Job turnover rates and the Nigerian banking industry: Benefits, causes, challenges, and policy recommendations

Abstract

The study focuses on the essential causes of high job turnover rates in order to improve employee retention, reduce costs, and improve organizational performance. The study focused on two selected Banks in Asaba, Delta State: First Bank of Nigeria Plc and Access Bank branches at Nnebisi Road, Asaba, Delta State. A cross-sectional survey design was adopted in the study. The total population is 100, which consists of the employees of First Bank Nigeria Plc and Access Bank. The probability sampling methodology employed was a stratified random procedure. The findings of the study revealed that poor management practices, low pay, and the working environment have a significant effect on the performance of the banking sector. The findings emphasized the significance of initiatives like opportunities for growth and development, competitive pay and benefits, fostering a happy work environment, and lowering employee turnover rates. The study concludes that the relationship between job turnover rates and performance is complex and may be prejudiced by a diversity of factors, including individual differences, organizational culture, and external factors such as economic conditions and industry trends. The study recommends that banks create a positive work environment that fosters a sense of community, respect, and open communication. This can include initiatives such as employee recognition programs, open-door policies, and regular team-building activities.