Date of Conferral
Doctor of Business Administration (D.B.A.)
Dr. Lisa Kangas
Employee turnover costs can be 100%-200% of the total compensation package of an employee who leaves the organization, depending upon their position and experience. Leaders in the highly competitive insurance industry should emphasize the importance to retain talented employees with managers in an effort to minimize costs and diminish productivity levels associated with employee turnover. The purpose of this qualitative multiple case study was to explore strategies to retain employees used by insurance managers in the Charlotte, NC metropolitan area. The conceptual framework included Herzberg's motivator-hygiene theory to explore motivator factors that encourage employee retention. Seminstructured interviews were conducted with 6 insurance managers from 3 small businesses in which successful retention strategies have been implemented for the past 10 years. Company documents were reviewed, including a performance evaluation template, organizational chart that highlights growth opportunities, employee evaluation and review form, and a staff guide to performance development. Data were thematically analyzed and triangulated to ensure the trustworthiness of interpretations. The findings included 4 themes: offering competitive compensation, use of frequent two-way communication, providing growth opportunities, and understanding employee needs. These findings could impact positive social change by providing insurance managers and other small business managers with strategies to retain employees that could lead to higher levels of commitment and engagement from employees, yielding increased productivity and profits for the business.