Review on Turnover Rates in Financial Service Organization

4713 Words Mar 10th, 2010 19 Pages
REVIEW ON TURNOVER RATES IN FINANCIAL SERVICE ORGANIZATION

Working in a very active financial institution in a country where citizens are eager for financial freedom and increased response and sensitivity of the financial sector to the yearnings of the medium, small and micro-scaled industries to stimulate economic growth and reduce hardship in a poverty stricken environment could be very tasking and demanding.

Not only that workers turnover rate is high, the extreme nature of this is taking its toll to an alarming extent. This can be evident both locally and regionally.

The wave of brain drain sweeping across Nigeria and other countries may have been taking its toll on the regional economy; a recent United Nations Development Programme
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These four outgoing staff were coincidentally the core staff of the office that ensures all function are properly done and effectively executed. What is more worrisome, however, is that these four staff simply walked across the street directly opposite our office in that location to a competitor’s office, who had earlier succeeded in securing the services of these staff probably for some obvious reasons.

The spate of sudden resignations isn’t only limited to junior and middle level staff alone, in most recent times, we’ve witnessed a handful of middle and senior management officers resigning and moving on to other endeavors or pick up appointments with competition organization which as since been the regular occurrence in this industry.

Recently, a very high placed officer of our organization was reported to have indicated his intention to discontinue his services. Despite intense entreaties to persuade him to have a rethink of this position and return to his plum office was faced with deaf ears as he proceeded to disengage immediately the notification period he gave elapsed. My organization knew that loosing this officer to a competitor shall smell doom to us, shall result to our loosing some strongholds and