The Russian Federation has made progress over the last decade in improving the quality of life of its citizens, despite lower than average scores in some topics on the Better Life Index. The Russian Federation ranks above the average in education and skills, and work-life balance but below average in the dimensions of subjective well-being, income and wealth, jobs and earnings, personal security, environmental quality, housing, civic engagement, social connections, and health status. These rankings are based on available selected data. Money, while it cannot buy happiness, is an important means to achieving higher living standards.
July 29, ; Accepted: October 16, ; Published: Studies have also been carried out regionally and globally to explore and to study the relationship between various variable s with employees turnover. These studied variables includes occupational content Salahudin et al.
This is according to the report from the World Bank on the situation in the developing countries.
Employees turnover is costly to all level of organizations regardless of its nature and usually the productivity and quality of the products or services are always negatively affected.
Ali has quoted that tremendous impact on direct and indirect cost can be resulted from high employees turnover and this would brings destruction to the organizations.
Direct costs are referring to costs such as expenditures incurred on the selection, recruitment, induction and training of new employees Staw, Indirect costs are referred to cost of learning, reduced morale and pressure on the existing employees Dess and Shaw, In addition, high employees turnover will jeopardize the progress on achieving organization pre-determined objectives and goals.
Leadership issues have always been a widely discussed topic. It had raised interest and attracted the attention of many historians, philosophers, researchers or scholars who wish to explore the true meaning of leadership Bass, Burns also stated that leadership is one of the most observed and least understood phenomena on earth Awan and Mahmood, Leadership is one of the critical and important factors in enhancing an organizational performance Riaz and Haider, Leaders in any organization are expected to carry out tasks with limited resources to the maximum level in order to maintain the competitive edge and to sustain profitability position of the organization Riaz and Haider, Leadership was also quoted by various researchers as the major elements in order to preserve and improve an organization competitive advantage among its competitor Zhu et al.
According to Kotterleadership is about setting a direction or developing a vision of the future together with the necessary strategies for producing the changes needed to achieve this vision.
Leadership therefore is an important element for the success of an organization, regardless of its nature of activities, profit or charity orientated, private or government linked organizations. Leadership styles Transformational leadership: Transformational leadership was first coined by Downton as well as cited by Northouse Transformational leadership is one of the more popular approaches to leadership that has been focused by many researchers since early s Northouse, Transformational leaderships are defined as: Transformational leadership is expected to be able to provide a clear vision and mission, inspire self-esteem and gain trust and respect through charisma Bass, Bass further highlighted that a transformational leader would asks his or her subordinates to go beyond self-interest for the benefit of the team, organization as well as society.
Furthermore, this type of leaders will take serious consideration on the long term need for self-improvement and development over short term or current needs. Transactional leadership focuses and emphasizes on completion and accomplishing of allocated tasks on hand.
This type of leader maintains and preserves harmony working relationships coupled with promises on rewards for satisfactory performance Dessler and Starke, Furthermore, this leadership focused on leader-follower exchanges in which followers or subordinates are expected to carry out his or her duty and perform according to the given instruction.
The followers in turn with expectation that they will be compensated positively in line with the result generated by them. These rewards shall also include negative based rewards such as punitive and penalized actions in the event that the followers or subordinates fail to perform as per the instruction.
Positive rewards are such as complimentary comments, praise and recognition upon successful compliance with instruction from the leaders and achievement of objectives Riaz and Haider, Similarly, Avolio et al. Any rewards following satisfactory completion of assigned tasks are to be conveyed and communicate to his or her followers too Hamidifar, In contrast to transformational and transactional leaderships, Laissez-Faire leadership is a passive kind of leadership style.
This type of leader generally gives his or her followers or employees complete freedom to make decisions or to complete a task in whichever way they deems fit and appropriate Robbins et al. It also being interpreted as a non-transactional kind of leadership style in which prompt decisions are not made with delay in action taken, coupled with ignoring of leadership responsibilities and non-exercise of authority.
Hamidifar commented that leaders who are practicing this leadership style are usually do not care and take no consideration and concern on issues that arises in organization environment. Leader of Laissez-Faire are said to relinquish responsibility, give no feedback, delays in decision making and not keen to help followers in satisfying their needs Northouse, Jones and George stress that job satisfaction is the collection of feelings and beliefs that employees have about their jobs.
It is an important concern for employer as it is believe that a satisfied employees are more likely to show up for work, have higher levels of performance and will stay with an organization Robbins et al.
Similar to leadership, job satisfaction has been widely studied by researchers and theorists in various organizations content, industries or profession in the last four decades Currivan, Lund, Researchers and theorists from different continents have been trying to explore and develop various factors and theories on job satisfaction.
This includes the exploration of relationship between job satisfaction and organization variables such as performance, cohesion, organizational commitment, age and gender, industries and organizational environment Lund, In this study an investigation is made to study the motivational factors and job satisfaction of selected bank employees.
This study is based on Harold Koontz Need-Want-Satisfaction International Refereed Research Journal ww attheheels.com Vol.– II, Job satisfaction and dissatisfaction were found to stem. Impact of Customer Satisfaction on Customer Retention: A Case Study of a Reputable Bank in Oyo, Oyo State.
Nigeria were customers of the reputable bank in oyo while the secondary data encompass the use of related greatly influences customers repurchase intentions whereas dissatisfaction has been seen as a primary factor for customers.
“How to Measure Customer Satisfaction” The Bedrock Bank Corp. decided to communicate what they were doing with their customer feedback during their Customer Appreciation Week. Instead of the general promotions, free coffee and giveaways they were accustomed to providing, they designed a major communication campaign to inform their.
Customer satisfaction level is higher in Private sector banks as compared with the Public Sector Banks Reasons of Dissatisfaction in Public sector banks Behaviour and attitude of the staff in public sector banks is the first reason of customer dissatisfaction. Time taken to process the transaction is the second reason of customer 5/5(28).
The tough job market of the past two years has made life very difficult for those who are either unemployed or underemployed. And so you might think that your employees, because they have jobs.
In today’s global economy, having a workforce that is fluent in the ways of the world isn’t a luxury. It’s a competitive necessity. No wonder nearly 80% of midsize and large companies.