An analysis of factors influencing voluntary turnover of employees : case of institutions in the financial sector of Maldives / Khadheeja Haneefa

The objective of this research project is to determine and analyze factors influencing voluntary employee turnover in the financial sector of Maldives. The research incorporated a comprehensive review of literature and theory with empirical evidence to investigate the common factors leading to voluntary turnover and turnover intentions in employees and how these factors affect employees in the financial sector. The main factors identified include remuneration package, relationship with the supervisor/manager, job satisfaction, training and career development opportunities and working hours. The study was conducted among employees who were previously employed in different organizations in the financial sector of Maldives. Previous employees were used as the target population to promote and encourage to give honest opinion in the responses provided, in addition to determining the actual reasons for leaving. Overall, the research project managed to discover that training and career growth opportunities is the most influential factor with working hours showing a moderate effect compared to other factors presented in the study. Moreover, respondents expressed dissatisfaction towards long workings hours, less flexibility and not promoting work-life balance, in addition to, less training and career growth opportunities provided by the institutions in the financial sector. However, most of the respondents were satisfied with their job and with the salary paid. The most positive aspect of the financial institutions according to the responses is that the salaries are paid on time. The study also revealed a positive relationship between job satisfaction and remuneration, and job satisfaction and relationship with manager.

In retaining employees and high talent, institutions can practice providing better opportunities for personal as well as professional development, as employees in this sector are highly growth oriented. Furthermore, less and flexible work hour plans can promote work-life balance for employees in the financial sector of Maldives.