I have chosen three theories to address the problem. The first theory is Schwartz’s Value Theory. According to the theory, everyone has each own set of personal values and the attainment of these personal values is crucial. Conflict of values or failure in attaining them might lead to employees’ turnover. From the article, the senior staffs claimed that the bonuses they received were below average. I infer that some of the staffs’ personal values were not attained, which in this case possibly power and achievement. Their personal values might also have conflicted with the company’s values, which lead to their departure.
References: Shehan, Tom, S. ,. T. (n.d.). How to retain employees: a high turnover rate is costly in both direct and indirect costs. . Retrieved from http://www.allbusiness.com/management/447495-1.html Gross, D. (2008, July 07). Phil gramm 's ubs problem. http://www.slate.com/id/2194933/ Ubs lay off job cut: may fire 1900 employees. (2008, October 01). Retrieved from http://www.finance-trading-times.com/2008/10/ubs-lay-off-job-cut-may-fire-1900.html Adams, B. (2011, August 30). The big layoff: struggling financial giant fires thousands of employees. Retrieved from http://www.theblaze.com/stories/the-big-layoff-struggling-financial-giant-fires-thousands-of-employees/ Philbin, B. (2011, September 14). Street moves: morgan stanley hires rbc, ubs financial advisers. Retrieved from http://online.wsj.com/article/BT-CO-20110914-711796.html Muñoz, S. S. (2010, April 12). Rbs hires key executive from ubs. Retrieved from http://www.efinancialnews.com/story/2010-04-12/rbs-hires-kamlani-executive-ubs Annex Chen , G. (2011, July 01). Ubs quashes talk of senior staff exodus. The Straits Times, p. B28. -------------------------------------------- [ 1 ]. Psychological contract is an individual’s perception about the terms and conditions of a reciprocal exchange with another party