The Variables of Intention of Employee Turnover and Financial Satisfaction in Korean Hotel Industry

The Variables of Intention of Employee Turnover and Financial Satisfaction in Korean Hotel Industry

This study aims to find out the relationship between the intention of turnover and the financial job satisfaction: cash value, compensation value, and future value. To draw any meaningful results, the researcher analyzed three hypotheses; The less cash value the employees have, the more they tend to leave the job. The less compensation value the employees have, the more they tend to leave the job. The less future value the employees have, the more they tend to leave the job. The participants were hotel employees working major 10 hotels in Seoul from October 26 to November 16, 2013, The 244 questionnaires were collected and analyzed. The frequency analysis was practiced to know the sample traits, Factor analysis was conducted to search for the employees’ financial satisfaction, and the reliability and regression analyses were used to draw any consistent results. The results indicated that in wage and compensation, the hotel employees are likely to be less payed comparing with their service or with workers of other industries, so they are willing to leave the workplace. That is, the degree of wage and compensation are direct factors in the intention of turnover. Hotel employees are not interested in future value, opportunity working overseas. The employees are usually indifferent from employment chance, family relationship, social recognition, training, or overseas working. In Korean job market, the environment has been dramatically changed toward the advancement of information and knowledge society. and the society has experienced the personnel management of high-quality human resources or flexibility of labour. In this trend, employees tendency to meet the new labor market that the society need. The employees are willing to leave the position if their quality or career is recognized. The result of this study represents the new trend of job market in Korea. This paper has borrowed from and translated the contents from the author’s master’s thesis into English to introduce Korean hotel industry to the readers of Asian Journal of Canadian Studies.