Employees costly procedure that is consuming potential profits

Employees are the most important and valuable assets of an organization. An organization’s success could not be realized without employees’ support and contribution. For a long time now, the Banking industry has been characterized by high numbers of employees turnover from  their jobs. This translates negatively on the various banks in this crucial industry as they constantly have to spend significant amounts of resources on hiring new employees to replace the ones who have left. This is a costly procedure that is consuming potential profits for these banks. This study examined factors influencing intention to leave among bank employees in Sri Lanka. Researcher had identified three factors that could influence intention to quit. The three factors are identified as Job stress, Career Growth and Compensation & Benefits. 12 sets of survey questionnaire were distributed to employees working in Commercial banks. The result of this study indicates that Job Stress has a inverse relationship with intention to quit where Pearson Correlation indicated as -0.053 and P=.408. Career Growth has positive relationship with intention to quit where Pearson Correlation indicated as +0.013 and P=0.843. This indicates that Job stress is the most important contributor to intention to quit. Compensation & Benefit Pearson Correlation is +0.058 and P=0.365 shows positive relationship between Compensation & Benefit and intention to quit .

This paper will share findings of research conducted in the end of 2017, which included Commercial bank several branches and the study targeted employees currently work in branches  and investigated human resource practices that influence intention to quit. Findings indicate a significant relationship between Job stress, Career Growth and Compensation & Benefits and intention to quit. Accordingly, the research has important implications for the management of Commercial bank and anyone working in or preparing to work in related fields. At the end of this project, several implications to managers are presented. The research project has outlined a variety of recommendations that these companies should consider to make this happen, including, regular periodic training, better wages, employee recognition and much more.

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