causes of employee turn over, how it increase the risk and affects performance of financial institution
Several factors could lead to employee turnover. From the side of the employee, the employer or the environment. An employee who is motivated by money will always look for better pay and be willing to pay in place of of notice, while some employers may be difficult to work with. Also, the environment may be risky in terms of security. However, there seems to be no organisation without having the experience of staff turnover, but the rate must not be high because of the cost of replacement, from advertisement to training, fluctuation in operations , loss of good will, loss of business secret, loss of trust and risk of sustainability.
To mitigate these effects, financial institutions often focus on strategies to improve employee retention, such as offering competitive compensation and benefits packages, providing opportunities for professional development and advancement, fostering a positive work culture, and implementing effective talent management and succession planning initiatives.
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