Contribution of Motivation in Reducing Employee Turnover in the Essay

Contribution of Motivation in Reducing Employee Turnover in the Banking Sector - Essay Example In turn employees expect fair pay, good working conditions, proper tools and equipments, secure career, fair treatment, advancement training, power, as well as involvement in making decisions amongst many other needs (Nandanwar, Surnis, and Nandanwar, 2010: p9). Expectations from both employees and employers vary with organization and individual thus the burden experienced by top management in ensuring that there is no conflict of the interests and needs. Addressing employees’ expectations requires understanding of employee motivation. Employee motivation is one aspect of human resource management with its main function being uplifting the morale and spirit of work amongst employees (Sara, Katharina, and Sverke, 2009: p4). Uplifted spirit and morale enhance meeting of set targets, objectives, aims, goals, and standards while at the same time following established rules and regulations. Notably, employee motivation reduces movement in an out of an organization (Wilson and Madse n, 2008). In fact, employee motivation enhances retention of individuals within a firm hence reduction of employee turnover, which has so far proved to be very costly in terms of time and other resources. Banking industry is a very sensitive sector as it deals with customers’ money and other valuables. ... Within this proposal, research aims and objectives coupled with an overview of the literature to be used in the final dissertation is provided. Moreover, this dissertation proposal outlines the proposed research plan, which will include overall research strategy, underlying assumptions, research methodology, critical discussions, and conclusions. Aims of the Study Based on the above introduction, the major aims of the proposed dissertation are improvement-related. Particularly, these aims can be listed in the following chronological list. i. Identifying various aspects of employee motivation. ii. Identifying factors resulting into differential employee needs hence motivation. iii. Finding out relationship between motivation and employee turnover in the banking sector iv. Identifying how motivation reduces employee turnover in banking sector Objectives of the Study i) To identify the role of motivation in reducing employee turnover in the banking sector ii) To understand how motivatio n reduces employee turnover in the banking sector Research Questions i) How are employees in the banking sector motivated? ii) What determines employees’ motivation in the banking sector? iii) How do employees respond to motivation in the banking sector? iv) How does motivation contribute to reducing employee turnover in banking sector? v) Is motivation the major factor in reducing employee turnover in the banking sector? Chapter 2: Overview of the literature According to Rynes, Gerhart, and Minette (2004: p1), contrary to expectations of some employers contemporary employees do not place much emphasis on financial rewards. As a result, many employers have found motivation of employees very difficult despite reviewing of their financial rewards upwards (Emery and Oertel, 2006: p2). It