EMPLOYEE RETENTION STRATEGIES AND BRAIN DRAIN MITIGATION IN THE NIGERIAN OIL AND GAS SECTOR: A STUDY OF LUBCON NIGERIA LIMITED

Abstract

Even though several studies have been conducted, very little is known about effective retention strategies to prevent talent loss and the uniqueness of brain drain among indigenous Nigerian oil and gas companies. Consequently, this study fills this gap by examining the effect of employee retention strategies on brain drain mitigation in the Nigerian Oil and Gas (NOG) Sector, with specific reference to Lubcon Nigeria Limited. The study was underpinned by 2 theories: Social Exchange Theory and Human Capital Theory. A sample of 263 staff was used to represent the study’s population of the Lubcon workforce operating in Kwara State, Lagos State, and FCT Abuja, based on its staff strength of 769. A questionnaire was used to collect the data, and analysis was conducted using descriptive and inferential statistics in SPSS v28. It was found that career development opportunities in the home country significantly influence employees’ decisions to remain with their current employer in the NOG (R = 0.722; β = 0.304; T = 3.410; p = 0.001). Similarly, the work-life balance strategies in the home country have a significant effect on employees’ quality of life in the NOG (R = 0.756; β = 0.353; T = 3.571; p = 0.000). The study concluded that while both career development and work-life balance are key retention factors, they should not be viewed in isolation. But a comprehensive approach that includes competitive compensation, job security, and career development, along with work-life balance policies, is essential to a committed and satisfied workforce. Employers should regularly review and adjust compensation packages to remain competitive within the industry.