A STUDY OF FACTORS AFFECTING TO INTENTION TO TURNOVER OF THE SALES AGENTS AT SRI LANKA INSURANCE CORPORATION LTD: WITH REFERENCE TO NORTH CENTRAL BRANCHES

Abstract

ABSTRACT Employees are the most important asset of an organization. Therefore the management of the organizations must aware of and make solutions for the problems incurred due to employee turnover. Statistics of Insurance Board of Sri Lanka (IBSL) shows that when comparing to the data of 2016, total sales agents in insurance industry were reduced in 2017 at North Central province. The insurance sales agents are the intermediaries between the company and the customers. The insurance companies financing large amount of money for recruiting, training and retaining of their sales employees. Hence study of factors affecting to intention to turnover of the sales agents in insurance companies is important to the insurance industry. This study is based on the data from North Central branches of the Sri Lanka Insurance Corporation Ltd. The main objective of this research is to identify the influence of seven factors namely, immediate supervisor support, nature of the carrier, skill development, unionization, remuneration, environment of the work place and Geo-demographic factors to the intention to turnover of the sales agents at North Central branches of Sri Lanka Insurance Corporation Ltd. The independent variables were Immediate Supervisor support. Nature of the Carrier, Skill Development, Unionization. Remuneration and Environment of the workplace and the dependent variable was Turnover intention. This study was conducted with an empirical survey which was thoroughly conducted using a questionnaire and the sample consisted of 168 sales agents in North Central branches of SLIC. Mean, standard deviation, t-test, ANOVA, Pearson correlation and regression analysis were used in statistical analysis. The findings indicated that there were Negative relationships between Turnover intention and all the key independent variables such as Immediate Supervisor support. Nature of the carrier. Skill Development. Unionization. Remuneration, and Environment of the work place.According to the results of the Multiple Regression Analysis, the model was accepted by 40.007% ANOVA value where all the independent variables were significant. Marital status and the monthly income of the respondents were significantly effect to the Turn over intention 111 Table of Contents