Department of Treasury and Finance is motivated by its high turnover rate. A minimum 20% annual turnover rate is typical for the Department of Treasury and Finance. This turnover rate is higher than the 12-15% for similar firms. The majority of employees leave the company within three years of being hired. Most accountants and economists quit the firm due to their long work hours and uncertain career opportunities. Organizations must employ sophisticated career and management strategies to increase intrinsic motivation. Most workers would prefer working for companies that offer clear career pathways that allow them to use their growing skills. Low compensation is another reason for low motivation. People are motivated to work for companies that offer competitive wages because they know the low pay will motivate them.
The Herzberg two-factor hypothesis (motivational and hygiene aspects) is a useful tool to help businesses avoid high turnover rates. While hygiene is not a motivator for workers, if they are managed properly, they can reduce worker discontent. Most workers leave the department due to low pay or excessive work hours. Firms must pay close attention to the working conditions and salary of employees if they want to foster productivity. Motivational factors appeal to intrinsic desires and result in high satisfaction for employees (Scandura 2002). In order to recruit staff, incentives should be provided such as recognition, training and career development programs. Low career development is one of the major reasons for high turnover rates in this department. Many workers are unaware of the opportunities offered by their department to help advance their careers. Employers must invest in motivating elements such as coaching and mentoring to increase employees’ intrinsic motivation. This is where the anticipation theory of motivation becomes evident. Workers who receive a reward for their work are much more productive (Scandura 2021). Most workers don’t consider quitting their jobs because they know there won’t be any career opportunities for those with superior performance.
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