Transformational Leadership Strategies for Addressing Voluntary Employee Turnover

Transformational Leadership Strategies for Addressing Voluntary Employee Turnover by Chris A. Osisiogu MBA, Obafemi Awolowo University, 2009 BS, Abia State University, 2000 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University August 2017 Abstract For every standard deviation of increase in employee turnover, organizations could suffer a roughly 27% decline in financial performance. Current voluntary employee turnover rates hover between 15% 40% and the associated unquantifiable indirect costs affecting customer loyalty and creating reputational risks for business leaders. Furthermore, when employees leave an organization for another, a minimum of 95% leave with trade secrets,For every standard deviation of increase in employee turnover, organizations could suffer a roughly 27% decline in financial performance. Current voluntary employee turnover rates hover between 15% 40% and the associated unquantifiable indirect costs affecting customer loyalty and creating reputational risks for business leaders. Furthermore, when employees leave an organization for another, a minimum of 95% leave with trade secrets, strategic skills, and acquired knowledge. As a result, turnover has evolved into a significant concern for organizational leaders. Using the transformational leadership concept, the purpose of this single case study was to explore the leadership strategies that bank leaders in southwestern Nigeria use to reduce voluntary employee turnover. The participants included bank leaders in southwestern Nigeria who had demonstrated experience in developing and implementing strategies for reducing voluntary employee turnover. The data collection was through person-to-person interviews with 10 bank leaders and review of the company’s documents on employee turnover. The process for analyzing data was supported by word frequency analysis, coding of related phrases, and creating of themes around the codes. The themes from the study revealed that transformational leaders use the following to reduce voluntary employee turnover: remunerations and benefits, career growth and development opportunities, and roles of leadership. Reduction in voluntary employee turnover may contribute to social change by empowering business leaders with requisite strategies for employee engagement and business profitability, enhancing job creation opportunities, and improving the social and general wellbeing of families and communities. Transformational Leadership Strategies for Addressing Voluntary Employee Turnover by Chris A. Osisiogu MBA, Obafemi Awolowo University, 2009 BSc, Abia State University, 2000 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University August 2017 Dedication I dedicate this doctoral dissertation and its successful execution to God, my family, the business world, and to positive social change. God enabled me to accomplish this challenging yet motivating task. My wife and children gave me the affirmation to pursue this task and motivated me in many ways. The ever-changing business world provided an opportunity for me to see a business problem to which I could dedicate my intellect completely. My deeply felt passion for contributing to the community to which I dedicate this work created the resilience and fortitude that the completion of this work required. Acknowledgments I thank my Committee Chair, Dr. Brenda Jack, for her in-depth engagement in my intellectual journey and her painstaking guidance throughout this doctoral study. My second committee member (SCM), Dr. Richard Johnson, and my university research reviewer (URR), Dr. Carol-Anne Faint, provided me with feedback and direction that were without parallel in my academic experience. Thank you. A special thank-you goes to the entire Walden community. I appreciate these teams—library, writing center, advising team, student support team, and the research team—for their availability, consistency, and speed of service. I thank my wife and our children for their unwavering understanding and thoughtfulness throughout the duration of my doctoral study, which kept me from them for seemingly endless amounts of time. I also acknowledge and thank my extended family members and friends for their patience and understanding while I undertook this