Employee turnover intentions among bank employees in South Western Nigeria

Abstract

In recent times, the Nigerian banking sector has been faced with peculiar challenges, which coupled with the current economic challenges constitute a particularly difficult and high-pressure environment for bank employees. This study therefore investigated employee turnover intention among bank employees in South West Nigeria. A cross sectional survey research design was adopted. A total of 1032 employees of Guaranty Trust Bank, First Bank and Zenith Bank with an age range of 20 to 59 years with a mean of 31.41±5.98, participated in this study. The Turnover intention scale by Roodt (2004) with a Cronbach alpha of 0.82 was used for data collection in this study. Findings reveal that although males rated slightly higher on turnover intention than female bank employees (male x=48.12 while female x=47.58), gender had no significant effect on turnover intentions of bank employees (t= .644; df =1030; p>.05). Also, demographic variables jointly predicted turnover intentions of bank employees [F (3,1031) =2.549, R2=.010; p<.05] and accounted for 1.0% of the variance in turnover intentions. Additional results of the independent regressions suggest that age (β=.121; p<.01) and position in organization (β=-.083; p<.05) were significant independent predictors of turnover intentions while HEQ (β=.233; p>.05), marital status (β=.287; p>.05), employee status (β=.005; p>.05), tenure in organization (β=.464; p>.05) and tenure in position (β=-.074; p>.05) did not significantly predict turnover intention among bank employees. It is therefore recommended that employers should find ways of communicating employee relevance to the organization. Also, long serving employees should be treated with respect, appreciation and intentional rewards (tangible and intangible) for effective performance and service.