The Impact that Fringe Benefits have on Job Satisfaction and Employee Engagement at Sinapi Aba Savings and Loans Limited (SASL)

Abstract

The study investigates the impact that fringe benefits have on job satisfaction and employee engagement at Sinapi Aba Savings and Loans Limited (SASL).Specifically, the study was to determine the impact of fringe benefits on employee engagement, to determine the impact of fringe benefits on job satisfaction and to gain better knowledge of the structuring of remuneration packages. The sample consisted of ten (10) branches of Sinapi Aba Savings and Loans Limited (SASL) representing 20.83% of the research branches. 300 questionnaires were distributed, 270 questionnaires were filled and returned for analysis which represents 90% of response rate of the sampled research population. The study employed descriptive statistics method for presenting and summarizing bio-data. The researcher also analysed collected data using Statistical Program for Social Sciences (SPSS) version 25. Statistical instrument used for the research analysis were inferential statistics, specifically multiple regression. The study showed that fringe benefits significantly influence Employees Engagement (EE) and Job Satisfaction (JS) at Sinapi Aba Savings and Loans Limited (SASL). The findings indicated that, among the four indicators of fringe benefits used as independent variables (Medical aid contribution, Accommodation allowance and Educational assistance) were statistically significant in predicting employee’s engagement at (SASL). The study also indicated that, (Medical aid contribution, Accommodation allowance and Vehicle allowance) were statistically significant in predicting job satisfaction at (SASL). This study then recommend that management should add these indicators of fringe benefits in their employee’s compensation plan in order to retain their loyal employees and increase organisation’s productivity.