In present world, employees of the organisations are facing uncertain and dynamic work environment with regards to career and job in which every employee demands job security and satisfaction. On the other hand, organisations demand talented pool of staff for which they implement strategies in their human resources to attract and retain quality workforce along with refraining themselves from switching employees more often. Banks are considered as most crucial financial institution in every country, but they also have to face many challenges related to employee retention and attraction. With respect to this statement and while going through various peer-reviewed journal articles, this annotated bibliography will present several challenges identified by human resources in banking/ financial service sector in different countries.
This article focuses mainly upon labour turnover after witnessing challenges in attraction and retention of employees in Nigerian money deposit Banks. The research objectives of the article are to examine factors that motivates and retains employees especially in HRM of financial institutions. The authors also intend ascertaining relationship between human factors related to employee motivation and job retention in banks. With regards to research objectives, the authors ask and answers two research questions in the article i.e. what factors motivates employees to remain loyal and retain in financial deposit banks. Second question is about finding what relationship lays between motivating factors of employees for organisational loyalty and retention in banks. To accomplish the research objective and find answers to the research questions, the authors undertakes study by describing survey research design of mainly four banks situated in Nigeria. The article also represents sampling collected from 190 employees out of total 360 employees in which set of questionnaires was performed for data collection. Other than this, the author also depicts current literature and theoretical overview pertaining employee motivation and retention.
From the research made and data analysed, the results showed that in banks, training and development along with promotional plans showed main motivating factors for employees. The loyalty towards the firm is shown only when the employee found job security and efficient compensation plans. The implication found shows that although training and development motivated the workforce, somewhere it showed not useful for employee retention. The research hypothesis results find out that there was a strong relationship between loyalty factors and employee retention in banks but the authors found that many banks lacked quality training and development programs for which they had to face challenges in attracting new employees as well as retaining quality workforce. The article concludes stating that employee retention and loyalty are very significant for gaining organisational competitiveness and sustainable development. Since human resources acts as organisational assets and have control over all other resources like production and marketing, disloyalty shown in them can create issues in organisational system and turn overall venture into failures. The article suggests that HRM of firms must motivate their employees through identification of those factors that can motivate the workforce to work for the company efficiently and loyally. The study also adds few motivational factors that can be implemented while enabling training and development programs in financial services sector. Hence, this article is highly related to the third assessment related to challenges faced by financial services sector for attracting and retaining employees as this article makes its readers understand specific retention strategies along with benefits it provides organisations with.
The article outlines and begins with a capstone statement that states, “It cost organizations twice to engage the services of new workers than to maintain the existing ones”. The article shows clear implication behind challenge faced by financial companies in attracting and retaining qualified workforce and how it influences present employees. This also becomes prime objective behind preparing this research article in which the authors look into those factors that influences retention and attraction among employees after reviewing current literature and their significance. The authors studied the financial sector in Ghana from where samples are collected and interpreted in formulas and statistical format. The authors interviewed 106 employees from banking companies to get appropriate data which comprised mainly questions and interviews. The authors adopted mixed methodology to find out factors that influenced employees to remain in their current position for longer time period. The authors utilised Probit regression model to conduct a study based on eight factors that showed how employees in Ghana’s banking sector are retained and how banks implement and designs their rewards and compensation plans to meet expectations of their employees. This article also recommends further research on employee’s demographics characteristics to find appropriate analysis of retention strategies in banking sector.
From the questionnaire prepared, the authors find that employees leave or remains in their firms depending upon how policies and practices are been conducted in their workplaces. This also affects employee behavioural pattern, belief and expectations. The researchers have conducted a study based on employees’ reaction to find out whether there is any gap between policies and their expectations in which they found that few employees showed satisfaction while others remained unsatisfied due to discrepancy between beliefs and expectations. The major conflicts between employees and managers also showed a reason for the increasing challenge in holding back talented employees and thus authors suggest implementing efficient leadership style in banking sectors. The article concludes on the note that if banks wants to retain their existing employees and attract qualified workforce, they need to pay attention to the factors like compensation, workforce training and development, work-life balance and rewards. This article seems very significant for the next assessment as it discusses every significant factor related to contemporary HRM along with factors that are connected with organisation’s HR and employee relationship.
