Strategic Risk Management and Talent Retention in Nigeria: Assessing HR Policies to Mitigate Workforce Turnover in High-Risk Industries

Abstract

Workforce turnover is a significant challenge for people working in organisations classified as high-risk industries. The loss of ‘good’ and talented staff may compromise safety, service delivery and longer-term sustainability. This paper examines the incorporation of a strategic risk management approach into human resource (HR) policies to manage turnover risks in three major establishments, namely: University of Port Harcourt Teaching Hospital (UPTH), Brightwaters Energy Limited (BEL), and Port Harcourt International Airport (PHIA). Quantitative research was conducted through a survey distributed within the organisations, with 420 questionnaires administered and 372 valid responses collected. Factors examined were turnover intention, job satisfaction, organisational commitment, HR policy effectiveness, and sector-specific retention issues. Statistical Description and Correlation analyses (means, standard deviations) between variables were performed using Statistical Package for Social Sciences (SPSS). Results indicated moderately high levels of organisational commitment, although job satisfaction was somewhat more variable, with recognition and work–life balance as among the weaker areas. The turnover intention remained a risk, especially in situations where competitive external labour markets exerted strong pull forces. Of particular significance was the finding that strategic, risk-based HR interventions, such as succession planning, risk-informed wellbeing programmes, and targeted retention packages, have a significant influence on staff retention outcomes. The study also finds that high-risk environment organisations need to prioritise risk-based, strategic HR policies not only to address turnover but also to achieve resilience, continuity and competitive advantage in an increasingly turbulent labour market.