THE FREQUENT LABOUR TURNOVER IN INSURANCE COMPANIES IN NIGERIA (Case: Nigerian Insurance sector) (MANAGEMENT PROJECT TOPICS AND MATERIALS)
ABSTRACT
The essence of this thesis is to ascertain the causes, effects and solutions to the frequent labour turnover in the Nigerian insurance companies.
Incessant labour turnover has become a phenomenon which many insurance companies have been vehemently battling with as this has undermined their po-tentials and strengths.
The research methodology adopted is the qualitative method which involves the use of telephone interview with the aid of a voice recorder gadget.
Therefore, the telephone interviews assisted to get facts from the former insurance professionals of the sector which gave vital points on the reasons for their leaving and why many of their former colleagues also left, the effects and what can be done to solving the problem.
Also, in the theoretical framework, the thesis dwelled more on the relevant motiva-tion theories both: the process and content theories like: Theory x & y, Hierarchy of needs, ERG theory, etc.as these helped to emphasize on motivation and its re-action(s) to performance in workplace.
Transcribe(s) of the interviews were equally given to help with the data analysis on the premise which conclusion was drawn.
On the final note, conclusion was given.
Keywords: Nigerian insurance sector, frequent, labour turnover, motivation
1 INTRODUCTION
The Nigerian Insurance Sector is as old as the country itself and it is full of several activities of insurance. There is a need for anyone living in Nigeria to have some-thing to do with insurance as there is a huge need for insurance in the country, but the Nigerian people are not largely embracing the services of insurance compared to other countries of the world despites the pivotal roles insurance activities play in any country that believes risks should be prepared for, and when the unpleasant occurrences do happen there can be something to fall back on as compensations or indemnities.
The idea of the thesis project emanated from the business news the researcher often reads online in the Nigerian dailies as this spurred him to be interested in knowing why the Nigerian Insurance Sector is incessantly reducing in staff strength year in year out. Though, the he has had a little experience having worked a few months in the industry, but that is not enough to ascertain what the cause could be.
Therefore, carrying out a research work on the frequent labour turnover in the Ni-gerian Insurance Companies and using the Nigerian Insurance Sector as a case study could be a perfect medium to discover what the causes are and how the posed challenges can be managed properly.
Hence, professionals that had worked in the industry before and moved to other industries will be interrogated to derive facts and draw conclusions on what the industry can do to ameliorate this scourge of continuous labour turnover which is tantamount to affecting the level of productivity and generally bastardizing the im-age of the industry.
