Increasing compensation to reduce banking employee turnover

Business Management -- Speech Outline

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SPEECH OUTLINE -- BANKING PERSONNEL Management ISSUE

Attention Step

Introduction

Recommendations

Recommended Solution -- Increase Compensation to Increase Retention

Increasing compensation is the best solution.

Banking employees generally have a transactional perspective of their relationships with their employing organization and employers.

Transactional motivation is primarily a function of compensation satisfaction.

In transactional relationships between employees and employers, compensation level is the primary reason that employees accept employment offers, contemplate changing jobs, and entertain alternative options in that regard.

Cognitive dissonance allows better paid employees to maintain a more positive attitude toward their positions and increases their willingness to work hard.

Increasing compensation improves employee attitude and morale in two specific ways: by (1) enhancing their sense of being appreciated by their employer, and (2) making the most direct positive contribution to their practical life priorities.

Increasing non-monetary benefits is less effective unless they are substantial enough to match the benefit of direct compensation increases.

Ideally, calculation of compensation rate increases should incorporate length of employment to encourage and reinforce long-term tenure by connecting rewards directly to the desired outcome.

Providing additional promotional opportunities would be the least effective solution because, by definition, it can only benefit a small percentage of the workforce.