Keywords : Banking Sector of Pakistan
Increasing Challenge of Turnover Intention in Banking Sector of Pakistan
European Journal of Molecular & Clinical Medicine,
2020, Volume 7, Issue 3, Pages 101-115
Profitability and competitiveness cannot be gained without the proper utilization of workforce. Modern day organizations are experiencing difficulties to retain and engage their competent employee. The intention to quit or turnover intention of the employee has been a prime area of concern for the banks as the labour market exhibited a shortage of workforce that is competent as well as qualified. Banks witnessed a growing phase with intense competition from newly entered private and foreign banks. In this scenario employees may switch their jobs in the wake of better compensation and growth opportunities offered. Therefore, there is a need to study new and improved management concepts like workplace spirituality (WPS) to improve the workplace and make the employees more committed. This study explores the relationship of WPS on employee’s behavioral outcomes like turnover intention in Pakistani banking sector. The mediation of psychological contract in this relationship is also the focus of this research. Top five banks have been chosen for the study. The selection of top five banks was based on the number of employees. The main focus of this research is to find out that how the concept of workplace spirituality can help the baking sector to lower down the turnover intention of their employees by fulfillment of the psychological contract in the context of Pakistani banking sector. Data were analyzed by using PLS-SEM as used by past researchers like Chin (2012). Sample size was 338 and questionnaire distribution was done in different branches of top five banks of Pakistan for the purpose of data gathering. Simple random sampling was used for distribution of questionnaire. Overall results show the positive linkage of WPS and psychological contract on the employee’s turnover intention of banking employees. This research endeavor is an attempt to provide the useful insight into the concept of WPS, psychological contract and employees turnover intentions.