Talent Retention Strategies and Institutional Stability: A Comparative Analysis of Public and Private Universities in Southwest, Nigeria

Abstract

This study examined the impact of talent retention strategies on institutional stability in public and private universities in Southwest Nigeria, with particular emphasis on incentive strategies. The study adopted a descriptive survey research design and covered a total population of 8,550 academic and non-academic staff, with population data obtained from the Nigeria University Digest (2019). Using the Taro Yamane (1967) formula as cited in Umar and Wachiko (2021), a sample size of 382 respondents was determined and selected for the study. Data were collected through structured questionnaires and analyzed using both descriptive and inferential statistical techniques. Descriptive statistics, including frequency tables, were used to summarize respondents’ demographic characteristics, while inferential analysis employed Structural Equation Modeling (SEM). The findings revealed that incentive strategies have a positive and statistically significant effect on institutional stability in both public and private universities in Southwest Nigeria. In addition, the results indicated a significant difference in talent retention practices and institutional stability between public and private universities, suggesting variations in incentive structures, managerial flexibility, and organizational environments. The study concluded that talent retention strategies significantly influence institutional stability, though their effectiveness varies across university types. Consequently, it was recommended that universities, particularly public institutions, should design and implement context-specific and competitive incentive programs that align with the needs and expectations of their faculty and staff to enhance long-term institutional stability.