Effects of pecuniary benefits in curbing employee turnover intention special reference to private life insurance companies in Chennai

Abstract

Background: Pay is an endless paradox in many business organizations, there is always a type of financial expectation gap exist among the human resources of all organizations. Despite remarkable attempts have been taken to arrest these issues, as a result of inflationary effect, life style changes, increase in cost of living etc., debilitates it further. Methods: Self administrated questionnaire was used to collect the response and samples were collected from employees of private life insurance companies. 1531 questionnaires were distributed among employees of private life insurance companies in Chennai region. There are 933 valid response were taken for the analysis. Ancova and multiple regressions were used to analyze the test results. Findings: The study results demonstrate that there is a significant relationship exists between employee motivation level and monetary benefits offered to them. Hence organizations can design their compensations including the monetary benefits offered to them keeping in mind it has impact in the intention to leave the organization. Applications/ Improvements: Can be used to motivate the employees and mitigate employee's turnover intention, to reduce the employment cost, etc.