Motivation and Labour Turnover of Employees in Financial Advisory Services in the Czech Republic

Abstract

The paper reports findings from research about motivation in financial advisory. As the framework for the primary research, Herzberg’s Two-Factor Theory was chosen to measure job satisfaction and job dissatisfaction. In addition, the link between job dissatisfaction and labour turnover is confirmed in order not to underestimate negative impact of job dissatisfaction. Only 10 % of employees carry on working while dissatisfied with job. Rate of labour turnover varies for beginners (approximately 70 %) and for experienced advisers (approximately 20 %). In-depth interviews with 3 managers and the questionnaires have been chosen as tools to collect data. The sample has 24 respondents, part of sales department in the XY Company. Findings has shown that the most important factors affecting both job satisfaction and dissatisfaction are intrinsic – such as career growth, personal growth, self-discipline, freedom in meeting organizational and individual goals and recognition for achievement by managers and colleagues. However, some important extrinsic factors are recognised as well – it is salary, personal relationships with co-workers and commission pay system. Therefore Herzberg’s Two-Factor Theory has not been validated by this study.