Strategies to Reduce Employee Turnover in the Insurance Industry in Jamaica

High employee turnover in insurance agencies can have a detrimental effect on overall team performance and significantly impact on the organization's financial health. To address the problem, insurance managers must understand effective strategies to improve employee retention. Grounded in Herzberg’s two-factor theory, the purpose of this qualitative pragmatic inquiry was to explore strategies insurance managers use to reduce their employee turnover rate. The participants were three insurance managers of the Jamaican insurance industry. Data were collected using semistructured virtual interviews and a review of public documents related to turnover data. Through thematic analysis, three themes emerged: a) supportive leadership for improved staff retention, (b) the importance of benefits and incentives to minimize turnover, and (c) training strategies to reduce employee turnover. A key recommendation is for insurance managers to embrace supportive leadership to cultivate positive relationships with employees, helping them feel valued and welcomed, which can enhance their job commitment. The implications for positive social change include the potential for improved job satisfaction and employee retention in the insurance sector. This can foster greater employee engagement in community initiatives, allowing companies to make a meaningful impact on their communities through increased tax revenues.