This article seeks benefitting banking sector organisations and employers in several ways including realisation of factors behind facing challenges in attracting and retaining talented staff. According to the authors, ineffective actions planned along with policies contributes low morale in employees and hence to improve and lead organisations towards success, the overall services sector needs to be modified that suits employees needs and work conditions. The research is conducted to examine how employers can retain and manage workforce to ensure sustainable growth of banking industry. To find the same, authors utilises descriptive research design along with making a survey from where samples were collected from 185 participants and analysed accordingly. Self-administrated questionaries’ was even conducted to obtain valid and adequate data for making further research responding to those subjects that related to core objectives behind performing the research. The authors analysed Statistical Package and adopted Structural Equation Modelling for getting correlation between variables and regression seen in the study related to dependent and independent constructs. Nevertheless, the results of the study find that payroll have significant effect on employee’s involvement and retention for which the authors focuses more in incorporating variables like bonuses, salary, profit sharing and incentives into their research.
The article examines relationship between competitive position and organisational performance to assist managers, government bodies and decision makers for implementing best strategies in attracting, retaining and motivating talent within the organisations. The results from the survey made indicates that pay have certain implications on employee satisfaction and commitment towards the organisation and therefore, the article suggests that decision makers must review, incorporate and conduct re-strategies to overcome challenges related to attraction and retention of talent in organisations. The authors gave more emphasis on HRM of banks and suggests them to include salary and other incentives related strategies into their core management policies that can increase employee’s commitment and involvement towards the company. Thereby, can organisations save themselves from increased costs related to selection and recruitment process of new employees. The authors also suggest making promotional plans for employees as these plans act as stimulators among employees that can even build job satisfaction and healthy work environment. In literature, it is evident that employee and employer relationship have strong effects on organisational performance. Along with it, recognition of talent also has significant effect on employee relationship. However, the article finds that in some cases, promotion had negative impact on some employees. In some organisations promotional policies did not proved positive and reduced employee commitment for which the authors conclude on the note that since employee’s motivation and commitment varies from employee to employee, the organisations must focus more on employee relationship and work environment factors to retain qualified workforce. The ideas shared and suggestions made in the article will be utilised in third assessment as every factor mentioned in this article is directly related to the essay topic. The results concluded relates directly to employee commitment and retention which is relevant to the essay topic and therefore, this article can provide great assistance in the next assessment.
The reason behind selecting the above-mentioned topic for the article, according to the author is to consider job related stress that have become additional challenge in banking sector that makes difficult for the financial institution to retain their employees. With the changing demands of consumers and advent of technology, the sharing of diversified information has made business environment more competitive for which HRM of every company comes under pressure especially during the times of attracting new talent. The primary objective of this article shows that the author wants to verify what are the effects of job stress over retention and organisational efficiency. To find such, the author makes an empirical study that directly relates to employee retention present at diversified positions and demographics along with separate income groups. The article also intends to make illustration about reasons behind increased employee turnover in organisations due to reduced compensation and deficiency in work-life balance of employers. The author builds a research question, “Is there any relationship between the Job Stress and Employee Retention in the banking sector of Pakistan?”. And hence, the entire study revolves around employee retention and job-related stress in financial institutions.
Along with providing literature gathered from various sources, the author utilises mixed methodology in which a research model is used after interviewing 150 employees working in banks of Pakistan. From the tables prepared and investigations made, the author finds that employees tried working efficiently while showing their firm determination towards their job even if they were not provided with desired work conditions. However, the author finds that stressful work conditions led more stress among employees and the overall work performance reduced. The author concludes that if similar kind of work stress is avoided, increased employee turnover along with switching in jobs becomes more feasible that may lead companies collapse. This article will also be utilised in third assessment as it puts in front several reasons behind stress that is created at work places that ultimately leads to challenges pertaining retention and attraction in financial services industry.
