Strategies Used by Banking Managers to Reduce Employee Turnover

Strategies Used by Banking Managers to Reduce Employee Turnover by Amena Shahid MBA, University of Laverne, 1992 BA, St. Joseph College, 1989 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University May 2017 Abstract Employee retention of an organization's most talented and skilled employees is vital to success. A lack of managerial strategies for motivating teams and a lack of understanding employees' needs adds to an increased rate of employee turnover in banking organizations. Some bank managers do not possess the abilities and strategies required to reduce employee turnover. Grounded by the motivation-hygiene theory; the purpose of this qualitative case study was to explore successful strategies some bank managers used to reduce employee turnover. The population consisted of 5 banking managers in 3 banking organizations located in Toronto GTA, Ontario Canada in which successful retention strategies have been implemented in the last 5 years. Data were collected from semistructured face-to-face interviews and employee handbooks. Member checking aided to assure the credibility of the analysis and interpretations. Data were analyzed by using coding techniques to identify keywords, phrases, and concepts. The process led to the following 4 themes: (a) the motivational effect to retain bank employees, (b) management traits to retain bank employees, (c) effective strategies to retain bank employees, and (d) trends shaping future retention of bank employees. The implications for social change include the potential to reduce turnover by improving the employee work experience andEmployee retention of an organization's most talented and skilled employees is vital to success. A lack of managerial strategies for motivating teams and a lack of understanding employees' needs adds to an increased rate of employee turnover in banking organizations. Some bank managers do not possess the abilities and strategies required to reduce employee turnover. Grounded by the motivation-hygiene theory; the purpose of this qualitative case study was to explore successful strategies some bank managers used to reduce employee turnover. The population consisted of 5 banking managers in 3 banking organizations located in Toronto GTA, Ontario Canada in which successful retention strategies have been implemented in the last 5 years. Data were collected from semistructured face-to-face interviews and employee handbooks. Member checking aided to assure the credibility of the analysis and interpretations. Data were analyzed by using coding techniques to identify keywords, phrases, and concepts. The process led to the following 4 themes: (a) the motivational effect to retain bank employees, (b) management traits to retain bank employees, (c) effective strategies to retain bank employees, and (d) trends shaping future retention of bank employees. The implications for social change include the potential to reduce turnover by improving the employee work experience and retaining talent by building a positive work environment and a positive customer experience. Strategies Used by Banking Managers to Reduce Employee Turnover by Amena Shahid MBA, University of Laverne, 1992 BA, St. Joseph College, 1989 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University May 2017 Dedication I would like to dedicate this research to my family. To my husband, Dr. Shahid Azhar, who motivated and supported me through the program. Without whom this would not have happened. To my children who were patient and cooperative to understand my study priorities and goals and prayed for my success with flying colors. I hope I was an inspiration to you both as you can achieve anything once you set your mind to it. Finally, I would like to dedicate this study to my parents for fostering in me the importance of education and hard-work. Acknowledgments My journey of DBA was challenging but satisfying. With the support of my chair, committee, and family I achieved the reality of a dream. First I would like to thank my God for blessing me the strength and opportunity for completing this journey. Secondly, I would like to acknowledge and thank my chair, Dr. Michael Lavelle whose consistent guidance, support, and encouragement helped me throughout the entire doctoral study process. I would also like to thank my committee members, Dr. Jamiel Vadell, for his timely reviews and support and feedback along the way and Dr. Neil Mathur for the significant role he had played in increasing the quality of this study through his expert reviews. I would like to thank Dr. Freda Turner for her support and leadership. Lastly many thanks to all study participants for their time, motivation, inspiration, and encouragement for progress.