Abstract

High rates of turnover destroy the integrity and/or reputation of the bank and leads to a depletion of financial resources which is used in retraining and employing new employees. Oftentimes, financial cost of training the lost employee may yet to have been offset by his/her performance and productivity before leaving. Also, the loss of high performing employees may reduce the motivation, performance and productivity of other employees left behind. In order to avoid these consequences, researchers have increasingly focused on the factors that influence employees’ decision to leave or remain. Therefore, the study examines Job satisfaction, psychological contract breach, compensation and workload as correlates turnover intention among bank staff in Ibadan, Oyo state, Nigeria. The study adopted a descriptive research design of correlation type. A total of three hundred Bank staff in Ibadan, Oyo state, Nigeria was selected using multi stage sampling techniques. Questionnaires consisting of demographic information and sections which are standardized scales on turnover intention α =.89, job satisfaction α =.76, psychological contract breach α =.84, compensation α =.72 and workload α =.89. Three research questions were tested using Pearson Product Moment Correlation and Multiple Regression Analysis at 0.05 level of significant. The findings of the study showed that job satisfaction (r =.602, p<0.05), gender (r =.216, p<0.05), psychological contract breach (r =.763, p<0.05), compensation (r =.426, p<0.05) and workload (r =.795, p<0.05) had significant positive relationship to turnover intention among Bank staff in Ibadan, Oyo state, Nigeria. All the independent variables jointly accounted for 41.1% variance in predicting turnover intention among Bank staff in Ibadan, Oyo state, Nigeria. Also, job satisfaction (β = .191, p<0.05), psychological contract breach (β = .194, p<0.05), compensation (β = .530, p<0.05) and workload (β = .124, p<0.05) made positive relative contribution to turnover intention among Bank staff in Ibadan, Oyo state, Nigeria. Based on the finding of this study, it was recommended that Banks should help bank staff by organizing programs that will help the staffs to decrease their turnover intention. Banks should motivate their workers as this will reduce turnover intention. Banking staffs work load should be reduce to the nearest minimum as this will lead to high work performance and reduce turnover intention.