CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF STUDYThe term Human Resource Management (HRM) and Human Resources (HR) has largely replace the term a “personnel management” as a description of the process involved in managing people in organisation with ultimate aim of enhancing an optimum level of productivity in companion to the art of engaging the human resource elements (Labour) in the organization.
The aim of every organization is to obtain the best and highest level of output from its employees (labour). Thus an organization does not engage the service of persons just for the fun of it but for excellent level of productivity.
The higher the productivity level of organization labour, the higher the organizational performance, ratings and propensity of continuity all things being equal.
According to expert in Human Resurges, one of the challenges and mot exasperating puzzling trend is the avalanche of labour turnover in banking sector, couple with the fact that in some of this institutions, the employee are half awake and half a live (Nnadi 2010:17). No organization can continue in business effectively without an enhance production from its human and material resources.
Turnover is one of the most significant causes of declining productivity and sagging moral in the banking sector; it puts a lot of pressure on managements in form of the cost that it will require to train the new hands that the company may hire.
Labour turnover is a ratio comparison of the number of employee a company must replace in a given time period to the average number of total employee.
A huge concern to most companies; employee turnover is a costly expense especially in lower paying job role, for which the employee turnover rate is highest. Many factors account to employee turnover rate of any bank, and these can stem from both the employer and the employees, wages, company benefits, employee attendance and job performance are all factors that play a significant role in employee turnover.
High turnover can be a serious obstacle to productivity, quality and profitability at firm of all size. Turnover is no less a problem for major service oriented industry, which often spend million of dollars a year on turnover related costs. For service oriented industry high employee turnover can also lead to customer dissatisfaction. Customers are also likely to experience dips in the quality of service each time their representative change.
The cost of employee turnover for organization has been estimated to be up to 15% of the employee’s remuneration package.
There are both direct and indirect costs,
Direct cost relates to the leaving cost, replacement cost and transition costs. Indirect cost relate to the loss of production, reduce performance levels, unnecessary overtime and low moral.
In general, reducing employee turnover saves money. Money saved from not having to find and train replacement worker can be used elsewhere, including the bottom line of the company’s profit statement. The U.S Department of Labour estimates that it cost about 33 percent of a new recruit’s salary to replace a lost employee. In other word, it could cost $11,000 in direct training expense and cost productivity to replace an experience employee making $33,000.
High turnover in the banking sector is sometimes welcomed; employers who are poor interviewers may not discover that new employees are actually poor employees until after the workers have been on the payroll for several weeks. Rather than go to the trouble and documentation of firing these underperforming workers, some banks rely on turnover to weed out the bad employees when the learning curve is small and consequence of always having inexperienced workers are minimal, high turnover may not be seen as significant problem.
Intercontinental Bank Plc which is the case study of this research has been chosen considering its size, various sectors and staff strength. Intercontinental Bank Plc is a banking institution that had been known to have achieved its overall goal of customer service excellence, customer retention, employee loyalty, however with global economic recession/meltdown and its impact in financial sector that necessitated the intervention of Central Bank Nigeria. These banks have been termed “rescued bank” and there was mass exodus of staff as a result of the events that followed the action of CBN Governor.
| Project details | Contents |
|---|---|
| Number of Pages | 99 pages |
| Chapter one | Introduction |
| Chapter two | Literature review |
| Chapter three | methodology |
| Chapter four | Data analysis |
| Chapter five | Summary,discussion & recommendations |
| Reference | Reference |
| Questionnaire | Questionnaire |
| Appendix | Appendix |
| Chapter summary | 1 to 5 chapters |
| Available document | PDF and MS-word format |
DOWNLOAD COMPLETE WORK
All listed topics on our website are available project materials in PDF and MS word files, well supervised and approved by lecturers who are intellectual in their various fields of discipline, documented to assist you with complete, quality and well organized researched work. if you can't find what you're looking for feel free to contact us.
FOLLOW US