Factors Affecting Employee Turnover Intention among Non- Managerial Employees in Selected Financial Companies in Colombo District

Abstract

Human capital is a dominant element of today's’ business world. Nowadays, Employee turnover is one of those who are one of the problematic issues in business. The intention to leave has received tremendous attention and significance from top management, human resource professionals and other industrial psychologists. It has proven to be one of the most costly and difficult human resource challenges faced globally by different organizations. The main purpose of this research was to discover the real causes behind the turnover and its harmful effects on the productivity of many industries, especially financial companies. The study had studied many sources related to the non-banking financial company sector in Sri Lanka and observed the causes for turnover. This study aimed to discover the reasons for turnover and factors affecting turnover intention among non-managerial employees. Using simple random sampling technique, the sample of the study was 150 non-managerial employees who are working in those financial companies located in Colombo district. Sample collected represent 50% of the total population. Findings showed that the employee turnover intention has a significant relationship with the variables of job satisfaction & supervisor support, but it had an insignificant relationship with salary and the other benefits and organizational culture. Whereas, the major contributor to turnover intention was job satisfaction.