Abstract:
This study empirically evaluates the satisfaction on total rewards and its
impact on employee turnover intention in consolidated Non-Bank Finance
Institutions in Sri Lanka with special reference to BRAC Lanka Finance
PLC. Central Bank of Sri Lanka has initiated the consolidation process in
the financial sector which paved the way to acquire/merge several finance
companies with others. Against this backdrop, BRAC Lanka Finance PLC
Consolidated with LOLC PLC group and it was observed an abrupt
increase in employee turnover in the company aftermath of the
consolidation prompted the requirement to ascertain the cause of high
turnover. Since, Worldatwork emphasizes the satisfaction of total rewards is
a key variable which do have an impact on employee retention or attrition of
an organisation (Worldatwork Research /Sr-02-10), the requirement has
arisen to ascertain the level of satisfaction on total rewards and the impact
on turn over intention in consolidated non-Bank financial Institutions. The
Ii
outcome of the study will help policy developers; senior managers to take
appropriate measures to control employee turnover. The study utilized
convenient sampling method due to limitations. A questionnaire was
administered to the employees of BRAC Lanka Finance PLC after having
carried out a pilot project to test the instrument. Correlation analysis
(Pearson correlation) method was used to identify the level of impact that
has made on intention of leaving the organization by the satisfaction of total
rewards.
The results showed that independent variable; Total Rewards is negatively
and significantly related to the dependent variable, Intention to leave while
exposed that majority of the staff cadre is satisfied with total rewards.
However, majority of the employees were in the indecisive state in terms of
intention to leaving the organization.
