Analysis On The Factors Of The Turnover Of Young Workers In Banks And The Corresponding Tactics

With the national economic development since 2008, China’s banking industry has enjoyed profits far greater than the average level of the society. Positions in banks, because of their high salaries, stability and dignity, also become highly attractive career goals for many white-collars as well as college graduates. In recent years, however, due to both internal and external elements, resignation and job-hopping have become a "new norm" for banking employees, especially for those under the age of 35, whose high turnover rate is becoming conspicuous. Such a high turnover rate, particularly the resignation of those employees with outstanding academic background and professional qualifications, will exert negative impacts on the sustainable development of banks.Among the studies conducted on the resignation and job-hopping inclination of banking employees, most adopt a positive analysis, focusing on the study of a specific model, the modification of variables, and the subsequent verification through data collection and analysis. Such studies do not offer much practical significance. On the other hand, many studies focus on the overall turnover of enterprises or the resignation of core staff, while few put emphasis on the resigning inclination of young employees, most of whom work at junior ranks. With such a background, this thesis, through case study of Bank P, focuses on the resignation of employees under the age of 35. Through exploring the elements propelling their resignation or job-hopping inclination, this thesis proposes corresponding strategies for human resource management, with the aim to relieve this bottleneck problem.This thesis first makes a review of both domestic and overseas studies on employees’resignation inclination. Then, based on the 2009-2014 resignation data of employees in the Nanjing region of Bank P, as well as case studies of and interviews with some employees who resigned in recent years, it analyzes the major elements of their resignation, as a practical reference for designing questionnaires used to study the elements influencing young employees’resignation inclination in Bank P.The thesis makes a descriptive analysis of the data collected from the 132 questionnaires. Through identifying the choice proportions of each item and question, it analyzes the causes for employees’satisfaction and dissatisfaction for each item, and thus identifies the major elements influencing the resignation of young employees in Bank P, which include four aspects and seven points:1. Payment:the overall satisfaction with the annual income is low; the satisfaction with salary increase policies is low;2. Promotion:the satisfaction with the position ranks in promotion is low; the position ranks in promotion are narrow;3. Career planning:the satisfaction with the bank’s overall career planning for its employees is low; employees’confidence for the bank’s development is low;4. Corporate culture:the work of the CYL organization should be enhanced.Based on the analysis of the major elements influencing the resignation inclination of young employees in Bank P, the thesis proposes strategies from the following five aspects:First, the remuneration system should be properly modified:the overall payment level for young employees should be increased; the payment increase policies should take young employees into more consideration; the ways of payment should be properly modified; long-term incentives should be included in the salary; and the performance management should be subject to periodic modifications.Second, the promotion path for young employees should be widened:the length of promotion of young employees should be shortened; open applications for promotion should be adopted within the bank on a regular basis; the performance management system for young employees should be perfected; and professional order management for marketing specialists should be developed.Third, a satisfactory "three-periods" career planning should be established for young employees, and a multi-stage, diverse tracking management system should be adopted for employees’career development.Fourth, a comfortable working environment should be created, which include the establishment of the EPR management system, and improvement of the CYL service for young employees in order to relieve their pressure.Fifth, target control management should be enhanced for the resignation rate. Four ranks of potential resignation targets should be established for employees with working experience of 1-15 years, and different management strategies should be applied to young employees in different stages of their work, in order to reduce their resignation rate.However, the analysis of the resignation elements in this thesis is conducted on the studies of employees who resigned in recent years, and confined by the case study as well as with the passage of time, other elements might still exist for other enterprises. Such analysis may not be comprehensive and specific enough, and the strategies proposed may have their limits and problems in practice. Improvements in study should still be made.