Leadership Strategies to Retain Key Employees

Leadership Strategies for Retaining Key Employees by Keith Reginald Stafford MBA, City University of Seattle, 2009 BA, The Evergreen State College, 2001 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University December 2018 Abstract Retention of key employees protects a firm’s investment in its human resources. Employee retention is an issue in the insurance sector, particularly among sales employees. The purpose of this descriptive study was to explore leadership strategies used by insurance sales managers to retain key employees. Herzberg’s dual factor theory and Adams’s equity theory were used to explore insurance sales managers’ insights into leadership strategies. Semistructured interviews were conducted with 15 insurance sales managers in southern California to elicit the strategies they used to maintain their key salespeople. Data were analyzed using the modified Van Kaam method. Seven themes emerged from data analysis: coach/mentorship, management style, unmet job expectations, pay, cost to the company, personal growth/realization of goals, and work environment. The findings from this study might contribute to positive change by providing company managers with strategies to retain key employees through improved stakeholder engagement, longevity of workers in their communities, and enhanced corporate social responsibility encouraging companies to support local communities.Retention of key employees protects a firm’s investment in its human resources. Employee retention is an issue in the insurance sector, particularly among sales employees. The purpose of this descriptive study was to explore leadership strategies used by insurance sales managers to retain key employees. Herzberg’s dual factor theory and Adams’s equity theory were used to explore insurance sales managers’ insights into leadership strategies. Semistructured interviews were conducted with 15 insurance sales managers in southern California to elicit the strategies they used to maintain their key salespeople. Data were analyzed using the modified Van Kaam method. Seven themes emerged from data analysis: coach/mentorship, management style, unmet job expectations, pay, cost to the company, personal growth/realization of goals, and work environment. The findings from this study might contribute to positive change by providing company managers with strategies to retain key employees through improved stakeholder engagement, longevity of workers in their communities, and enhanced corporate social responsibility encouraging companies to support local communities. Leadership Strategies for Retaining Key Employees by Keith Reginald Stafford MBA, City University of Seattle, 2009 BA, The Evergreen State College, 2001 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University December 2018 Dedication I would like to dedicate this study and my enthusiasm for lifelong learning to my mother, Alice F. Stafford. She continuously advocated for education throughout our family and in her community. I would also like to dedicate this document to all of my teachers, past and present, who encouraged me to continue learning and stressed to me that the moment you stop learning; you stop growing intellectually. I would also like to make special mention of all of my friends and family who encouraged me to continue this project when I felt overwhelmed. I would like to give special thanks to Mr. Howard L. Zeiger, Reynaldo Villareal, and Dr. Dennis J. Siebenaler. They believed in my abilities and encouraged me to see this project thorough completion. Additionally, I would like to thank all the insurance sales managers who participated in this study. Thank you for your dedication to the insurance industry and furthering research necessary to improve workrelated issues. I would also like to thank Dr. Kathleen Barclay, who guided me through this entire process. Thank you for your dedication and commitment to your students. I would also like to thank anyone I might have missed and acknowledge those who have helped me throughout this significant undertaking. Acknowledgments I would like to thank everyone who believed in me and inspired me to continue this journey. I would also like to thank all the adult learners at Walden University with whom I attended this program. Your quest for knowledge and desire to succeed continues to inspire me to be my personal best. I would again like to thank Dr. Kathleen Barclay, who worked closely with me on this study. I appreciate all your time and input into this project. I would also like to thank you for your continued support and, at times, tough love approach. I would also like to thank all my instructors at Walden University who did not allow their students to produce average work. I realize that you were teaching us not only to see a project though but also to survive in an ever-changing professional environment and to exceed the high expectations of our current and future employers. I sincerely appreciate your guidance, mentorship, and encouragement.