EMPLOYEE JOB SATISFACTION AND ITS EFFECT ON EMPLOYEE TURNOVER: A CASE OF ACCESS BANK ZAMBIA

Abstract

Prestige is one thing that is commonly associated with a banking career everywhere today. As much as banking is a choice career, the rate of employee turnover amongst bank employees is alarming. Amidst the competition in the industry, employees seek job satisfaction as a key factor to giving their loyalty to the organization in terms of how long they stay back to work for the organization. What then defines job satisfaction for these employees? Is the organization able to meet up to the demands of these staff to retain them for longer periods? what can the employers do to reduce the migration of their human capital to competing organizations? These are the many questions that researchers have pondered upon which has also consequently birthed the desire for this research study. This research focuses on Access Bank Zambia as a case study. A survey was conducted using a questionnaire to understand the causal factors of the employee turnover rate in the bank in recent times. Data was collected across 11 units in the bank from a total of 75 respondents. The data collected was analyzed and results obtained highlighted certain factors that could be termed human resource management gaps as the major causes of employee turnover. These factors include poor salaries and incentives, unfavorable terms of service, poor staff welfare, lack of work-life balance amongst others. Recommendations were also proposed to better manage the employee turnover situation in Access Bank Zambia. The research was limited by information and time. A broader view could be obtained in future research where more banks are considered, and results compared. This study has a value in determining what major factors the organization can focus on to help in staff retention strategies.