Implications of Low Compensation, Deteriorated Work Environment, Low Growth in Career and Work-Life Imbalances on Employee Turnover in Microfinance Banks of Larkana, Sindh, Pakistan
DOI:
https://doi.org/10.61506/01.00299Keywords:
Low Compensation, Deteriorated Work Environment, Low Growth in Career, Work Life Imbalances, Employee Turnover and Microfinance BanksAbstract
Organizations have traditionally been concerned about employee turnover. An excessive amount of staff turnover might be harmful to the company and its workers. This study looks at how low compensation, deteriorated work environment, low growth in career, and work-life imbalances affect employee turnover in microfinance banks. Every person employed by Larkana City, Pakistan's microfinance banks (N = 100). 80 workers from microfinance banks in Larkana, Pakistan, were chosen using stratified random selection. Google Forms was used to collect the answers to the online survey forms that were distributed to the employees via email and WhatsApp. The links between the independent factors and employee turnover are examined using regression analysis with SPSS software. Each scale had strong internal consistency, as indicated by Cronbach's alpha reliability coefficients is .799. The research discovered a strong correlation between employee turnover and low compensation (β = 0.249, p < 0.001), a deteriorating work environment (β = 0.272, p < 0.001), low career growth (β = 0.358, p < 0.001), and work-life imbalances (β = 0.282, p < 0.001). In order to lower employee turnover in microfinance banks, the study emphasizes how critical it is to address these work-related issues. According to the research, in order to increase staff retention and organizational performance, microfinance banks should give priority to market-based pay, make improvements to the internal work environment, offer possibilities for career advancement, and encourage work-life balance.
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