Strategies for Mitigating Employee Turnover in the Nigerian Financial Services Industry
General Material Designation
[Thesis]
First Statement of Responsibility
Fapohunda, Oluwabukunmi
Subsequent Statement of Responsibility
Laursen, Krista
.PUBLICATION, DISTRIBUTION, ETC
Name of Publisher, Distributor, etc.
Walden University
Date of Publication, Distribution, etc.
2019
GENERAL NOTES
Text of Note
144 p.
DISSERTATION (THESIS) NOTE
Dissertation or thesis details and type of degree
D.B.A.
Body granting the degree
Walden University
Text preceding or following the note
2019
SUMMARY OR ABSTRACT
Text of Note
Business owners and leaders have committed resources, time, and funding to understand and mitigate the phenomenon of employee turnover. The purpose of this study was to explore the strategies that managers used to mitigate employee turnover in the financial services industry in Nigeria. The transformational leadership model was the conceptual framework for this single case study. Semistructured face-to-face interviews were conducted with 10 middle-level managers who had experience and knowledge of employee turnover at an organization in the financial services industry in Nigeria. The company's policy documents and audited financial statements were also reviewed. Thematic coding was used for data analysis, and qualitative data analysis software was used to achieve accuracy in data classification and organization of the analysis. Data analysis led to the emergence of 8 themes: human resources, industry comparison and benchmarking, training, good relationship management and communication, conducive work environment, rewards and compensation, low employee turnover as a post strategy implementation benefit, and increased productivity and efficiency as a post strategy implementation benefit. The implications of this study for positive social change include the potential to reduce the unemployment rate, create financial independence, and reduce the poverty level in the financial services industry in Nigeria. Leaders and business owners may use the strategies from this study to promote satisfied employees who earn a satisfactory income, find fulfillment in their jobs, and support for their families and communities.