Toward Sustainable Workforce Retention

Employee retention is a critical challenge in the insurance sector. Understanding and addressing the factors that influence turnover rate can significantly enhance organizational performance and employee satisfaction. This study investigated the work-related expectations and perceived outcomes of life insurance managers and branch office assistants in Region I (Ilocos Region), Philippines, focusing on job analysis, compensation packages and benefits, recruitment and selection, career planning and development, training and development, supervision and management, and work–life balance. This study utilized a validated questionnaire and documentary analyses, which were then analyzed using frequency counts, ranges, weighted means, percentages, one-way analysis of variance (ANOVA), independent samples t-tests, paired t-tests, and Pearson correlation. The study’s results revealed that respondents held very high expectations regarding job-related factors, which significantly influenced their decision to join the insurance industry. A significant relationship was found between socio-demographic profiles and the decision to join the insurance business, with employees’ expectations along decision-influencing factors being very highly met. Further, the study identified certain gaps between expectations and outcomes, particularly in work–life balance, supervision and management, training and development, and compensation packages and benefits. The gaps in these influencing factors showed a significant direct relationship and a very strong correlation with employees’ decisions to leave the insurance industry. The findings of this study can provide managerial insights into the importance of aligning job-related expectations with actual outcomes to improve employee retention and reduce turnover in the insurance sector. The study reflects wider global trends in employee management and organizational effectiveness across various industries.