Factors affecting the members retention and satisfaction of Bansalan cooperative society (BCS) / by Catherine R. Arausa, Edgar O. Libres Jr., Kirt E. Las Peñas, Lea D. Antimano.

The increase of both membership and the turnover of income demonstrate that cooperative is operating efficiently. As a financial service provider and a member-owned organization, it is highly dependent on members support, either through financial share contribution and continuous patronage of the products and services being offered. Indeed, member retention is an effective and important tool that this industry can use to gain a strategic advantage and survive in this ever-increasing competitive market. Thus, this study made an assessment on the factors that affect members retention in the cooperative. The identified factors are competitive advantage, member perception of value, corporate image, switching barriers, member loyalty and satisfaction. Using a descriptive-correlation method as research design, an adapted and re-constructed survey questionnaire as research instrument, with frequency, percentage, mean, t-test, F-ratio, one-way ANOVA as statistical tools, findings have revealed the following: The factors affecting members retention have a mean score which is all described as high. Moreover, there is a significant difference noted on the level of the factors affecting members retention when analyzed by educational attainment of the respondents, and no significant difference noted on the levels of the factors when analyzed by age and gender. Finally, it is established that there is a low correlation between satisfaction and the other factors affecting members retention. Thus, based on the findings, the following recommendations are given: The cooperative including Bansalan Cooperative Society must carefully consider the identified factors and make sure that these factors are always positive before its members perception. In order to retain early adult members, Bansalan Cooperative Society must also introduce new and innovative products and services. The management of the cooperative must conduct training for their staff on how to interact better with cooperative members and how to be on their best behavior to serve effectively the latter.