Understanding turnover intentions in the financial services sector: a systematic review of the quit mindset

Employee turnover presents an ongoing challenge in the financial and banking sector, threatening organizational stability and operational efficiency. Turnover intention, widely recognized as a precursor to actual resignation, has attracted increasing academic interest. However, systematic reviews focusing specifically on this sector remain scarce. This study addresses the gap by systematically reviewing empirical literature to identify theoretical frameworks, institutional contexts, and key antecedents associated with turnover intention in financial and banking institutions. Guided by PRISMA protocols, a systematic literature review was conducted using Scopus and Web of Science databases. The review included identification, screening, and eligibility assessments of studies published between 2019 and 2024, resulting in 93 articles that met the inclusion criteria. Findings show that 38 theoretical frameworks were employed, with Social Exchange Theory being the most dominant. Commercial banks were the most commonly studied institutions, while Pakistan, India, and Indonesia dominated as research settings. Turnover intention was driven by five major categories of antecedents: personal characteristics, organizational factors, job-related conditions, supervisory influences, and coworker dynamics. While compensation remains an important consideration, non-monetary factors such as leadership quality, organizational justice, job stress, and peer relations emerged as equally critical. The review also reveals a fragmented use of theory and a concentration of research in South Asia, suggesting a need for more integrative theoretical approaches and broader geographic coverage. This study provides a consolidated understanding of turnover intention in the financial and banking sector and offers practical insights for developing more effective employee retention strategies.

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