Regression Analysis
Model Summary Table
Model Summary
Model
R
R Square Adjusted R Square Std. Error of the Estimate
1 .891a.794 .773 .28674
a. Predictors: (Constant), Performance management, Learning and development,
Recruitment and selection, Job design, Succession planning, Reward and motivation
and Work-life balance.
Source: Study Data (2020)
The model summary results show that the coefficient of determination value (R square)
was 0.794, which indicates that the independent variables (performance management,
learning and development, recruitment and selection, job design, succession planning,
reward and motivation, work-life balance) accounted for 79.4% of the variation in the
dependent variable (employee retention). The other percentage (20.6%) was explained by
other factors not considered by the research and the error term. The correlation
coefficient of 0.981 indicates that a strong overall correlation between the dependent and
independent variables.
ANOVA
Table ANOVA
Model Sum of Squares df Mean Square F Sig.
Regression 21.823 7 3.118 37.919 .000b
1 Residual 5.673 69 .082
Total 27.496 76
a. Dependent Variable: Retention
b. Predictors: (Constant), Performance management, Learning and development,
Recruitment and selection, Job design, Succession planning, Reward and motivation,
Work-life balance.
Source: Study Data (2020)
The analysis of variance (ANOVA) results shows that the regression model is significant
as shown by the F value (37.919) which is significant as indicated by the p value
(0.000<0.05). This indicates that the model is fit and a good predictor of the relationship
between the dependent and independent variables.
Regression Coefficients
Regression Coefficients
Model Unstandardized
Coefficients
Standardized
Coefficients
t Sig.
B Std. Error Beta
(Constant) -.131 .495 -.265 .792
Recruitment and
selection .031 .044 .046 .694 .490
Learning and
development -.112 .033 -.074 -3.393 .001
1Reward and motivation .165 .076 .191 2.173 .033
Job design .227 .070 .244 3.243 .002
Succession planning -.018 .078 -.017 -.233 .816
Work-life balance -.314 .093 -.389 -3.392 .001
Performance
management 1.516 .135 1.302 11.21
5
.000
a. Dependent Variable: Retention
Source: Study Data (2020)
The coefficients results show that recruitment and selection had a positive (B=0.031) and
insignificant (P value = 0.490>0.05) relationship with retention of millennial employees
at Consolidated Bank of Kenya Limited. Learning and development had a negative (B=-
0.112) and significant relationship (P value = 0.001<0.05) relationship with retention of
millennial employees at Consolidated Bank of Kenya Limited. Further, Reward and
Motivation’s coefficients results show a positive (B=0.165) and significant (P value =
0.033<0.05) relationship with the retention of millennial employees at CBKL. Job Design
had a positive (B=0.227) and significant (P value=0.002<0.05) relationship with retention
of millennial employees at CBKL. The coefficients results show that Succession Planning
had a negative (B=-0.018) and insignificant relationship (P value = 0.816>0.05) with
retention of millennial employees at CBKL. Work-life Balance’s coefficients results
show
a negative (B=-0.314) and a significant relationship (P value = 0.001<0.05) with
retention of millennial employees at CBKL. The coefficients results of Performance
Management show a positive (B=1.516) and significant (P value = 0.000<0.05)
relationship with retention of millennial employees at CBKL.
The regression analysis above implies that recruitment and selection, succession plan
practices do not significantly influence retention of millennials at CBKL. Learning
and development and work life balance practices on the other hand negatively
impacted the retention of millennials at CBKL. Performance management, reward
and motivation as well as job design positively impact retention of millennials at
CBKL.
