In the travel industry, as small and medium-sized travel agencies since listed on the KOSDAQ or KOSPI have been dramatically growing, the managers of travel agency play a bigger role than ever before. As the travel industry become popular and more people desire to be employed in the travel industry, it is necessary to conduct research on this phenomenon.
Recently eight travel agencies are listed on the stock exchange. It is expected that listed travel agencies will be increased in the future with the development of the travel industry. This study is conducted on listed and unlisted travel agencies as a form of the workplace in the prospective of future employees in the travel industry because many employees in travel agencies have strong intention to move to other travel agencies for better conditions. This study also understands the trend of employees working for travel agencies on the basis of the research findings and identifies the leadership styles of managers who run listed or unlisted travel agencies on the job esteem, job satisfaction, and turnover intention of employees.
For a successful study, SPSS and AMOS statistical analysis programs have been used to identify demographic characteristics through frequencies, to understand the importance of each question using descriptive statistics, and to ensure validity and reliability of measurement items through structural equation model. The followings are the findings after conducting the goodness-of-fit test on the model and testing the research hypothesis:
First, managers with transformational leadership present visions for the future to their employees and give them the confidence about the job to achieve objectives. They also make efforts to provide their employees with up-to-date information. Also they encourage them to present their opinions and understand the difficulties of their employees. In addition, those managers help their employees develop their advantages and promote job autonomy for employees in autonomous working environments. Therefore, this hypothesis has been selected for both listed and unlisted travel agencies.
Second, managers with transactional leadership in listed travel agencies give rewards and punishments only for the tasks with which their employees perform, and they exert the leadership only when special problems arise. As employees consider that they would not be disadvantaged unless they make mistakes in their duties, this hypothesis has been discarded. This finding emerges because track records of performance are managed at a team or department in listed travel agencies. Managers with transactional leadership in unlisted travel agencies give proper rewards and punishments only for the tasks their employees perform while managing their employees. Unlisted travel agencies tend to manage their employees by individuals rather than by a team or department. The employees may expect rewards when they work harder to improve their performance. As managers participate only when special problems arise, employees make efforts to reduce their mistakes to avoid disadvantages, to get promoted, and to get paid better. Thus, this hypothesis has been selected.
Third, job esteem is self-evaluation of employees about their jobs. Employees both in listed and unlisted travel agencies consider that their jobs are positive and valuable. They also believe that travel agents as a job has quite an acceptable and good position in a society and offer relatively many benefits despite somewhat unfair treatment. They appear to respect their careers and they are satisfied with their jobs. Thus, this hypothesis has been selected.
Forth, employees working for listed travel agencies consider that their jobs are positive and valuable and quite acceptable in a society. They believe their jobs have relatively many benefits despite somewhat unfair treatment. They appear to have job esteem and they are satisfied with their jobs. They desire to work for their current companies for a long time without moving to other companies. Thus, this hypothesis has been selected. On the other hand, employees working for unlisted travel agencies consider that their jobs are positive and valuable and they have good social reputation. They believe that their jobs have relatively many benefits despite somewhat unfair treatment due to the nature of the service industry. While they build their careers with job esteem, they believe that hey could move to other travel agencies which offer better working environments than their current travel agencies. Despite their high job esteem, they still have the desire to move to larger and better companies such as listed travel agencies. Thus, this hypothesis has been discarded.
Fifth, if employees both in listed and unlisted travel agencies are satisfied with their jobs, they wish to stay in their companies for a long time without moving to other companies. Thus, this hypothesis has been selected. It is important that managers allow their employees to work being satisfied with their duties and enable them to make the most of their aptitudes.
Sixth, The results from the measurement on ''charisma'', the confidence about duties, shows the highest average values of 3.62 for listed travel agencies and of 3.72 for unlisted travel agencies. Employees place a high value on manager''s job confidence and it is valued more highly especially by those of unlisted travel agencies. In particular, ''they demand validity of employees'' opinions'' and ''they demand new ideas'' regarding intellectual stimulation are considered important. Therefore, it will be helpful for organization management if managers strategically manage their employees by maximizing transformational leadership.
Seventh, regarding demographic characteristics of parent population, both listed and unlisted travel agencies make profits by providing travel services and dealing with customers. Compared to other service companies, travel agencies have more young college-educated women between 26 and 36. The lengths of their services mostly range from 1 year to 5 years.