Strategies for Increasing Employee Morale and Mitigating Turnover in the Banking Industry
Bank leaders who fail to implement effective leadership strategies experience low employee morale and high employee turnover. The estimated failure rate of bank industry leadership to attain some organizational targets such as desired levels of employee morale, employee retention, and profitability...
| Main Author: | |
|---|---|
| Format: | Others |
| Language: | en |
| Published: |
ScholarWorks
2019
|
| Subjects: | |
| Online Access: | https://scholarworks.waldenu.edu/dissertations/7689 https://scholarworks.waldenu.edu/cgi/viewcontent.cgi?article=8961&context=dissertations |
| Summary: | Bank leaders who fail to implement effective leadership strategies experience low employee morale and high employee turnover. The estimated failure rate of bank industry leadership to attain some organizational targets such as desired levels of employee morale, employee retention, and profitability is as high as 60%. The purpose of this single case study was to explore strategies bank leaders implemented to improve employee morale and mitigate employee turnover. The population for this study included 4 bank leaders in the United States who successfully applied effective leadership to improve morale and mitigate employee turnover for more than 5 years. Data were collected from semistructured interviews with bank leaders and from artifacts such as the company website. The transformational leadership theory guided this research as the conceptual framework. Data triangulation was employed. Data were analyzed using Yin’s 5 steps of data analysis. Three themes emerged from analysis of the data: adopting motivational leadership techniques, applying open and transparent communication skills, and applying recognition or rewards. The application of findings from this study could contribute to positive social change because society may benefit from an improved banking intermediation system to support employment retention and the improvement of citizens’ livelihoods. |
|---|