Draft a problem statement for the study about the effect of work life balance on employee retention at Housing Finance Bank Kololo showing the different work-life balance practices implemented and the level of employee retention and show how is failing in one detailed paragraph with the latest references

Problem Statement:

The study aims to investigate the effect of work-life balance on employee retention at Housing Finance Bank Kololo. The bank has implemented various work-life balance practices such as flexible working hours, work from home options, and employee wellness programs. However, despite these initiatives, there has been a significant increase in employee turnover in recent years. This raises concerns about the effectiveness of these work-life balance practices and their impact on employee retention. The failure to retain employees not only leads to a loss of talent but also increases recruitment and training costs, which can have a detrimental effect on the bank's performance and competitiveness. Therefore, it is crucial to understand the relationship between work-life balance and employee retention and identify the factors that may be contributing to the high turnover rate. This study will provide valuable insights into the effectiveness of the bank's work-life balance practices and suggest strategies to improve employee retention.

References:

1. Haar, J. M., Russo, M., Suñe, A., & Ollier-Malaterre, A. (2014). Outcomes of work–life balance on job satisfaction, life satisfaction and mental health: A study across seven cultures. Journal of Vocational Behavior, 85(3), 361-373.

2. Allen, T. D., Johnson, R. C., Kiburz, K. M., & Shockley, K. M. (2013). Work–family conflict and flexible work arrangements: Deconstructing flexibility. Personnel Psychology, 66(2), 345-376.

3. Hom, P. W., Lee, T. W., Shaw, J. D., & Hausknecht, J. P. (2017). One hundred years of employee turnover theory and research. Journal of Applied Psychology, 102(3), 530.