Chua, Benjamin Soong Lim
(2018)
The effects of job satisfaction and trust on sales force retention in a Malaysian universal bank.
[Dissertation (University of Nottingham only)]
Abstract
In most universal banks, retaining sales employees is an underlying approach in consolidating the strategy and planning of workforce. According to the resource-based view (RBV) theory, banks can only gain a competitive edge by developing their value-creating resources and capabilities due to the rarity and inimitability of these qualities. This paradigm shift drives banks to seriously consider developing intangible resources such as their sales workforce to gain a sustainable competitive advantage. However, the turnover rates in Malaysian banks have been rapidly increasing over the years due to the heavy workloads, high stress levels and stringent deadlines that salespeople in banks are required to comply with (Bong, 2013; Ebiringa, 2011; Keni et al., 2013; Letchumanan et al., 2017). Although numerous studies have been conducted on primary factors that influence employee retention in several organisations, there appear to be limited studies that investigate how factors such as job satisfaction and trust can affect the sales force retention in Malaysian universal banks. Hence, the aim of this study was to examine the effects of job satisfaction and trust on sales force retention, with a special emphasis on a Malaysian universal bank. This study employed the use of a survey instrument for data collection. A total of 125 responses were collected from salespeople of one of the leading universal banks in Malaysia. The data were compiled and analysed in SPSS version 21 using factor analysis, reliability analysis, ANOVA, Pearson correlation and multiple linear regression. The analyses concluded that the individual and composite effects of job satisfaction and trust on sales force retention in a Malaysian universal bank were positive and significant, though the predictive importance and correlation of job satisfaction with sales force retention may have been higher than those of trust. Using the statistical findings and TRIZ approach, strategies on improving sales force retention were recommended. These strategies included forming multidisciplinary project teams, conducting more blended training, combining different personality types in a team, improving internal communications, changing team leadership periodically and having more team-building days or corporate retreats. Using these recommended strategies and improved understanding on the effects of job satisfaction and trust on sales force retention, guidelines can be created and implemented as a form of best practices for the reference of other Malaysian universal banks.
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