Staff turnover and its associated factors at Investrust Bank Plc.

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Chewe, Anna Kalusa
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The University of Zambia
Staff turnover in the Zambian banking industry has been and still is a menace. For smaller banks especially, it continues to manifest itself even among newly employed graduates. The aim of this research study was to establish the factors associated with staff turnover in the banking industry, particularly Investrust Bank Plc. The study was restricted and conducted in the Copperbelt Province of Zambia where Investrust Bank Plc has 7(Seven) branches i.e. Kitwe Main, Copperbelt University, Freedom Avenue, Buteko Avenue, President Avenue, Chililabombwe and Chingola Branches with a total number of 63 members of staff. Out of the 63 members of staff,50 participants were purposively recruited to participate in the study. Data was collected using questionnaires and in-depth interviews on 10 former staff. The study findings showed that the high staff turnover rate at Investrust Bank Plc falls within the management controllable factors which included and not limited to low salaries, low career growth because of lack of promotions and lack of clear procedures for promotions etc. It was also observed that the lack of clear procedures for promotions reduced staff morale and could be attributed to the perception that there is no transparency in the promotion process. In order to mitigate the problem of staff turnover at Investrust Bank Plc, recommendations include; revision of the income and compensation of its staff, especially at lower management. This was justified on the basis that the cost of living in Zambia had increased significantly and the current remuneration could not sustain employees; thus, seeking opportunities elsewhere. The other recommendation to the bank was career growth, transparency in the promotion procedure; improve on work culture, less work stress, training and development of staff on current job roles, among others. The findings generated in the study lead to a number of key implications for Investrust Bank that would help manage staff turnover and ensure staff continuity in order to live up to the standards of the competitor banks and be the leading and most preferred bank to work for. The study findings were important for many reasons and would be useful in the implementation of effective bank policies and regulations to facilitate retention measures.The key words of the study are: Staff, Staff turnover, Voluntary Staff turnover and Factors.
Masters Of Business Administration In Management Strategy
Bank--Staff turnover , Employee motivation. , Corporate culture. , Organizational change. , Work environment. , Personnel management. , Organizational effectiveness. , Bank--Staff turnover.