Economic And Social Consequences Of Temporary Employment In Financial Institutions In Uganda (A Case Study Of Bank Of Africa (Boa))

ABSTRACT The main purpose of this study was to investigate the economic and social consequences of temporary employment in financial institutions in Uganda. The study specifically focused on the Bank of Africa Ltd. Also, the study sought to explore the legal requirements as well as challenges it poses to the Human Resources function. Across-sectional survey design was adopted as the overall strategy for data collection and analysis in order to answer to research questions in the study. The target population was the temporary employees of the organization, including other technical and management staff. A sample size of 25% of the target population was selected using stratified random sampling technique. The data was then analyzed using descriptive statistical methods. The study found that the temporary employees perceive economic factors as generally low, current earnings is comparatively best rated while employment status has positive economic consequences to their overall lifestyle is worst rates. Also, the study established that the staff is both negatively affected in different aspects. The best-rated aspects of social factors were: that the family life is generally not satisfactory because of their current temporary employment status. Also, they feel satisfied with the status of their work environment as a temporary staff. The study recommends that the top management of BOA should ensure that front-line supervisors and managers understand the reasons for, and value of any new temporary employment programs they intend to put in place. This involves including temporary employees in the design, where possible, and providing detailed information about the implications for them. Also, the management should prepare to measure and evaluate any new temporary employment programs put in place. This is necessary in understanding up-front how the organization will determine if programs are successful. The best ways to reduce turnover is to recruit the right people in the first place.