THE FREQUENT LABOUR TURNOVER IN INSURANCE COMPANIES IN NIGERIA (Case: Nigerian Insurance sector)

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


TABLE OF CONTENTS

Thesis abstract
Abbreviations
Tables and figures

1  INTRODUCTION
1.1       Aim of the Thesis
1.2       Research problem
1.3       Structure of the Thesis

2  CASE STUDY ORGANISATION:  THE NIGERIAN INSURANCE SECTOR
2.1       The history of Insurance Professionalism in Nigeria
2.2       The consolidation exercise in the Nigerian Insurance Industry
2.3       Effects of labour turnover in productivity and manpower planning
2.5       How the challenges can be addressed

3  THEORETICAL FRAMEWORK
3.1       Overview of Management motivation theories
3.2       Definitions of motivation
3.3       The theories of motivation
            3.3.1    Goal-setting theory
            3.3.2    Expectancy theory
            3.3.3    Equity theory
            3.3.4    Hierarchy of needs theory
            3.3.5    Two-factor theory of motivation
            3.3.6    Theory X and Y
            3.3.7    ERG theory
            3.3.8    McClelland's theory of needs

4  RESEARCH METHODOLOGY
4.1       Instrumentation
4.2       Project procedure and Time
4.3       The analysis plan
4.4       Validity and reliability
4.5       Scope and  limitation

5          PRESENTATION OF DATA (INTERVIEW) RESULTS

6          CONCLUSION
BIBLIOGRAPHY
APPENDICES


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.

1.1    Aim of the Thesis

The Nigerian Insurance Industry is a very robust industry with lots of potentials in terms of financial assets. The industry has several companies in different areas of insurance and it should have been seen as one of the best if not the best sector as the need for insurance is too critical in any economy.


Nigeria is very volatile country where there is instability politically due to diverse ethnic groups, and this often generates serious tension, and it has caused loss of lives and properties without any form of compensations. If insurance had been given much ground; series of losses would have been compensated for, and risks would have been managed in there millions, but the attitude of Nigerians towards insurance is lackadaisical and this thesis also tends to see why people are laid back in this regard.

Nevertheless, the Nigerian insurance industry has not done very well in the area of motivating its large numbers of staff who are tendering resignation letters at fre-quent time intervals. This is not good for the sector and the nation’s economy at large as it is negatively affecting the scorecard of the sector during benchmarking with same insurance industry in other countries and other sectors within the coun-try.

Therefore, this research work will focus on the getting professional views on what is causing the scourge of incessant resignation of employees in the Nigerian in-surance sector and how such can be strategically solved.

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Item Type: Project Material  |  Attribute: 61 pages  |  Chapters: 1-5
Format: MS Word  |  Price: N3,000  |  Delivery: Within 30Mins.
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