The Effect of Motivation Strategies on the Turnover Intention Among Millennials in the Banking Industry: A Structural Equation Model

Alia Clare G. Elizaga · Patricia Anne A. Muñez · Albert Ramon Antonio M. Sordan

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Employee Performance and Management Job Satisfaction and Organizational Behavior Human Resource and Talent Management

Abstract

Abstract The millennials are increasing and dominating today’s workforce at an exponential rate. They are brewing with vigor, enthusiasm and determination to bring success to various organizations. Having said that, employers should give attention to this phenomenon and find ways in meeting the needs of this rising generation cohort to motivate and retain them. The aim of the study is to determine whether or not having the right motivation strategies for millennials will guarantee motivation and engagement from them, which in turn, can lessen their turnover intent. This study also intends to know whether or not motivation strategies have any direct correlation to turnover intention. Ensuring employees’ loyalty is vital especially because millennials have the tendency to hop from one job to another. Furthermore, one-third of the Philippine workforce population is already millennials, and soon, they will compose more than half of it. A total of 350 respondents with ages 20 to 37 years old from the banking industry at the National Capital Region in the Philippines were requested to answer a 5-part questionnaire consisting of 55 questions with the following variables of "Motivation Strategies", "Employee Motivation", "Employee Engagement" and "Turnover Intention". Data gathered from the survey was processed using SPSS 22 and AMOS 24. The results from the Structural Equation Model (SEM) confirmed the study’s hypothesis that Motivation Strategies have an effect on Turnover Intention. Evidently, results also showed that Employee Motivation and Employee Engagement did not show any effect on the Turnover Intention of Millennial employees. Further studies may be conducted to explain why Employee Motivation and Engagement does not have a direct nor mediating effect on the turnover intent of millennials in the banking industry.

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