ASSESSMENT OF THE EFFECT OF COMPENSATION ON RETENTION OF ACADEMIC STAFF IN SELECTED UNIVERSITIES IN NIGERIA

Abstract This study examined the effect of compensation on the retention of academic staff in selected Nigerian universities. Recognizing the challenge of personnel management in organizations, the research focused on compensation and retention as key operative functions of personnel management. It emphasized the necessity of a well-compensated and committed academic workforce to achieve university success, highlighting that employment terms must be structured to both attract and retain top-tier educators and researchers. Although the Consolidated University Academic Staff Salary Structure (CONUASS) was introduced to ensure equitable compensation and attract talent locally and internationally, Nigerian academic staff continue to face relatively low pay and high rates of brain drain. The objective of the study was to determine how compensation packages affect the retention of qualified academic staff. Using a cross-sectional survey design, data was collected through interviews, systematic observation, and questionnaires from a randomly selected sample of 350 academic staff out of a population of 3,931. Secondary data sources included institutional and academic materials such as NUC reports and professional journals. Hypotheses were tested using Linear Regression Analysis via SPSS 20.0. The results indicated a significant relationship between compensation and retention of academic staff. The study recommended regular reviews of academic staff compensation packages to mitigate brain drain and improve retention in Nigerian universities.