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.
| Identifer | oai:union.ndltd.org:waldenu.edu/oai:scholarworks.waldenu.edu:dissertations-5268 |
| Date | 01 January 2017 |
| Creators | Osisiogu, Chris A. |
| Publisher | ScholarWorks |
| Source Sets | Walden University |
| Language | English |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | Walden Dissertations and Doctoral Studies |
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