Factors influencing on turnover intention in the Korean banking industry : with the moderation of generation gap
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Institusion
Sekolah Tinggi Manajemen Ipmi
Author
Kim, Daewoong
Subject
H Social Sciences (General)
Datestamp
2023-08-07 07:47:14
Abstract :
In the context of digital age, where the number of employees and branches in banks is declining annually, the significance of retaining and securing competent organizational members becomes increasingly prominent. However, the high turnover rate among generation Z not only poses a societal concern but also leads to noticeable changes in the banking industry, traditionally known for its low turnover rate. However, few studies have investigated the factors influencing turnover intention among employees in the Korean banking sector. Therefore, this study aims to examine the effects of work-life balance, career development support, pay satisfaction, organizational justice, and generation gap on turnover intention, as well as the moderating effect of generation gap (Gen Z and Non-Gen Z). Utilizing a quantitative approach with a questionnaire-based survey, the author collected data from a sample of 150 full-time employees working in five major Korean banks. The statistical package for the social sciences (SPSS) and partial least square structural equation model (PLS-SEM) were employed for data analysis. The results reveal that work-life balance and carer development support have a negative influence on turnover intention. When it comes to pay satisfaction and organizational justice, they exhibit a negative relationship with turnover intention, but it does not been found statistical significance. Additionally, generation gap positively affects turnover intention, indicating gen Z has higher turnover intention that the older generation. However, no moderating effect was observed between the independent and dependent variables. This study provides theoretical insights into the workplace values prioritized by bankers and offers practical implications for reducing employee turnover intention. Future studies are recommended to subdivide generation and additional variables, such as corporate culture and job fit, and adopt a longitudinal design to enhance the research findings.
In the context of digital age, where the number of employees and branches in banks is declining annually, the significance of retaining and securing competent organizational members becomes increasingly prominent. However, the high turnover rate among generation Z not only poses a societal concern but also leads to noticeable changes in the banking industry, traditionally known for its low turnover rate. However, few studies have investigated the factors influencing turnover intention among employees in the Korean banking sector. Therefore, this study aims to examine the effects of work-life balance, career development support, pay satisfaction, organizational justice, and generation gap on turnover intention, as well as the moderating effect of generation gap (Gen Z and Non-Gen Z). Utilizing a quantitative approach with a questionnaire-based survey, the author collected data from a sample of 150 full-time employees working in five major Korean banks. The statistical package for the social sciences (SPSS) and partial least square structural equation model (PLS-SEM) were employed for data analysis. The results reveal that work-life balance and carer development support have a negative influence on turnover intention. When it comes to pay satisfaction and organizational justice, they exhibit a negative relationship with turnover intention, but it does not been found statistical significance. Additionally, generation gap positively affects turnover intention, indicating gen Z has higher turnover intention that the older generation. However, no moderating effect was observed between the independent and dependent variables. This study provides theoretical insights into the workplace values prioritized by bankers and offers practical implications for reducing employee turnover intention. Future studies are recommended to subdivide generation and additional variables, such as corporate culture and job fit, and adopt a longitudinal design to enhance the research findings.
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