The main objective behind this article intends to examine significant relationship in strategies related to employee retention and turnover including work-life balance, career development and other benefits provided majorly by banking industry in Karachi. The author mentions that the study related to HRM is focussed upon human capital and organisations who wants to succeed in present era that needs to raise competitive and effective workforce. To tackle such challenges, the author aims to find out HR strategies implemented in financial organisations and how they train and attract employees. The basic purpose to find relationship between retention and attraction impacts and employee turnover strategies were researched by the author by selecting few correspondents of accounting firms who were asked questions related to compensation, career development plans they were provided with, their work-life balance system and what attracted more to keep them in their position. With set of questionnaires filed and interview arranged with the manager himself, the author collected primary and secondary data along with few theoretical frameworks that was converted into matrices in statistical format which gave clear picture about the research made.
The research made by the author finds that the banking sector follows strict retention strategy programs so that quality workforce is retained and remains attracted. To overcome the challenges related to attraction and retention among workforce, financial organisations continuously focus on giving compensation and career benefit programs to their employees so that they do not plan to quit the organisation. Other than above mentioned benefits, employees are also offered with terminal benefits so make their talented pool of employees permanent in the company. Facilities and other allowances are also offered and thus employees remain attracted to some extent. From the study made and hypothesis formed, the author reflected that if p-value is below 0.05, there is great significance among variables. Through the examination made on correlations, the article finds that retention strategy, work-life balance and compensation may have negative relationship within dependent variables which is employee turnover. This means, if these variables increase, the employee turnover will decrease. On the other hand, if other benefits like terminal have positive relationship with dependent variable, the change and other benefits get increased along with increasing employee turnover. After going through many literatures and from the evidences collected, the author concludes that there is huge impact over employee retention and attraction on employee turnover. Since this article have made critical investigations and presented many ways that are currently utilised by financial services sector for overcoming challenges related to attraction and retention of workforce, this article will provide a great assistance in third assessment especially while discussing HR benefits and programs.
References
Siddiqui, F. (2018). Impact of Retention Strategies on Employee Turnover: A Case in Point. Journal of Resources Development and Management, 42, 1-10. Retrieved from https://www.iiste.org/Journals/index.php/JRDM/article/viewFile/41754/42979
Masood, A. (2013). Effects of Job Stress on Employee Retention: A Study On Banking Sector of Pakistan. International Journal of Scientific and Research Publications, 03(09), 1-8. Retrieved from https://www.ijsrp.org/research-paper-0913/ijsrp-p2160.pdf
Ibidunni, S., Osibanjo, O., Adeniji, A., Salau, O. P., & Falola, H. (2016). Talent Retention and Organizational Performance: A Competitive Positioning in Nigerian Banking Sector. Periodica Polytechnica Social and Management Sciences, 24(01), 1-13.
Dwomoh, G., & Frempong, E. O. (2017). Factors Influencing Employees’ Retention in the Banking Industry of Ghana. Review of Public Administration and Management, 05(03), 1-7. Retrieved from https://www.omicsonline.org/open-access/factors-influencing-employees-retention-in-the-banking-industry-of-ghana-2315-7844-1000223.pdf
Adedeji, A. O., & Ugwumadu, O. O. (2018). Factors Motivating Employee Loyalty and Employee Retention in Deposit Money Banks in Nigeria. International Journal of Human Resource Studies, 08(03), 300-313. Retrieved from https://www.researchgate.net/publication/327251560_Factors_Motivating_Employee_Loyalty_and_Employee_Retention_in_Deposit_Money_Banks_in_Nigeria
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