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The overall aim of the research was to analyze labour turnover in the banking sector
in Tanzania. For the purpose of understanding the magnitude of the effects of labour
turnover in this sector, NBC Bank and Stanbic banks were selected as case studies.
Specifically, the study aimed to determine the labour turnover trends in the two
selected banks identify and explain the causes of labour turnover in the banks,
analyze the impacts or effects of labour turnover in these banks.
The research employed case study design which provided the opportunity to use
multiple data collection methods, namely, observations, questionnaires and
interviews for primary and for secondary data the study employed documentary
reviews.
The study notes that employee turnover has significant effects to the two banks. Such
effects include additional costs due to recruitment, hiring and training of new staff.
Also labour turnover to the banks leads to the disruption of work flow due to vacant
positions which eventually becomes the cause of lower productivity, loss of technical
know-how and talent from the experienced employees who decided to leave.
Conclusively the study seems to indicate that turnover is part and parcel of the two
banks’ operations and it has seen to have detrimental effects to both the banks and
employees, therefore the banks need to come up with proactive measures to retain
their employees. |
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