High turnover rate: a case of Sun Life Company

Abstract

The insurance industry has been witnessing a lot of growth. With the strategy to expand the market, Sun Life company has a plan to establish more than 20 insurance agents and agencies throughout Vietnam from 2023-2025, it creates the need of a huge human resource to run this business plan. However, the turnover rate of Sun Life has been continuously growing by recent years. The objective of this research is to find out what problems are affecting Sun Life employee retention and making high turnover rate in Client Service department over recent years. Using secondary data from the HR department and primary data from in-depth interviews with two groups of interviewees who are the current employees and ex-employees who quit job in Client Service department at Sun Life, the research found out that the work-life imbalance is the central business problem that leads to the high turnover rate. Next, in deeper analysis about potential causes of the problem, it is found that work overload, and job stress are root causes leading to work-life imbalance. Forwards, the paper suggests that the alternatives which is mixed combination of the redesign and apply the new model to put the right person into right function in Client Service department are proposed. Finally, the action plan with detailed steps was presented to implement this solution.