be paid more. Further there are other HR related issues such as careerdevelopment and work related issues such as job design that plays an important part in employee productivity and retention. Employees are more satisfied and deliver more if their career progression is guaranteed and that the company they work for has a reputation for quality service/products.Following these findings the study recommends apart from concentrating on remuneration policy, banks should invest in work processes that guarantee quality of services/ products and aspects of HRM such as career progression among others that affect employees’ performance.

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