Impact of the Effectiveness of Selected Human Resources Management Practices on Turnover Intention among Executive Level Employees in ABC Insurance Company

Abstract

Increased turnover issues in the insurance sector underscore the need for HRM exploration. While studies show HRM practices impact turnover, there's a lack of research on the insurance industry's specific dynamics. Therefore, the purpose of this study was to examine the impact of the effectiveness of selected human resource management practices on employee turnover intention among executive level employees in ABC Insurance Company. Specifically, it looked at how Performance Appraisal, Compensation and reward Management, Employee Relation and Training & Development affect turnover intention. The study was carried out in the Head Office and Branches in ABC Insurance Company. There are 140 executive-level employees in the company, out of there 103 employees was selected through a convenience sampling technique and also sample size is determined based on the Morgan table. The current study is a quantitative field study and the researcher distributed a (survey) questionnaire to respondents in order to collect data for a study. Correlation analysis and regression analysis were conducted to test how well the effectiveness of the selected human resource management practices could predict turnover intention. The results demonstrate that, there are significant negative correlation between various dimensions of Human Resources Management practices and turnover intention. It was discovered that the main elements influencing employees' intentions to leave from the job were the compensation & reward management as well as their interactions with coworkers. To address this, it is recommended for the business to strengthen current employee relations and training programs, enhance a fair rewards system, and implement a comprehensive retention strategy aligned with modern HRM practices.