Non-remuneration predictors of intention to quit among personal financial advisors

Van Tonder, Ronel (2011-12)

Thesis (MComm)--Stellenbosch University, 2011.

Thesis

ENGLISH ABSTRACT: In insurance sales organisations, the Personal Financial Advisors (PFAs) serve a pivotal function in the relationship between the organisation, product and customer. The organisation invests a great deal of time and money in recruiting, training and retaining good PFAs. However, turnover amongst these employees seem to remain high within the first 36 months of employment. The aim of this study was to explore the non-remuneration predictors of burnout and intention to quit amongst PFAs in order to shed some light on the turnover problem. Specific constructs were identified in a pilot study which would not necessarily have been explored by the organisation and may have gone unacknowledged or overlooked. These constructs are emotional labour, self-efficacy, time wasted on non-sales activities, supervisor support and their relationship with burnout and intention to quit. A convenience sample of 608 PFAs was approached from one insurance sales organisation. One hundred and twenty two (122) respondents completed and returned their questionnaires. The descriptive statistics of the sample reflected a mean age of 35 years (range 21 to 61 years), with 66% males and 34% females, and a race distribution of 64% White, 19% African, 10% Coloured and 7% Indian. The majority of the population had been working for 13 to 24 months (46%). Overall, the sample produced a satisfactory to good representation of the demographic statistics of the total population available to the researcher. Both quantitative and qualitative research techniques were utilised in this study. Analysis of the qualitative data supported the role of the theoretical constructs chosen for inclusion and additional sources of job stress were identified. Pearson productmoment correlation analysis was used to analyse the questionnaire data, followed by multiple regression analyses with work burnout, client burnout and intention to quit as dependent variables, and the remaining constructs as the predictors. Both a measurement and structural model was tested; both produced acceptable goodness-of-fit statistics. From all of the above-mentioned analyses, significant relationships were found to exist between time wasted on non-sales activities, burnout, and self-efficacy; self-efficacy, burnout and intention to quit, and burnout and intention to quit. Conclusions were drawn from the obtained results and recommendations are made with respect to future research, as well as with respect to the management of burnout and intention to quit in the sales environment.

AFRIKAANSE OPSOMMING: In versekeringsmaatskappye speel die Persoonlike Finansiële Adviseur (PFA) ‘n baie belangrike rol in die verhouding tussen die organisasie, die produk en die kliënt. Die organisasie belê heelwat hulpbronne in die vorm van tyd en geld om goeie PFAs te werf, op te lei en te behou. Ten spyte hiervan is daar steeds ‘n groot hoeveelheid PFAs wat die organisasie verlaat binne die eerste 36 maande van aanstelling. Die huidige studie se doelwit was om die nie-vergoedingsvoorspellers van uitbranding onder PFAs, asook hulle intensies om te bedank, te bestudeer, om sodoende lig te werp op die hoë omset onder PFAs. Spesifieke konstrukte wat nie noodwendig deur die organisasie bestudeer sou word nie, is geïdentifiseer in ‘n loodsstudie. Hierdie konstrukte is emosionele arbeid, selfbekwaamheid, tyd verloor op nieverkoopsaktiwiteite, en ondersteuning deur die lynbestuurder. Hierdie konstrukte se verwantskap met uitbranding en intensies om die organisasie te verlaat, is bestudeer in die huidige studie. ‘n Gerieflikheidsteekproef van 608 PFAs vanuit een versekeringsmaatskappy is genader vir deelname aan die huidige studie. Een honderd twee-en-twintig (122) respondente het hul vraelyste voltooi en ingedien. Die beskrywende statistiek van die steekproef het ‘n gemiddelde ouderdom van 35 jaar getoon (verspreidingswydte 21 tot 61 jaar), met 66% manlik en 34% vroulik, en ‘n rasseverspreiding van 64% blank, 19% swart, 10% kleurling en 7% Indiër respondente. Oor die algemeen was die beskrywende statistiek ‘n aanvaarbare tot goeie verteenwoordiging van die totale populasie. Beide kwantitatiewe asook kwalitatiewe navorsingsmetodes is gebruik in hierdie studie. ‘n Analise van die kwalitatiewe data het die rol van die konstrukte wat vir insluiting gekies is, bevestig, en addisionele bronne van werkstres is geïdentifiseer. Die Pearson korrelasie-analises is gebruik om die vraelysdata te analiseer, gevolg deur stapsgewyse meervoudige regressie-ontledings met werksuitbranding, kliëntuitbranding en intensie om te bedank as afhanklike veranderlikes, en die oorblywende konstrukte as voorspellers. Beide die metingsmodel en die strukturele model is getoets, albei het aanvaarbare pasgehalte van die model opgelewer. Uit al die bogenoemde analises is beduidende verbande tussen die veranderlikes tyd verloor op nie-verkoopsaktiwiteite, uitbranding, en intensie om te bedank; selfbekwaamheid, uitbranding en intensie om te bedank; asook uibranding en intensie om te bedank gevind. Gevolgtrekkings is gemaak vanuit die bevindinge en voorstelle is gemaak met die oog op verdere navorsing, sowel as met betrekking tot die bestuur van uitbranding en intensie om te bedank in die verkoopsomgewing.

Please refer to this item in SUNScholar by using the following persistent URL: http://hdl.handle.net/10019.1/17911
This item appears in the following collections: