Staff Turnover Proposal
1. AN INVESTIGATION INTO THE STAFF TURNOVER IN EXCELLENCE INSURANCE COMPANY IN HARARE
2. BACKGROUND OF STUDY
Excellence Insurance Company is situated at fifth floor Phain building corner Robert Mugabe and Second Street in Harare. It has got another branch in Bulawayo. It started operating on 1 April 2003.
Its line of business is to write short term insurance which are fire, marine, motor accidents, farming and engineering policies. The company’s mission statement is, “To replicate the profitable development, integration and penetration of risk transfer and risk management across Africa and beyond”.
This company is management owned. The Chief Executive Officer, The Chief Financial Officer and The Chief Operations Manager and two other board members are the ones that own the company. Most of the business comes from Insurance brokers and a small portion is done directly. In 2004 it had thirty five (35) employees. In Gweru three (3), Chinhoyi three (3), Mutare three (3), Bulawayo seven (7) and nineteen (19) in Harare. Chinhoyi, Gweru and Mutare branches have closed leaving Bulawayo with seven (7) employees and Harare with eleven (11) employees.
High staff turnover has seriously affected the performance of the Insurance Company and this has prompted the author to carry out a research on the factors that lead to high staff turn over at the company.
3. STATEMENT OF THE PROBLEM
In 2009 six (6) employees resigned, 2 from Gweru, 1 from Chinhoyi and 3 from Harare. By August the same year the company recruited six (6) employees to replace them. During the period from December 2009 to June 2010 the company lost eleven employees, two (2) from Chinhoyi, Gweru two (2), Mutare two (2), Bulawayo one (1) and Harare four (4). Three of these employees had fraud cases and the others complained about the salary. The management decided to move two (2) employees from Chinhoyi and Mutare to Harare and one (1) from Gweru to Bulawayo. This was done to boost
2. BACKGROUND OF STUDY
Excellence Insurance Company is situated at fifth floor Phain building corner Robert Mugabe and Second Street in Harare. It has got another branch in Bulawayo. It started operating on 1 April 2003.
Its line of business is to write short term insurance which are fire, marine, motor accidents, farming and engineering policies. The company’s mission statement is, “To replicate the profitable development, integration and penetration of risk transfer and risk management across Africa and beyond”.
This company is management owned. The Chief Executive Officer, The Chief Financial Officer and The Chief Operations Manager and two other board members are the ones that own the company. Most of the business comes from Insurance brokers and a small portion is done directly. In 2004 it had thirty five (35) employees. In Gweru three (3), Chinhoyi three (3), Mutare three (3), Bulawayo seven (7) and nineteen (19) in Harare. Chinhoyi, Gweru and Mutare branches have closed leaving Bulawayo with seven (7) employees and Harare with eleven (11) employees.
High staff turnover has seriously affected the performance of the Insurance Company and this has prompted the author to carry out a research on the factors that lead to high staff turn over at the company.
3. STATEMENT OF THE PROBLEM
In 2009 six (6) employees resigned, 2 from Gweru, 1 from Chinhoyi and 3 from Harare. By August the same year the company recruited six (6) employees to replace them. During the period from December 2009 to June 2010 the company lost eleven employees, two (2) from Chinhoyi, Gweru two (2), Mutare two (2), Bulawayo one (1) and Harare four (4). Three of these employees had fraud cases and the others complained about the salary. The management decided to move two (2) employees from Chinhoyi and Mutare to Harare and one (1) from Gweru to Bulawayo. This was done to boost