The constructs of job satisfaction and turnover intention in the area of organizational management have been widely discussed by researchers over the last 10 years. However, an integrated analysis of the relationships between them has not been proposed up to the present and few studies use samples from Taiwan labor market.
Under Taiwan's Labor Standards Law (LSL), if a worker leaves his/her job earlier than the retirement criteria, the deferred defined benefit (LSL D.B.) pension was forfeited in Taiwan before 2005. The Taiwanese government set up a new Labor Pension Act and launched the New Labor Pension Scheme (A new labor retirement system) in 2005. This reform is to resolve the long-standing problem of laborers' jobs-transfer and causing the breaking of the record of continuous service year in one company. In most of the cases, therefore, the laborers were not fully qualified for the retirement seniority criteria of the so called “old Labor pension scheme”. In addition, the new Labor Pension Act is expected to enhance workers' economic safety after they retire from the labor market. A preliminary assumption of this dissertation is that the Taiwan labor pension reform may affect workers' job satisfaction, therefore increasing the intention of full-time employees toward employee turnover.
This paper extends previous scholarly research to identify and analyze the level of job satisfaction among Taiwanese workers by examining factors such as demographics that can influence an individual's job satisfaction and an employee's decision-making regarding their intention to resign. Furthermore, the extent to which financial service companies facilitated by technology innovations can help workers in retirement income planning is discussed.
The objectives of this study include: (1) Identifying the general job satisfaction level of Taiwanese workers, as measured by the Minnesota Satisfaction Questionnaire (MSQ). Exploring the difference in job satisfaction between an employee who participates and who elects not to participate in a Taiwan portable Individual Retirement Account (IRA), (2) Exploring the difference in turnover intention between an employee who participates and does not participate in IRA, (3) Exploring the relationship between job satisfaction and turnover intention, and (4) Proposing suggestions to help employers in assisting employees to accumulate wealth and manage perceived retirement related risk before retirement via the retirement income planning and service provided by the financial services industry to best satisfy employees' retirement goals and thereafter improving employee retention.
The valid samples from the surveys via e-mails (October 2008) and Web-based questions (March 2009) are 1,466 workers covered by Taiwanese labor insurance. The data were then examined in relation to the research hypotheses using quantitative analysis. Consistent with the hypotheses in the study, the results of the survey revealed that job satisfaction was inversely correlated with turnover intention, and there are no significant differences between the two groups of participating IRA (D.C.) or staying with the old labor pension system (LSL D.B.). Participants were generally satisfied with their work. However, workers who stayed with the old LSL D.B. scheme have a higher turnover intention than those who join the new D.C. pension system.
Results of this study indicate that workers in LSL D.B. pension scheme have a slightly higher average job satisfaction level but they significantly have a higher turnover intention score. Demographic factors, job attributes and job satisfaction were important predictors of the turnover intention of workers. The significant predictors of job satisfaction in the study are age, gender, education level, labor insurance, job title, and industry. The significant predictors of turnover intention in the study are labor insurance, tenure of years of service and job title.
The empirical evidence suggests that turnover rates may be managed by improving job satisfaction and assisting employees in planning their retirement income. As a result, several approaches were then presented to stakeholders for workers, with the hope that public labor policy makers, employers and financial service providers can better foster innovations, manage worker job satisfaction, and help them implement a comprehensive retirement income plan. In addition, the ensuing result would help researchers channel their efforts into studying the unprecedented phenomenon of an aging society.
|Commitee:||Laraqui, Saad, Murray, R. Millson, Wood, James|
|School:||University of Maryland University College|
|Department:||Doctor of Management Program|
|School Location:||United States -- Maryland|
|Source:||DAI-A 73/05, Dissertation Abstracts International|
|Subjects:||Labor economics, Public policy, Organizational behavior|
|Keywords:||Employee benefit, Employee turnover, Job satisfaction, Pension, Retirement planning, Taiwan|
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